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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (10624)	5/11/1998 9:03:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Cypress Energy Inc. Announces 1998 First Quarter Results TSE, ASE SYMBOL: CYZ.A MAY 11, 1998 CALGARY, ALBERTA--Cypress Energy Inc. ("Cypress") is pleased to announce its financial and operating results for the three months ended March 31, 1998. /T/ THREE MONTHS ENDED MARCH 31, 1998 PERCENT (000's) 1998 1997 CHANGE --------------------------------- FINANCIAL Gross production revenue $ 7,511 $ 2,610 +188 Cash flow from operations 3,616 1,203 +201 - per share basic 0.21 0.14 +50 Net income 266 382 -30 - per share basic 0.02 0.04 -50 Capital expenditures 7,732 9,137 -15 Long term debt (net of working capital) 28,843 9,214 +213 Shareholders' equity 77,987 15,027 +419 Weighted average common shares outstanding 17,581 8,568 +105 OPERATING Production Barrels of oil equivalent (boe/d) 4,372 1,177 +271 Crude oil and NGLs (bbls/d) 1,260 418 +201 Natural gas (mcf/d) 31,115 7,586 +310 Undeveloped land (net acres) 119,146 47,910 +149 PRICES Barrels of oil equivalent ($/boe) $ 19.09 $ 24.64 -23 Crude oil and NGLs ($bbl) 16.94 27.77 -39 Natural gas ($/mcf) 2.00 2.29 -13 Operating costs $ 3.28 $ 7.01 -53 /T/ OPERATIONS Cypress experienced a high level of drilling success during the first quarter of 1998. A record number of wells were drilled with a total of 12 gross (10.2 net) wells drilled in the first quarter with 9 gross (7.2 net) wells successful. One hundred percent of the wells drilled were exploration wells, driving a 75 percent exploration success rate and 9 new pool discoveries. The first quarter represented a significant increase in drilling activity for the company as the 10.2 net wells drilled in the first quarter compares with 11.9 net wells drilled during all of 1997. Average daily oil and gas production of 4,372 barrels of oil equivalent (boe) for the quarter represents a 271 percent increase over the first quarter of 1997. Seventy-one percent of first quarter production was natural gas and two-thirds of the oil and liquids production was natural gas liquids. Production during the quarter was negatively impacted by facility problems at Thorsby as well as production temporarily lost at Thorsby after taking control of the property in late December 1997. These volumes have been replaced with current company production of 5,200 boe per day and up to 800 boe per day to be brought on stream as a result of first quarter drilling. FINANCIAL Revenue increased 188 percent to $7.5 million compared to the same period in 1997. Cash flow from operations increased 201 percent to $3.6 million ($0.21 per share basic) despite a 39 percent decrease in the crude oil and NGL price received and a 13 percent decrease in the natural gas price received. Operating costs decreased 53 percent compared to the prior year to $3.28 per boe primarily as a result of the efficiencies gained through the Thorsby acquisition. Capital expenditures decreased 15 percent to $7.7 million in 1998 from $9.1 million in 1997. The first quarter of 1997, however, includes the $6.5 million acquisition of Attock Energy which occurred in February 1997. Subsequent to the end of the quarter, Cypress completed a $20.6 million equity issue at $5.15 per share. These funds will be used to finance a $20 million increase in the planned capital expenditure program for 1998 to $55 million. Ten million dollars of the proceeds are to be used to increase the drilling program to over 60 wells in 1998 and $10 million is targeted for potential acquisitions, primarily in the area of our core properties of Thorsby and Brant/Farrow. Cypress Energy Inc. is a publicly traded Canadian energy company involved in the exploration, development and production of crude oil and natural gas in western Canada. The company's shares are listed on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol CYZ.A.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:06:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Abacan Resource Corporation Update TSE SYMBOL: ABC NASDAQ SYMBOL: ABACF MAY 11, 1998 CALGARY, ALBERTA--Abacan Resource Corporation (TSE: "ABC", NASDAQ: "ABACF") at the request of The Toronto Stock Exchange, wishes to address certain published information and rumours that have recently been brought to the attention of the Corporation and to provide an update on the Corporation's activities. Former President, Wade Cherwayko's recent filing to sell 1,489,000 common shares of the Corporation was part of a previously announced larger transaction whereby the Corporation issued 1,489,000 common shares to Optimum Petroleum Company Limited to secure a participating interest in oil concession block 310, located offshore Nigeria. Following the transaction, Mr. Cherwayko's holdings of the Corporation's common shares remains unchanged. Mr. Timothy Stephens, President and CEO of the Corporation, together with the Board of Directors are continuing their efforts to restructure the Corporation, following which the Corporation will focus its efforts on numerous exploration activities in western Nigeria, Benin and elsewhere in West Africa. Consequently, the Corporation is in preliminary negotiations to sell its existing production assets. If successful, the sale proceeds will be used to reduce the Corporation's current debt. On the exploration front, the Corporation intends to retain the "deep" rights in the IMA Field and intends to drill a deep well by mid-summer, to be funded by the proceeds of insurance claims related to the IMA #9 well. In addition, the Corporation, along with a major gas production company, is advancing its gas and power generation proposal in the Benin Republic. Discussions with potential partners on the Corporation's other concession blocks are also ongoing with several parties. