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

To: Kerm Yerman who wrote (10740)	5/15/1998 4:36:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / AKITA Drilling Ltd approves Dividend CALGARY, May 15 /CNW/ - AKITA Drilling Ltd.'s Board of Directors approved the payment of a quarterly dividend to shareholders. AKITA Drilling Ltd. declared an ordinary cash dividend of six cents ($0.06) per share on the outstanding Class A Non-Voting and Class B Common shares of the Corporation with a Record Date as at the close of business on June 15, 1998 and a payment date of July 2, 1998. AKITA is an Alberta corporation engaged in the contract drilling business and is listed on the Toronto Stock Exchange under the symbol AKT.

To: Kerm Yerman who wrote (10740)	5/15/1998 4:39:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / National-Oilwell to purchase Roberds-Johnson Industries HOUSTON, TX, May 13 /CNW/ - National-Oilwell, Inc. (NOI/NYSE) today announced the signing of a letter of intent, subject to a definitive agreement and other conditions, to purchase 100% of the common stock of Roberds-Johnson Industries, Inc. (a highly-regarded custom design, engineering, fabrication and assembly company) for 1.35 million shares of National-Oilwell common stock. The transaction is expected to be a tax-free exchange and be recorded in accordance with the pooling of interests method of accounting. The companies expect to sign a definitive agreement and close the transaction within sixty days. Roberds-Johnson Industries, Inc. manufactures a broad range of equipment used on deep water drilling rigs, including modular packages for production facilities, small platform drilling rig packages, mud tank and engine packages and other fabricated equipment. In addition, Roberds-Johnson has designed and built various models of highly automated land rigs. Roberds-Johnson also provides a full rig-up facility with employees experienced in the engineering and construction of conventional land drilling rigs. Joel Staff, Chairman, President and CEO of National-Oilwell, stated ''Roberds-Johnson fits National-Oilwell's strategy to be an integral part of our customers' strategy and to enhance their economics. Roberds-Johnson provides enhanced capabilities to further differentiate National-Oilwell from its competitors, provide customers with more comprehensive product offerings, and enable National-Oilwell to better serve the faster growing market segments reaching from deep water technologies to specialized land drilling applications. The acquisition is projected to be accretive to earnings per share and cash flow for both 1998 and 1999.'' National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Statements made in this press release that are forward-looking in nature are intended to be ''forward-looking statements'' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 1997, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

To: Kerm Yerman who wrote (10740)	5/15/1998 4:41:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

ACQUISITION / National-Oilwell to acquire Phoenix Energy Products HOUSTON, TX, May 13 /CNW/ - National-Oilwell, Inc. (NOI/NYSE) today announced the signing of a definitive agreement to purchase 100% of the common stock of Phoenix Energy Products, Inc. for approximately $115 million in cash plus the assumption of approximately $35 million in debt. Phoenix manufactures and sells several lines of products that are complementary to those of National-Oilwell, including drilling and completion expendable products and solids control equipment through its Harrisburg/Woolley division, as well as certain downhole equipment. Phoenix also manufactures a line of drill bits. The companies expect to close the transaction within thirty days. Joel Staff, Chairman, President and CEO of National-Oilwell, stated ''Phoenix offers many products that present new opportunities to National- Oilwell. Their line of solids control equipment is a respected addition to our array of capital equipment that we offer to drilling contractors. The Harrisburg/Woolley handling tool line, which will continue to be sold through the current outlets, can also be sold through our distribution network. The UK-based electronic guidance equipment manufacturing operation provides an excellent expansion opportunity for our downhole segment. The addition of Phoenix is projected to be accretive to earnings per share and cash flow for the post closing period of 1998 and for 1999.'' The Company plans to fund the purchase through a public offering of approximately $150 million in debt securities. A registration statement relating to these securities has not yet been filed with the Securities and Exchange Commission, and any offering will be made solely by means of a prospectus. National-Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Statements made in this press release that are forward-looking in nature are intended to be ''forward-looking statements'' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by the Company with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 1997, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

