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

To: SofaSpud who wrote (10936)	5/28/1998 3:59:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Odyssey Petroleum - United States Congress Extends Ethanol Tax Incentive NASDAQ SYMBOL: OILYF MAY 27, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") is pleased to advise that on May 22, 1998 the United States Congress passed legislation extending the tax incentives for renewable alcohols through to the year 2007. This tax incentive extension supports the continued profitable operation of the Company's Wyoming Ethanol production facility in Torrington, Wyoming, and maintains the Company's role as a significant supplier of ethanol to the inter-mountain states and an important local employer. In addition, ethanol production provides an alternative market for grain and a source of high protein feed to the local feed-lot industry. Under the provisions of the legislation, the tax incentive will be scaled down from its current 5.4 cents per blended gallon to 5.3 cents in 2001, 5.2 cents in 2003 and 5.1 cents in 2005 and beyond. The reduced tax rate for gasoline containing ethanol produced from domestic renewable resources received widespread support from both United States political parties, the Administration, members of Congress, State Governors and a wide range of consumer and interest groups. It is anticipated that President Clinton will sign this legislation promptly. Odyssey is a Canadian-based energy resource company with a 50 percent working interest in three onshore exploration blocks in Egypt - Qantara, El Mansoura and Siwa. Operations are scheduled to begin in mid-1998 and Odyssey's highest near-term priority is to bring Qantara production onstream in 1999. This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof are expressly qualified in their entirety by the Cautionary Statements.

To: SofaSpud who wrote (10936)	5/28/1998 4:00:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Summit Resources Explore Strategic Alternative TSE SYMBOL: SUI MAY 27, 1998 CALGARY, ALBERTA--Summit Resources Limited announced today that it will undertake a process to explore strategic alternatives designed to enhance and maximize shareholder value. Such alternatives could include the possible merger or sale of the Company or the disposition of certain assets. Summit has retained Morgan Stanley & Co. Incorporated and Peters & Co. Limited as its financial advisors in connection with this process. Mr. Larry Krause, President and CEO, confirmed that the decision to explore all alternatives and to structure one or more transactions with a view to maximizing value for all of our shareholders has the full support of the Board of Directors and the Company's largest shareholder, Mr. Ernest S. Rady. Summit Resources Limited is a publicly-traded oil and gas exploration and production company based in Calgary, Alberta. Summit operates in four core areas: Northeastern British Columbia, West-Central Alberta, Southern Alberta/Montana and the Williston Basin. Summit also has additional exploration opportunities in East Texas. The common shares of Summit are listed for trading on The Toronto Stock Exchange under the symbol SUI.

To: SofaSpud who wrote (10936)	5/28/1998 4:03:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Best Pacific Reports 1998 First Quarter Results TSE, ASE SYMBOL: BPG MAY 27, 1998 CALGARY, ALBERTA--BEST PACIFIC RESOURCES LTD. (the "Company") is pleased to present results for the three months ended March 31, 1998. First quarter production averaged 1,917 boepd (54 percent natural gas, 46 percent oil) versus 1,150 boepd in the first quarter of 1997, an increase of 67 percent. Higher production levels resulted in revenues increasing by 31 percent in comparison to the same period in 1997 to $2,918,664 from $2,223,271. Cash flow from operations for the first quarter of 1998 totaled $731,995 down 10 percent from $817,919 in the first three months of 1997. This decrease is principally due to lower commodity prices. Production levels for the first quarter of 1998 were lower than expected due to a major non-operated pipeline break in February at the Company's Okotoks field. This production is expected to be back on stream in the second quarter, together with the new production from the recently successful step-out well at Okotoks 7-19-22-28 W4M. A summary of the three months ended March 31, 1998 and the 1997 comparatives is presented below. /T/ Percent Three Months Ended March 31 1998 1997 Change --------------------------- ---- ---- ------- FINANCIAL (000's except per share) Production Revenue $2,919 $2,223 31 Net Earnings ($322) $235 (237) Net Earnings Per Common Share ($0.014) $0.016 (188) Cash Flow From Operations $732 $818 (10) Cash Flow Per Common Share $0.032 $0.056 (43) PRODUCTION Natural Gas (mcf/d) 10,290 5,520 86 Crude Oil (bbls/d) 888 598 48 Combined (boepd) 1,917 1,150 67 Average Oil Price ($/bbl) 18.44 26.78 (31) Average Gas Price ($/mcf) 1.71 2.04 (16) /T/ Best Pacific Resources Ltd. is listed on the Alberta Stock Exchange and the Toronto Stock Exchange: Trading symbol - BPG Neither the Toronto Stock Exchange, the Alberta Stock Exchange, or any other regulatory body have reviewed this news release and they neither approve nor disapprove of the contents of this news release.