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation's Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:09:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES TOP 20 LISTED / Carmanah Reports Indonesian Drilling Results TSE SYMBOL: CKM MAY 11, 1998 CALGARY, ALBERTA--Carmanah Resources Ltd. ("CKM" - TSE) announced today that its wholly-owned subsidiary, GFB Resources (Natuna) Limited, the operator of the Northeast Natuna Production Sharing Contract ("Natuna PSC") offshore Indonesia, is proceeding to abandon the Durian Besar-1 exploratory well. The well reached a total depth of 4,800 feet on May 10, 1998, with the top of the Terumbu Carbonate encountered at 4,362 feet. Electric logs indicate very good but water wet porosity averaging 30 percent with no indications of hydrocarbons. Sidewall core samples were collected and a check shot survey was completed. The drilling results will be analyzed, evaluated and integrated into regional and detailed studies to further evaluate the hydrocarbon potential and future drilling locations in the contract area. Several reefal and structural prospects have been identified on the interpretation of 1996 and 1998 seismic programs totalling 2,300 kilometres. Geochemical and geophysical results obtained from the Durian Besar-1 well will be critical in highgrading these prospects. Plans to drill a second well on the Natuna PSC are being developed. Participants in the well included Carmanah/GFB, Esso Exploration and Production Durian Besar Ltd. ("Esso"), an affiliate of Exxon Corporation and P.T. Binatek Reka Natuna ("P.T. Binatek"), an Indonesian company. The well was drilled at no cost to Carmanah and P.T. Binatek pursuant to a Farmout Agreement with Esso.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:11:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Energy North/Electra Energy/Landhawk Petroleum Announce Amalgamation ASE SYMBOL: ENI AND ELECTRA ENERGY CORPORATION ASE SYMBOL: EEN AND LANDHAWK PETROLEUM CORPORATION ASE SYMBOL: LHK MAY 11, 1998 CALGARY, ALBERTA--ENERGY NORTH INC.("ENERGY NORTH"), LANDHAWK PETROLEUM CORPORATION ("LANDHAWK"), AND ELECTRA ENERGY CORPORATION ("ELECTRA") announce that they have entered into a Letter of Intent defining the principal terms of a proposed merger among them. The Letter of Intent provides for an amalgamation through a plan of arrangement involving all three corporations or Energy North and either one of them. The exchange ratios for the respective shares will be based upon the following ratios: /T/ Number of Shares to be Exchanged for One Share of the Amalgamated Corporation ----------------------- All Parties Energy North Energy North and and Shareholders of: Amalgamating Electra Energy Landhawk ------------------------------------------- Energy North 5.8692 4.7922 4.0091 Electra Energy 5.8902 4.8904 - Landhawk 5.0885 - 3.4758 /T/ As a result of the amalgamation, the Amalgamated Corporation will have 10,000,000 Common shares issued and outstanding and purchase warrants to purchase: /T/ Number of Shares to be Issuable by the Merged Corporation on the Exercise of Purchase Warrants ----------------------------- All Parties Energy North Energy North and and Amalgamating Electra Energy Landhawk ------------------------------------------- 709,921 869,468 1,039,302 Management will consist of: President and CEO - Richard N. Edgar Executive Vice-President - Gary Kirkpatrick Vice-President, Exploration - Bruce Edgar Treasurer and CFO - to be determined The Board of Directors will consist of: Mr. Richard N. Edgar Mr. Francis E. Lefaivre Mr. Morton H. Wyne Mr. R. Greg Powers Q.C. Mr. Alfred Fischer Mr. Bill Chaitan Mr. J. D. Gary Kirkpatrick Mr. Robert T. Malcolm Q.C. Mr. Thomas Goodenough /T/ The transaction is subject to negotiation of a definitive agreement, and approvals of the respective boards of directors and shareholders of each Corporation and the Alberta Stock Exchange. The parties anticipate presenting the arrangement to their shareholders in mid-August.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:12:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / R. Chaney & Partners Announces Additional Purchases on TSE MAY 11, 1998 CALGARY, ALBERTA--R. Chaney & Partners III L.P. and R. Chaney & Partners IV L.P. of Houston, Texas announce that as a result of additional market purchases on The Toronto Stock Exchange and the exercise of previously issued special warrants, they now on a combined basis exercise control and direction over 1,619,800 common shares of Trican Well Service Ltd. representing approximately 14.5 percent of the issued and outstanding shares of Trican. R. Chaney & Partners, Inc. is the general partner of R. Chaney & Partners III L.P. and R. Chaney Investments, Inc. is the general partner of R. Chaney & Partners IV L.P. Robert H. Chaney is the sole shareholder of both general partners. Both limited partnerships are U.S. investment funds specializing in emerging energy technology companies. Although the limited partnerships may make further purchases of common shares, it is not the current intention of the general partner to acquire control of Trican Well Service Ltd. Furthermore, there are no current plans to appoint a nominee of the general partner to the board of directors of Trican. This press release has been issued in order to comply with application securities legislation.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:16:00 PM