To: Kerm Yerman who wrote (10740)	5/15/1998 4:43:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / ARC Energy Trust reports 1st 3 months Results CALGARY, May 15 /CNW/ - (AET.UN - TSE) - ARC Energy Trust (''the Trust'') announces the results for the first quarter ending March 31, 1998. << Three Months Ended March 31, 1998 March 31, 1997 Variance -------------- -------------- -------- OPERATING Production Crude Oil (Bbls/d) 4,365 2,707 Natural Gas Liquids (Bbls/d) 2,113 1,775 Natural Gas (Mmcf/d) 41.1 28.4 Oil Equivalent (Bbls/d) 10,583 7,324 +45% Average Prices ($Cdn) Crude Oil ($/Bbl) $20.13 $29.41 Natural Gas Liquids ($/Bbl) $14.75 $21.24 Natural Gas ($/Mcf) $1.83 $2.24 Oil Equivalent ($/Bbl) $18.40 $24.78 -26% FINANCIAL ($000s except per unit amounts) Revenue Before Royalties 17,521 16,332 +7% Cash Flow 8,252 9,053 -9% Net Income 436 3,713 -88% Cash Distributions 7,681 7,640 +1% Per Unit 0.30 0.40 >> Production during the quarter was up 45 percent from the same period in 1997 to 10,583 barrels of oil equivalent (boe) per day comprised of 6,478 barrels per day of crude oil and natural gas liquids and 41.1 million cubic feet per day of natural gas. This increase in production was the result of acquisitions completed during the second and third quarters of 1997. Despite significantly increased production, revenue before royalties increased only 7 percent due to weak commodity prices, especially for crude oil and natural gas liquids. The average prices for the quarter were $20.13/bbl for oil, $1.83/mcf for gas and $14.75/bbl for natural gas liquids. On an oil equivalent basis, the average price was $18.40/bbl which was 26 percent lower than the first quarter of 1997. Cash flow during the quarter was $8.3 million with net income of $0.4 million. Operating costs were $4.66 per boe, general and administrative costs net of recoveries and reimbursements were $0.76 per boe and management fees were $0.33 per boe, resulting in overall costs of $5.75 per boe. This compares to $6.58 per boe for the first quarter of 1997. Capital expenditures of $3.0 million in the quarter were directed towards development drilling, recompletions and tie-ins in Buick Creek, Marten Hills, Minnehik Buck Lake and Mitsue areas. In addition, production and waterflood optimization activities were undertaken in the House Mountain, Midale and Pembina Properties. The Trust also participated in the drilling of an oil well in the Meekwap area which production tested over 1,800 boe/d (188 boe/d net to the Trust). The well will be tied-in in the second quarter and performance at this level will increase the field's existing production capacity by 50 percent. Other drilling locations in the area have been identified and the operator is soliciting partner approval to proceed immediately with another well. The significant decrease in crude oil and natural gas liquids prices which occurred during the first quarter has created challenges for the oil and gas industry. However, despite the commodity price reductions, the Trust was able to maintain its monthly distribution at $0.10 per unit through the first quarter. We will continue to monitor commodity prices and their impact on distributable income. Provided that commodity prices remain consistent with current forward markets, monthly distributions are expected to remain at $0.10 per unit through the year.

To: Kerm Yerman who wrote (10740)	5/15/1998 4:47:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

EARNINGS / Seven Seas Petroleum reports 1st 3 months Results HOUSTON, May 15 /CNW/ -- SEVEN SEAS PETROLEUM INC. (Amex: SEV; TSE: SVS.U) today announced a net loss of $1.1 million or $.03 per share and $0.7 million or $0.3 per share for the three months ended March 31, 1998 and 1997, respectively. 3 Months to March 31: 1998 1997 Revenue 184 433 Net income (1,115) (722) Basic and diluted net loss per share (0.03) (0.03) For the three months ended March 31, 1998, the Company had capital expenditures of $10.0 million for the acquisition, exploration, and development of its oil and gas properties with respect to its interests in Colombia. For the three months ended March 31, 1998 and March 31, 1997, the Company had oil sales of zero and $0.3 million, respectively, solely from production testing of the Company's wells on Emerald Mountain. Although the Company intends to continue to sell oil resulting from production tests, significant production is not expected until further evaluation and development of the field is completed through the drilling of additional wells and construction of producing facilities and pipelines. The Company has received preliminary plans for the construction of pipelines and producing facilities, and permitting and final planning for pipelines and production facilities is now proceeding. Completion of the first phase of these facilities is scheduled to occur in 1999. GHK Company Colombia, a wholly owned subsidiary of Seven Seas, is the operator of the Emerald Mountain project. Seven Seas holds a 57.7% interest in the Emerald Mountain project which encompasses the Dindal and Rio Seco Blocks. Seven Seas Petroleum Inc. is an international oil and gas exploration and production company. For more information, contact Herbert C. Williamson III, Chief Financial Officer at 713-622-8218. Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are "forward looking statements" within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact Seven Seas Petroleum Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks discussed in detail in the Seven Seas Petroleum Inc.'s filings with the U.S. Securities and Exchange Commission.

To: Kerm Yerman who wrote (10740)	5/15/1998 4:51:00 PM
From: Arnie	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Niko Resources updates Drilling Results Niko Resources Ltd. (ASE - NKO) has drilled and cased two more on-shore wells in the Hazira gas field. Drilling information and geophysical well logs indicate that both wells have multiple gas pay intervals. These wells are step out locations from the existing producing wells and have extended the area of proven reserves by over 2 kilometers. The new wells are currently being production tested. In addition the results of these wells continue to confirm the existing seismic interpretation for the Hazira field and bode well for the upcoming 15 development wells planned for the Land Based Drilling Platform. The project is under full construction with the causeway currently 500 meters out into the sea. Drilling will commence immediately upon completion of the Platform. Drilling is also underway at the Company's Cambay and Matar fields. The first of three wells in the Cambay field has reached total depth and will be tested and completed and followed by the immediate drilling of two more wells. The Matar well is currently drilling at 1,550 meters and total depth should be reached in the next couple of days. The Company anticipates that the current controversy over nuclear testing in India will have no impact on Niko's projects, profits and operations. For further information please contact: Niko Resources Ltd. (403) 262-1020 Edward Sampson, Executive Chairman or Paul Wright, Vice President Finance.