To: SofaSpud who wrote (10936)	5/28/1998 4:07:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Thunder Energy Inc. Announces First Quarter Results TSE SYMBOL: THY MAY 27, 1998 CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSE) released today first quarter financial and operating results for the three month period ending March 31, 1998. /T/ HIGHLIGHTS Financial ($000's - except per share amounts) Three Months Ended March 31 ------------------ Percent 1998 1997 Change ---- ---- ------- Revenues $2,396 $ 616 289 Cash flow $ 1,077 $ 314 243 Per share $ 0.08 $ 0.03 167 Net Income $ 210 $ 157 34 Per share $ 0.02 $ 0.01 100 Capital expenditures $ 4,161 $ 1,749 138 Weighted average common shares outstanding 14,360 12,310 17 Operations Daily production volumes Natural gas (mcf) 7,037 2,547 176 Oil and NGL's (bbl) 872 45 1,838 Total (boe's) 1,576 300 425 Average sales price Natural gas ($/mcf) $ 1.85 $ 2.21 (16) Oil and NGL's ($/bbl) $ 15.62 26.45 (41) Wells Drilled - Gross (net) Gas 1 (0.5) 3 (1.5) Oil 2 (1.0) 1 (0.2) Dry 2 (1.0) - Total 5 (2.5) 4 (1.7) /T/ Thunder continued to show impressive growth with cash flow reaching a record $1.1 million and earnings totaling $210,000, up 35 percent over first quarter 1997. These increases reflect 50 percent production growth over fourth quarter 1997 to average 1,576 boe/d. Considering that oil prices dropped to a four-year low during the quarter, the improvements in cash flow and earnings were directly related to the Company's ability to steadily increase production and the addition of low cost reserves in its focus areas. Current production has risen a further 15 percent to 1,800 boe/d split evenly between gas and oil. During the first quarter Thunder drilled and operated 5 wells (2.5 net) with a 60 percent success rate. In May, Thunder commenced its second quarter drilling program. In this program Thunder will drill and operate 15 wells (7.5 net) at its Rosalind property. Twelve of the wells will target gas, two wells will be infill horizontal oil wells and one well will target oil and gas. To date, Thunder has completed six wells resulting in 4 cased gas wells, 1 well cased for both oil and gas and 1 dry hole. Thunder Energy is a Calgary based oil and gas exploration company. Thunder's shares are traded on the Toronto Stock Exchange under the trading symbol "THY".

To: SofaSpud who wrote (10936)	5/28/1998 4:09:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITION TOP 20 LISTED / Berkley/Paramount Announce Shell Northwest Territories TSE, ASE SYMBOL: BKP AND PARAMOUNT RESOURCES LTD. TSE SYMBOL: POU OTC Bulletin Board SYMBOL: PAREF MAY 27, 1998 Acquisition CALGARY, ALBERTA--Berkley Petroleum Corp. and Paramount Resources Ltd. are pleased to announce that the companies have entered into an agreement to purchase Shell Canada Limited's interest in the southern Northwest Territories and the Maxhamish area of northeast British Columbia. The acquisition includes 196,285 acres in the Fort Liard area including Shell Canada Limited's 50 percent interest at Bovie Lake and Arrowhead. Also included is 42,450 acres in the Maxhamish area of northeast British Columbia with working interests ranging from 50 to 100 percent. As a result of the transaction, Paramount and Berkley now control 100 percent in all of the prior joint venture lands. The Berkley/Paramount joint venture plans to continue its drilling program in the upcoming winter by completing the Bovie Lake C-76 sidetrack operation and completing the Arrowhead N-65 well that, as previously announced, flowed significant rates of gas; in addition, drilling operations at Arrowhead O-65 and Netla M-23 will continue. The companies' Liard F-36 well will also be completed as soon as access can be established. Further additional exploratory locations for the area are currently being evaluated.