From: Arnie	Respond to of 15196

GENERAL INTEREST / Gas Project will Energize The Nova Scotia Economy HALIFAX, May 11 /CNW/ - Nova Scotia's strengthening economy is set to grow at a rate of 3.5% in 1998 and an average 2.1% during the years 1999 to 2001, according to a report released today by Bank of Montreal's Economics Department. That would put the province's economic growth on par with the Canadian average for 1998 though slightly lower than the 2.9% forecast for the nation in the following three years. The report, called Canadian Regional Outlook: Prospects to 2001, examines provinces' economic prospects, incorporating a forecast for their key industries. ''Record capital investment and strong employment growth augur well for Nova Scotia's economy this year,'' said Tim O'Neill, Chief Economist, Bank of Montreal. The Sable Island natural gas project, the biggest in the province's history, will be a tremendous economic engine. ''Not only will it boost construction activity, it will have a broad effect across the economy through increased employment and income.'' The report forecasts employment to grow by 3.2% in 1998, representing almost 11,000 new jobs. Manufacturing should be also a forceful contributor to Nova Scotia's economy with output boosted by the startup of the upgraded paper mill in Port Hawkesbury in mid-1998 and solid export sales fueled by the continued low value of the Canadian dollar. ''We believe most of the ingredients are in place this year for Nova Scotia to post its best economic performance since the mid-1980s,'' said Mr. O'Neill. ''The province should see its unemployment rate fall to 10.8% in 1998 from 12.3% in 1997.'' For the period 1999 to 2001, the economic performance of the province will be influenced greatly by work on the Sable Island natural gas project. ''In full swing in early 1999, construction will generate both substantial business spending and sustain higher employment levels next year.'' However, as Phase I of the project winds down at the end of 1999, the pace of overall activity is anticipated to slow considerably and employment decline slightly. This will hamper results in 2000, Mr. O'Neill noted. The slowdown will prove only temporary, however, as solid growth is expected resume in 2001. Over 1999 to 2001, employment growth should average 1.1% annually including a strong increase in 1999 and a dip in 2000, reflecting the pattern of economic activity. The unemployment rate is forecast to hover around the 10.3% mark. A full copy of Canadian Regional Outlook: Prospects to 2001 is available on the bank's Internet website. FORECAST AT A GLANCE ------------------------------------------------------------------------- NOVA SCOTIA CANADA ------------------------------------------------------------------------- 1997 1998 1999 - 2001 1997 1998 1999 - 2001 ------------------------------------------------------------------------- Real GDP 2.3 3.5 2.1 3.8 3.5 2.9 (% Change) ------------------------------------------------------------------------- Employment 1.7 3.2 1.1 1.9 2.6 1.7 (% Change) ------------------------------------------------------------------------- Unemployment Rate 12.3 10.8 10.3 9.2 8.4 7.8 (%) ------------------------------------------------------------------------- Housing Starts 3.8 4.1 4.2 147 163 166 (000 Units) -------------------------------------------------------------------------

To: Kerm Yerman who wrote (10624)	5/11/1998 9:18:00 PM
From: Arnie	Respond to of 15196

CORP. / Electra Energy Corp. president Resigns CALGARY, May 11 /CNW/ - Electra Energy Corporation advises that Mr. Paul Watson has resigned as the President of the Company to pursue other opportunities. However, he will remain as a Director until such time as the previously announced merger with Energy North Inc. and Landhawk Petroleum Corporation is consummated. Mr. Gary Kirkpatrick, Chairman of the Company, will assume the duties of the office of President until the merger is completed.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:22:00 PM
From: Arnie	Respond to of 15196

FIELD ACYIVITIES / Scimitar Hydrocarbons signs Petroleum Service Agreement CAIRO, May 11 /CNW/ - Mr. Angus A. Mackenzie, Chairman of Scimitar Hydrocarbons Corporation (ASE: SIY) is pleased to announce today that wholly-owned subsidiary Scimitar Production Egypt Ltd. has signed a Petroleum Service Agreement (''PSA'') with the Egyptian parastatal The General Petroleum Company (GPC), to proceed with the development of the large Issaran oil field. In order to facilitate early drilling, pre-drill operations, such as rig tenders, material procurements and environmental fieldwork studies have been commenced. The Issaran field is located in Egypt onshore along the Gulf of Suez, approximately 200km southeast of Cairo. The field currently produces 850 barrels of oil per day (10.5 - 18 degrees API), mainly from 3 wells. Independent engineering studies have mapped the field to contain over 400 million barrels of oil in place in three very shallow zones less than 800 metres deep. Pursuant to the PSA, Scimitar has the rights to develop the field to increase production from this underexploited field. Scimitar will receive revenues based upon the incremental oil produced. Studies by independent Canadian heavy oil engineering experts have determined that Issaran could produce up to 20,000 barrels of oil per day using technologies developed in western Canada. Development of the field is expected to accelerate over the next