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

To: Herb Duncan who wrote (10910)	5/27/1998 4:52:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

UPDATE / Velvet Exploration VELVET EXPLORATION CO. LTD. CALGARY, May 26 /CNW/ - Velvet Exploration Co. Ltd. (''the Company'') is pleased to announce that, as at the close of business today, the name of the Corporation will be changed to Velvet Exploration Ltd. and the Company will be continued out of the jurisdiction of the Company Act (British Columbia) and into the jurisdiction of the Business Corporations Act (Alberta). Further, the Company is pleased to announce the following drilling update: << Drilling Results Well Location Velvets Working Comments Interest ----------------------------------------------------------------------- No.11 5-11-44-24W4 80% Cased as potential Glauconitic Gas Well No.12 10-20-44-23W4 40% Velvet did not participate in completion No.13 2-33-44-23W4 57.5% The Ellerslie zone was drill stem tested at 6.5 mmscf/d No.14 10-8-44-24W4 57.5% The Ellerslie zone was drill stem tested at 1.1 mmscf/d >> The Company has a further 17 locations to be drilled in 1998 and is on target to exit 1998 with 31 total wells. The Company has also received a receipt from the Alberta Securities Commission for a prospectus qualifying common shares and warrants issueable on the exercise of outstanding special warrants. The special warrants will be deemed to be exercised on May 29, 1998 resulting in the issue of 3,025,000 common shares and 3,025,000 common share purchase warrants. The warrants are exercisable into common shares at an exercise price of $3.55 per share until the close of business on May 23, 1999. Velvet Exploration Co. Ltd. is a Canadian energy company engaged in the exploration, development and production of natural gas and crude oil. The Company's common shares are listed on the Vancouver Stock Exchange under the trading symbol ''VLV''. VELVET EXPLORATION CO. LTD. -------------------------- Ken S. Woolner, P.Eng. President and C.E.O. The Vancouver Stock Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same. -30- For further information: Investor Relations Line, 1-888-689-5659 or in Calgary at 265-0088

To: Herb Duncan who wrote (10910)	5/27/1998 4:56:00 PM
From: SofaSpud	Respond to of 15196

FINANCING / Petromin Resources PETROMIN RESOURCES LTD. ANNOUNCES PRIVATE PLACEMENT ARRANGED VANCOUVER, May 27 /CNW/ - Petromin Resources Ltd. Vancouver Stock Exchange ''PTR'' Petromin Resources Ltd. (the ''Company'') announces that a private placement of 360,000 Units at a price of $0.25 per Unit has been arranged subject to regulatory approval for total proceeds of $90,000. 120,000 of the private placement Units consist of one common share and one non-transferable share purchase warrant. 240,000 of the Units consist of one flow-through common share and one non-transferable share purchase warrant. Every two (2) warrants will entitle the holder to purchase one (1) further common share of the Company for a period of one year at a price of $0.35. A finder's fee will be payable on the private placement. The proceeds of the private placement will be used to finance drilling operations at the Company's Chamberlain Horizontal Drilling Project near Edmonton, Alberta, and for general working capital purposes. ON BEHALF OF THE BOARD OF DIRECTORS ------------------------------------- Timothy S. Noble, Corporate Secretary THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- For further information: Mr. Jim Clarke (toll free) 1-877-877-5177

To: Herb Duncan who wrote (10910)	5/27/1998 4:59:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

NEW LISTING / Pacalta on NASDAQ PACALTA RESOURCES OF CANADA LISTS ON THE NASDAQ STOCK MARKET WASHINGTON, D.C., May 27 /CNW/ - Pacalta Resources, Ltd., of Calgary, Canada, an independent company engaged in the acquisition, exploration, development and production of oil and natural gas, began trading last week on The Nasdaq Stock Market(SM). The company is also listed on the Toronto Stock Exchange. Pacalta operates principally in Latin America, and holds 100 percent interests in oil concessions in Ecuador and Colombia. The company has 53.5 million shares outstanding with a market cap of approximately US$370 million. The shares are listed on Nasdaq(R) under the symbol PAZZF. ''We're pleased that Pacalta Resources of Canada has chosen to join the 160 other Canadian companies that trade on Nasdaq. Pacalta will join some of the fastest growing companies in the world, including 450 non-U.S. companies overall - more foreign listings than on all other U.S. markets combined,'' said Alfred R. Berkeley, III, President of The Nasdaq Stock Market, Inc. The Nasdaq Stock Market is the fastest growing major stock market in the United States and the world's largest electronic market. Nasdaq is a subsidiary of the NASD, the largest securities-industry self-regulatory organization in the United States. For more information on Nasdaq, visit its Web Site at nasdaq.com or the Nasdaq Newsroom at nasdaqnews.com. -30- For further information: Scott Peterson (202) 728-8955