To: SofaSpud who wrote (10936)	5/28/1998 4:11:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FINANCING / Firstland Energy Limited: Completes Private Placement ASE SYMBOL: FLD MAY 27, 1998 CALGARY, ALBERTA--FIRSTLAND Energy Limited ("ASE-FLD") announced today that it completed a private placement of 1,800,000 common shares (maximum offering) at an issue price of $0.70 per common share. The private placement was completed without the use of an agent to qualifying purchasers in Alberta in accordance with exemptions contained in the Securities Act (Alberta). The $1,260,000 raised (less listing fees and legal costs) will be added to the treasury and will be used to continue to expand the Company's land base in Alberta and for development at Wembley and Progress.

To: SofaSpud who wrote (10936)	5/28/1998 4:13:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / LASMO Announces Appraisal Successes in Pakistan and North Africa NYSE SYMBOL: LSO MAY 27, 1998 LONDON, ENGLAND--LASMO plc (NYSE:LSO), the international oil and gas exploration and production company, today announced the results of successful appraisal drilling on two of its major LASMO operated discoveries of 1997. The wells confirm the reserves potential of the Bhit field in Pakistan and the Elephant field in Libya. Bhit-3 is the first appraisal well on the Bhit gas field in the Kirthar Concession and is located approximately six kilometers south of the Bhit-2 discovery well. Bhit-3 encountered a similar quality reservoir section to Bhit-2 in the objective Cretaceous Pab sandstone, with a net pay of approximately 100 meters. The top of the reservoir was penetrated some 135 meters shallower than anticipated, indicating upside reserves potential which will be evaluated during the ongoing appraisal program. The second appraisal well is expected to commence drilling in early June and will test the northerly extension of the field. Bhit-3 is currently being completed for an extended well test and subsequent use as a production well. The F3-NC174 well in Libya was the second appraisal well on the Elephant oil field, and is located approximately 3 kilometers northwest of the F1-NC174 discovery well, in the Murzuk Basin of southwestern Libya. The well tested 8,400 barrels of 39 degree API oil per day from a reservoir section of some 90 meters of net pay. This latest success supports LASMO's view of most likely reserves in excess of 500 million barrels. John Hogan, LASMO's Chief Operating Officer, said: "Confirmation of the reserves potential of our major 1997 discoveries is a key element of our 1998 drilling program. Increased understanding of the Bhit field is of particular value as we prepare for further exploration drilling of similar large structures in the same geological play." In addition to LASMO's listing on the New York Stock Exchange, LASMO shares trade on the London, Toronto and Montreal Stock Exchanges. Shares are quoted on the SEAQ System, and prices may be accessed on the Reuter Equities 2000 Service under the symbol LSMR.L and on Quotron under the symbol LSMRU.EU. For further information, visit LASMO's web page at http:\\www.lasmo.com. Notes Pakistan 1. Working interests in the Kirthar Concession in Pakistan are: LASMO Oil Pakistan Ltd (Operator) 47.5 percent Shell Exploration Pakistan B.V. 47.5 percent Oil and Gas Development Corporation Ltd 5.0 percent OGDC (a Government owned oil company) has the right to back-in for 20 percent on commerciality, which is a further 15 percent to their current 5 percent holding. 2. The producing zone of the Bhit field is at a depth of approximately 2,000 meters. 3. LASMO is the largest foreign acreage holder in Pakistan, with net acreage of 30,800 square kilometers. Libya 4. Working interests in the Exploration and Production Sharing Agreement for NC174 are: LASMO Grand Maghreb Ltd (Operator) 33.33 percent Agip North Africa BV 33.33 percent Korean Consortium (Pedco, Daewoo, Hyundai, Majuko, Daesung) 33.33 percent 5. The producing zone of the Elephant field is at a depth of approximately 1,500 meters. 6. LASMO entered Libya in 1990 and has been operator of NC174 since that date.