several years, with application of enhanced oil recovery techniques beginning as soon as feasible. Mr. Mark R. Smith, C.E.O. of Scimitar stated that ''the Issaran agreement is the first of its kind for the oil industry in Egypt and provides a ''win-win'' situation for both GPC and Scimitar. As well, the PSA is in line with broad economic reforms and oil industry modernizations being implemented in Egypt, and marks the cumulation of over one and one half years of technical studies and extensive negotiations''. Large-scale IMF backed economic reforms are currently being implemented in Egypt, which are designed to bring in foreign capital and expertise to Egypt. The Issaran PSA exemplifies Scimitar's core corporate strategy of seeking out underdeveloped oil and gas opportunities internationally. Mr. Jeffrey K. Brookman, President and CFO commented that ''the finalization of the Issaran agreement provides Scimitar with a core asset for growth, however it is only the first of several discovered reserve opportunities that Scimitar has identified and is aggressively pursuing''. Scimitar holds 100% of the project subject to an option held by Proprietary Energy Industries, Inc. (ASE: PPI) to farm-in on 10% of Scimitar's interest. Headquartered in Canada, Scimitar is an international oil and gas production company with other projects in Mozambique, United Arab Emirate of Ajman, Canada and Kenya.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:24:00 PM
From: Arnie	Respond to of 15196

ASSET EXCHANGE / Cephalon Resources and Talisman Energy Inc. CALGARY, May 11 /CNW/ - Cephalon Resource Corporation (CHR) announced today that it has signed a letter of intent with Talisman Energy Inc. whereby Cephalon Resource Corporation will exchange certain of its oil and gas assets in the Pembina Area for all of Talisman's assets and interest in Fenn West. The closing date is set to be May 19, 1998.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:26:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Newstar Resources reports 1997 Results MONROE, Michigan, May 11 /CNW/ - Newstar Resources Inc. (NASDAQ: NERIF and TSE: NER) announces a highly successful 1997. For the purposes of the comparisons in this release, fiscal year end December 31, 1997 is compared with fiscal year end September 30, 1996. These comparisons are the most appropriate since in 1996 the Company changed its fiscal year end from September 30 to December 31 to be consistent with most of the oil and gas industry. Additionally, in an effort to further develop its U.S. shareholder base, Newstar is reporting its financial statements in U.S. dollars for the first time. Revenues for the year end December 31, 1997 were $6.26 million compared with $2.13 million for the fiscal year end September 30, 1996, an increase of 194%. Oil and gas sales for the year end December 31, 1997 were $5.12 million compared with $1.19 million for the fiscal year end September 30, 1996, an increase of 329%. On an equivalent basis, the Company's net production (net of royalties) was 352 MBOE, an increase of 410% from the September 30, 1996 fiscal year period. Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) increased 411% to $3.14 million compared to $.61 million. Net income was $556,399 ($.02 per share) compared to a loss of $428,537 (a loss of $.06 per share). Cash flow per share from operations also increased to $.12 per share. Jack Piedmonte, President, stated: ''As is apparent from its financial statements, 1997 was a highly successful year for Newstar and a great year to build upon. The Company expects the growth it experienced in 1997 to continue in 1998. Oil and gas production and revenues are expected to have the same range of percentage increases that were accomplished in 1997. Revenues and production for 1997 would have been even more dramatic had some significant wells that were drilled and completed late in the year been placed into production. Although the drop in oil prices has affected the entire industry, Newstar has been less affected since almost 70% of its revenues are currently being generated from natural gas production. In addition, the Company has undertaken an aggressive price-hedging program on its natural gas sales. During the first three months of 1998 the Company contracted to sell 2 Mmcf per day at a price of $3.41 and from May through October it hedged 3 Mmcf per day at a net price of $2.77.'' << CONSOLIDATED BALANCE SHEETS (In U.S. $) As at 12/31/97 December December September 31, 1997 31, 1996 30, 1996 $ $ $ ---------------------------------------------------------------------- ASSETS Current assets Cash 1,573,568 1,705,714 2,110,429 Cash in escrow - - 1,901,148 Due from shareholders 279,749 212,689 200,879 Accounts receivable 635,482 333,124 527,054 Joint venture billings receivable 1,682,107 336,908 489,586 ---------------------------------------------------------------------- 4,170,906 2,588,435 5,229,096 Investments - 987,980 987,980 Oil and gas holdings and capital assets 53,350,001 12,193,785 9,775,296 ---------------------------------------------------------------------- 57,520,907 15,770,200 15,992,372 ---------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank indebtedness 5,000,000 - - Accounts payable and accrued charges 8,228,002 305,168 257,942 Current portion of long term debt 16,425 14,949 67,021 ----------------------------------------------------------------------- 13,244,427 320,117 324,963 ----------------------------------------------------------------------- Long term debt 14,770 8,779 22,728 ----------------------------------------------------------------------- Deferred income taxes 531,192 141,192 141,192 ----------------------------------------------------------------------- Deferred income - 700,423 933,898 ----------------------------------------------------------------------- Shareholders' equity Share capital 45,539,453 16,965,023 10,129,419 Special warrants - - 6,654,971 Deficit (1,808,935) (2,365,334) (2,214,799) ----------------------------------------------------------------------- 43,730,518 14,599,689 14,569,591 ----------------------------------------------------------------------- 57,520,907 15,770,200 15,992,372 ----------------------------------------------------------------------- ----------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND DEFICIT (In U.S. $) Three Year months Year Year ended ended ended ended December December September September 31, 1997 31, 1996 30, 1996 30, 1995 $ $ $ $ ------------------------------------------------------------------------- REVENUE Production (net of royalties) 5,123,107 432,886 1,192,860 219,794 Participation agreement 700,423 233,475 933,898 102,145 Interest income 59,730 30,268 - - Gain on sale of excess working interests 379,200 - - 696,720 ------------------------------------------------------------------------- 6,262,460 696,629 2,126,758 1,018,659 ------------------------------------------------------------------------- EXPENSES Production and well service costs 1,334,272 149,475 324,920 28,768 Depletion and amortization 1,942,509 317,948 666,878 168,758 Office, administrative and management fees 1,523,055 409,194 778,353 444,632 Bank charges and interest on bank loans 251,880 10,944 97,565 45,654 Interest on notes payable and debentures - - 198,192 29,779 Loss (gain) on foreign exchange 8,183 (40,397) 43,562 (729) Loss on sale of investment 256,162 - - - Provision for impairment in oil and gas holdings - - 364,804 - ------------------------------------------------------------------------- 5,316,061 847,164 2,474,274 716,862 ------------------------------------------------------------------------- Income (loss) before taxes 946,399 (150,535) (347,516) 301,797 ------------------------------------------------------------------------- Income taxes Current - - 18,462 - Deferred 390,000 - 62,559 78,633 ------------------------------------------------------------------------- 390,000 - 81,021 78,633 ------------------------------------------------------------------------- Net income (loss) for period 556,399 (150,535) (428,537) 223,164 Deficit, beginning of period (2,365,334)(2,214,799)(1,786,262)(2,009,426) ------------------------------------------------------------------------- Deficit, end of period (1,808,935)(2,365,334)(2,214,799)(1,786,262) ------------------------------------------------------------------------- Earnings (loss) per share 0.02 (0.01) (0.06) 0.06 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION (In U.S. $) Three Year months Year Year ended ended ended ended December December September September 31, 1997 31, 1996 30, 1996 30, 1995 $ $ $ $ ------------------------------------------------------------------------- OPERATING ACTIVITIES Net income (loss) for period 556,399 (150,535) (428,537) 223,164 Add (deduct) items not requiring a current cash outlay Participation agreement (700,423) (233,475) (933,898) (102,145) Gain on sale of excess working interests (379,200) - - (696,720) Loss on sale of investment 256,162 Provision for impairment in oil and gas holdings - - 364,804 - Deferred income taxes 390,000 - 62,559 78,633 Depletion and amortization 1,942,509 317,948 666,878 168,758 ------------------------------------------------------------------------- 2,065,447 (66,062) (268,194) (328,310) Decrease (increase) in receivables and prepaids (1,647,557) 346,608 (462,195) (484,584) Increase (decrease) in accounts payable and accrued charges 5,453,975 47,226 (72,814) - ------------------------------------------------------------------------- Cash provided by (used in) operating activities 5,871,865 327,772 (803,203) (812,894) ------------------------------------------------------------------------- INVESTING ACTIVITIES Purchase of capital assets (263,160) (78,496) (242,225) (354,079) Acquisition of oil and gas holdings (12,878,344) - (2,950,533) - Expenditures on oil and gas holdings (32,459,770)(2,657,941)(5,203,013)(1,787,302) Proceeds on disposal of oil and gas holdings 2,881,749 - - 906,518 Purchase of investments - - (987,980) - Proceeds on sale of investments 731,818 ------------------------------------------------------------------------- Cash used in investing activities (41,987,707)(2,736,437)(9,383,751)(1,234,863) ------------------------------------------------------------------------- FINANCING ACTIVITIES Increase (decrease) in long term debt 7,467 (66,021) (157,588) 213,203 Increase (decrease) in notes payable - - (402,222) 237,519 Subscription of share capital and special warrants, net 18,438,732 - 14,474,042 534,082 Increase in due from shareholders (67,060) (11,810) (458,910) (281,325) Net proceeds on exercise of warrants and options 10,135,698 180,633 - - Conversion and redemption of debentures - - (656,647) - Increase in accounts payable and accrued charges related to financing activities 2,468,859 - - 119,535 Proceeds on issuance of convertible debentures - - - 656,647 Increase in deferred income - - - 1,969,940 ------------------------------------------------------------------------- Cash provided by financing activities 30,983,696 102,802 12,798,675 3,449,601 ------------------------------------------------------------------------- (Decrease) increase in cash position for period (5,132,146)(2,305,863) 2,611,721 1,401,844 Cash position, beginning of period 1,705,714 4,011,577 1,399,856 (1,988) ------------------------------------------------------------------------- Cash position, end of period (3,426,432) 1,705,714 4,011,577 1,399,856 ------------------------------------------------------------------------- Cash position consists of Cash 1,573,568 1,705,714 2,110,429 1,399,856 Cash in escrow - - 1,901,148 - Bank indebtedness (5,000,000) - - - ------------------------------------------------------------------------- (3,426,432) 1,705,714 4,011,577 1,399,856 ------------------------------------------------------------------------- >> Michigan-based Newstar Resources Inc. is an oil and gas exploration and production company with operations in Michigan, Ohio and Texas. The Company trades on the NASDAQ National Market System under the symbol NERIF and the Toronto Stock Exchange under the symbol NER. Certain statements in this news release regarding future expectations of reserve potential, production and drilling may be regarded as ''forward looking statements'' within the meaning of the U.S. Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas. Actual results may vary materially.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:29:00 PM
From: Arnie	Respond to of 15196

MERGER / Energy North Inc., Electra Energy Corp., Landhawk Petroleum Corp. CALGARY, May 11 /CNW/ - ENERGY NORTH INC. (''ENERGY NORTH''), LANDHAWK PETROLEUM CORPORATION (''LANDHAWK''), AND ELECTRA ENERGY CORPORATION (''ELECTRA'') announce that they have entered into a Letter of Intent defining the principal terms of a proposed merger among them. The letter of Intent provides for an amalgamation through a plan of arrangement involving all three corporations or Energy North and either one of them. The exchange ratios for the respective shares will be based upon the following ratios: << Number of Shares to be Exchanged for One Share of the Amalgamated Corporation ----------------------- All Parties Energy North and Energy North and Shareholders of: Amalgamating Electra Energy Landhawk -------------------------------------------------- Energy North 5.8692 4.7922 4.0091 Electra Energy 5.8902 4.8904 - Landhawk 5.0885 - 3.4758 >> As a result of the amalgamation, the Amalgamated Corporation will have 10,000,000 Common shares issued and outstanding and purchase warrants to purchase: Number of Shares to be Issuable by the Merged Corporation on the Exercise of Purchase Warrants ----------------------------- All Parties Energy North and Energy North and Amalgamating Electra Energy Landhawk -------------------------------------------------------- 709,921 869,468 1,039,302 Management will consist of: President and CEO - Richard N. Edgar Executive Vice-President - Gary Kirkpatrick Vice-President, Exploration - Bruce Edgar Treasurer and CFO - to be determined The Board of Directors will consist of: Mr. Richard N. Edgar Mr. Francis E. Lefaivre Mr. Morton H. Wyne Mr. R. Greg Powers Q.C. Mr. Alfred Fischer Mr. Bill Chaitan Mr. J. D. Gary Kirkpatrick Mr. Robert T. Malcolm Q.C. Mr. Thomas Goodenough The transaction is subject to negotiation of a definitive agreement, and approvals of the respective boards of directors and shareholders of each Corporation and the Alberta Stock Exchange. The parties anticipate presenting the arrangement to their shareholders in mid-August.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:35:00 PM
From: Arnie	Respond to of 15196

SHARE CONSOLIDATION / Cirque Energy Ltd CALGARY, May 11 /CNW/ - CIRQUE ENERGY LTD. (ASE - CIQ) announces that its common shares have been consolidated on a 4 for 1 basis and its corporate name has been changed to Cirque Energy Corp. This restructuring was voted on and approved at a Special Meeting of Shareholders held April 7, 1998. Cirque's common shares that trade on the Alberta Stock Exchange will commence trading on a consolidated basis on May 12, 1998. The trading symbol for Cirque's common shares will be changed to ''CQU''. The NASDAQ Stock Exchange began trading the consolidated stock of Cirque Energy Corp. on May 11, 1998. The ticker symbol on the NASDAQ will be ''CIRFD'' for a period of twenty (20) days after which the ticker symbol will return to the present symbol of ''CIRQF''. ON BEHALF OF THE BOARD OF DIRECTORS, Glen A. Phillips President & Chief Executive Officer

To: Kerm Yerman who wrote (10624)	5/11/1998 9:40:00 PM
From: Arnie	Respond to of 15196

FINANCING / Westfort Energy announces Receipts for Final Prospectus Westfort Energy Ltd. (Toronto Stock Exchange Symbol - "WT") is pleased to announce that it has received receipts for a final prospectus from the Alberta and British Columbia Securities Commissions qualifying the issue of 6,490,000 Common Shares and 6,490,000 Common Share Purchase Warrants (the "Warrants") issuable upon exercise of 6,490,000 special warrants which were previously issued. Each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.00 per share until December 22, 1998. The gross proceeds of $4,543,000 (Cdn.) from the sale of the Special Warrants are being used to finance Westfort's drilling and completion costs for their first Norphlet well in the Pelahatchie field in Rankin County, Mississippi, to pay the expenses of this issue and for general working capital purposes. C.M. Oliver & Company Limited acted as agent in connection with this offering. For further information contact Grant Young at (604) 687-9887. The Toronto Stock Exchange neither approves nor disapproves of the information contained herein.

To: Kerm Yerman who wrote (10624)	5/11/1998 9:42:00 PM
From: Arnie	Respond to of 15196

FINANCING / Leopardus Resources Retains Holstein & CO. Leopardus Resources Limited (the "Company") has retained Holstein & Co., Inc. to assist the Company in sourcing the funding necessary to maintain and exploit its participation interest in the development of the Temane natural gas prospect currently held by Zarara Petroleum Resources Limited on behalf of the Company in Mozambique. The principal of Holstein & Co., Inc., Mr. Peter L. Holstein, is based in London, England and has over 30 years of experience as an investment banker and financial analyst specializing in the international petroleum industry. Most recently, Mr. Holstein served as Chairman of Odyssey Petroleum Corporation, and as Executive Vice-President of Arakis Energy Corporation and as President of Arakis Energy International, where he was responsible for project finance, political risk insurance and securing joint venture partners for the development of Arakis' Sudan concession. The Company has granted Holstein & Co. Inc. incentive stock options to purchase 500,000 shares at $0.40 per share for a two year period, subject to acceptance for filing by the Vancouver Stock Exchange. Leopardus Resources Limited is an international oil and gas exploration and development company. As part of its ongoing activities, the Company is currently participating with major industry partners in developing the resources and infrastructure necessary to serve the natural gas markets in South Africa, Zimbabwe and Mozambique. For further information, please contact Mike Boyd toll-free at (888) 988-3788. On behalf of the Board of Directors of Leopardus Resources Limited (signed) Stuart W. Rogers Director The contents of this news release have neither been approved nor disapproved by the Vancouver Stock Exchange. Symbol: V:LEP OTC: LPDUF

To: Kerm Yerman who wrote (10624)	5/12/1998 3:08:00 AM
From: Kerm Yerman	Read Replies (3) \| Respond to of 15196

MARKET ACTIVITY / TRADING NOTES FOR DAY ENDING MONDAY, MAY 11 1998 (1) Bay Street Advanced On Strong Economic Numbers. Merger News In U.S. Sent Telecom Shares Higher Toronto stocks gained for the second straight day on Monday as investors continued to be encouraged by last week's strong economic numbers. Gold stocks led the Toronto Stock Exchange 300 Composite Index higher in a light day of trading. Todd Kapala, an investment specialist at Priority Brokerage in Toronto, said strong economic numbers released last week in both the United States and Canada, were the key behind today's gains. On Friday, the U.S. April unemployment rate fell to 4.3 percent from 4.7 percent, its lowest level since February 1970. In Canada the jobless rate slipped to 8.4 percent in April from March's 8.5 percent level. The Canadian numbers, which indicate that the economy is improving but still shows there is a problem with unemployment, helps to reinforce many economists doubts that the Canadian government will raise interest rates. ''The strong (Canadian) economy and underlying fundamentals are good, so we should be able to avoid an interest rate increase the way things are looking right now. It's a plus on both sides,'' he said. The same cannot be said for the U.S. economy, where many believe the United States Federal Reserve is expected raise rates some time this summer. The earliest rates could be hiked is next week, when the Fed is set to meet on Tuesday. Despite the gains, Kapala expects the North American markets to trade in a nervous fashion for the next week as investors wait to see what move the Federal Reserve makes next week on interest rates. The Toronto Stock Exchange 300 composite index rose 21.46 points, or 0.3%, to 7720.7. About 87 million shares changed hands on the TSE, up from 82.9 million shares traded on Friday. Trading value was worth C$1.52 billion. Advancers were outpaced by decliners 470 to 563 with 307 issues unchanged. Overall in Toronto, nine of the TSE 300's 14 sub-indexes closed in positive territory led by a 1.2 percent climb in the gold and precious minerals index followed by communications and media, up 0.87 per cent, and consumer products, up 0.78 per cent. Tempering the gains was a 1.2 percent drop in the transportation sector and a 0.34 percent fall in the lightly weighted real estate sector. The June price for Comex gold rose US$0.50 to US$301.20. Gold heavyweight Barrick Gold Corp. (abx/tse) gained C$0.75 to C$32.20 and Placer Dome Inc. (pdg/tse) rose C$0.50 to C$20.80. BCE Inc. (bce/tse) edged up 25› to $63.35 and Telus Corp. (t/tse) rose 55› to $37.85 on the back of the SBC-Ameritech merger news. Fonorola Inc. (fon/tse) climbed 30› to $65.30. Telecommunication equipment maker Northern Telecom Ltd. (ntl/tse), which supplies Ameritech and SBC, rose $2.50 to $91.30. "This will add fuel to the fire for proposals to merge telephone companies in Canada," said Rick Hutcheon, chief investment officer with the CentrePost Group of Mutual Funds. Seagram Co. (vo/tse) also posted strong gains after a report that the Montreal-based liquor and entertainment giant is close to acquiring PolyGram, the world's biggest record company, for $9 billion to $10 billion US. Seagram gained $1.65 to $61.75, touching an intraday record high of $62.25, after Monday's report in The Wall Street Journal - which the companies would not confirm. The influential business daily said Seagram turned to PolyGram after talks with Britain's EMI Group unravelled last week. Seagram, which owns Universal Studios, is apparently trying to bolster its music business to catch up with conglomerates such as Time Warner Inc. and Sony Corp. Thomson Corp. (toc/tse) rose 95› to $44.20 after its first-quarter loss narrowed to US$68 million, or US11› a share, from US$91 million (US15›). Six analysts polled by First Call Corp. expected the company to lose US15› a share. Ballard Power Systems Inc. (bld/tse), the exclusive fuel cell supplier to a global alliance headed by Daimler-Benz AG, fell $4 to $163.75 after Barron's reported it could be hurt by the Daimler-Benz-Chrysler Corp. merger as both automakers estimate they could save up to $300 million on fuel cell spending in the first year after the merger. In the transportation group Air Canada (ac/tse) fell C$0.15 to C$13.50, while Canadian National Railway Co. (cnr/tse) slipped C$1.35 to C$92.00 after it said it would sell more than 2,600 kilometres, or 11%, of its track. Other Canadian markets were mixed. The Montreal Exchange portfolio rose 29.76 points, or 0.8%, to 3897.97. The Vancouver Stock Exchange slipped 1.39 points, or 0.2%, to 630.39. Wall Street took flight as telephone giants SBC Communications and Ameritech unveiled a US$71-billion merger. U.S. stocks rose on the back of five multibillion-dollar takeover bids, topped by SBC Communications Inc.'s record-setting offer for Ameritech Corp. The Dow Jones industrial average ended 36.37 points, or 0.4%, higher at 9091.52, after soaring to almost 9200 intraday. The Standard & Poor's 500 index fell 1.5 points to 1106.64. About 562 million shares changed hands on the Big Board, up from 561.3 million shares traded on Friday. The Nasdaq composite index slumped 16.3 points, or 0.9%, to 1848.07. SBC Communications' acquisition of Ameritech is the largest in corporate history, topping last month's US$70.3-billion merger between Travelers Group Inc. and Citicorp. It would create the largest local telephone company in the U.S., with customers from Ohio to California. SBC shares (sbc/nyse) fell US$311 1/816 to US$3811 1/816. Ameritech (ait/nyse) rose US$115 1/816 to US$4513 1/816. Dekalb Genetics Co. (dkb/nyse) rallied US$171 1/84 to US$941 1/84 after Monsanto Co. offered US$2.5 billion for the seed company. Western Atlas Inc. (wai/nyse) surged US$111 1/82 to US$927 1/88 after Baker Hughes Inc. agreed to buy the company for US$6.2 billion in stock and assumed debt. The offer values Western at US$98.70 a share. Stone Container Corp. (sto/nyse) rose US$211 1/816 to US$2011 1/816 after Jefferson Smurfit Corp. agreed to buy the paper company for US$6.37 billion. Seagram Co. (vo/nyse) gained US$11 1/84 to US$431 1/88 on speculation that the entertainment and beverage company is close to an agreement to buy PolyGram NV, the world's largest recorded-music company, for between US$9 billion and US$10 billion. General Motors Corp. (gm/nyse) gained US$21 1/82 to US$713 1/816. The Wall Street Journal said some investors expect the world's biggest industrial company to "unleash a tremendous amount of shareholder value" soon, perhaps by spinning off its Hughes Electronics division. DuPont Co. (dd/nyse) climbed US$51 1/82 to US$799 1/816 after the largest U.S. chemicals company said it will sell a 20% stake in its Conoco oil unit in an initial public offering. Major international markets rose. London: Britain's FT-SE 100 index climbed 58.5 points, or 1%, to 6028.3. Frankfurt:The German Dax index jumped 84.11 points, or 1.6%, to 5341.69. Hong Kong: The Hang Seng Index rose 35.99 points, or 0.4%, to 10,096.37 after a volatile session which saw the index touch a high of 10,135.33 and a low of 9,953.27. Seoul: The Seoul Stock Exchange's Korea Composite Stock Price Index fell 13.18 points, or 3.5 percent, to 361.58. Investors were disappointed that President Kim Dae-jung did not announce any measures against rising unemployment. In Sunday's televised "conversation with the people," Kim appealed to South Koreans to endure "the pain of reforms" to overcome the country's deepening economic crisis. Kim predicted that South Korea's economy would begin to recover in the latter part of 1999 if reforms are carried through smoothly. The South Korean market was also pushed down following an announcement by Moody's investors Service that it has lowered the long-term debt ratings of South Korean banks. Tokyo: Japanese stocks rose sharply following reports that Daimler-Benz is in talks to acquire an affiliate of Nissan Motor Co. Tokyo's benchmark 225-issue Nikkei Stock Average rose 232.90 points, or 1.54 percent, to finish the day at 15,381.90 points. On Friday, the average gained 5.97 points, or 0.04 percent. Daimler-Benz has reportedly approached Nissan about taking over its struggling truck unit, Nissan Diesel Co. That news encouraged overseas investors to be net buyers of Japanese stocks for the first time in weeks, traders said. Taiwan Share prices also closed sharply higher in Taiwan, with brokers saying that bargain-hunters stepped into the market in the belief that stock prices had bottomed out following recent sharp falls. Taipei: The Taipei market's key Weighted Stock Price Index rose 168.04 points, or 2 percent, to 8,378.88. Manila: The market was closed in the Philippines for national elections. Markets were also closed in Singapore, Malaysia, Thailand, and Indonesia for religious holidays. Wellington: New Zealand share prices closed higher, with the market boosted by gains in forestry and telecommunication stocks. The NZSE-40 Capital Index rose 16.05 points, or 0.7 percent, to 2,245.74. Sydney: Australian share prices closed broadly higher on the eve of the announcement of the federal budget. The All Ordinaries Index rose 17.1 points, or 0.6 percent, to 2,797.6.