To: SofaSpud who wrote (10936)	5/28/1998 4:16:00 AM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

EARNINGS / Danoil Announces Interim Results TSE, ASE SYMBOL: DAN.A MAY 27, 1998 CALGARY, ALBERTA--DANOIL ENERGY LTD. (Danoil) is pleased to present its financial and operating results for the period ended March 31, 1998. Low oil prices dramatically reduced results, however, Danoil still managed to post significant increases on a year over year comparison basis. Danoil's discretionary cash flow increased 133 percent to $1.67 million ($0.08 per share basic) from $721,000 ($0.05 per share) a year earlier. The increase is 60 percent on a per share basis. Gross revenues increased 30 percent to $4.80 million from $3.68 million. The Company reported a loss of $125,000 ($0.01 per share). The improvement in revenues and cash flow were a result of the acquisition of Cabos Resources Inc. and Vintage Resource Corp. together with a successful 1997 drilling program. During the period, the Company received an average field price of $12.40 per barrel of oil and liquids and $1.80 per mcf of natural gas as compared to 1997 prices of $21.14 per barrel and $1.81 per mcf. Crude oil and NGL volumes averaged 2,604 bpd and natural gas volumes averaged 9,922 mcf/d during the reporting period in 1998 compared to 1,781 bpd and 3,509 mcf/d during 1997, increases of 46 percent and 183 percent respectively. On a boe basis, the Company's production increased 69 percent over the corresponding 1997 reporting period. /T/ Three Months ended Three Months ended March 31, 1998 March 31, 1997 $000s $ Per $000s $ Per BOE BOE ------------------------------ PRODUCING ACTIVITIES: Oil and Gas Revenue (& Other Income) 4,801 14.83 3,681 19.18 Royalties, net of ARTC 426 1.32 470 2.45 Operating costs 1,905 5.89 2,008 10.47 ------------------------------- Operating Income 2,470 7.62 1,203 6.26 CORPORATE ACTIVITIES: General and administrative 471 1.45 452 2.35 Interest, net 317 0.98 23 0.12 Capital taxes 7 0.02 8 0.04 ------------------------------- Funds from Operations 1,673 5.17 721 3.72 SHARES OUTSTANDING: Basic 21,453,325 Fully Diluted 24,125,236 /T/ DANOIL ENERGY LTD. is a Calgary based oil and gas exploration and development company whose shares trade on the Alberta and Toronto Stock Exchanges under the trading symbol "DAN.A".

To: SofaSpud who wrote (10936)	5/28/1998 4:21:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Windsor Energy Corporation - David F. Chavenson Accepts Board Nomination TSE, AMEX SYMBOL: WNS MAY 27, 1998 CALGARY, ALBERTA and DALLAS, TEXAS--Windsor Energy Corporation is pleased to announce that David F. Chavenson has accepted the nomination to stand for election to the Board of Directors at the next annual general meeting on June 29, 1998. If elected the appointment is subject to regulatory approval. Mr. Chavenson is Vice President, Finance and Chief Financial Officer of Rutherford-Moran Oil Corporation in Houston, Texas. He brings a wealth of experience in oil finance to Windsor having served as Chief Financial Officer for both large and small public oil companies. He will also assist Windsor in developing strategies for investor relations. Mr. Chavenson received an MBA from Harvard Business School in 1977 after having previously received a Bachelors Degree in Economics from Dickinson College. In 1978 he joined the Sun Exploration and Production Company in Dallas Texas, and after working in various positions in finance, became Treasurer of Oryx Energy Company, a successor company with world wide operations listed on the NYSE with a market capitalization of approximately U.S. $2.5 billion. In 1996 Mr. Chavenson joined the Rutherford-Moran Oil Corporation as Vice-President, Finance and CFO. Rutherford-Moran is a southeast Asia oriented energy company, with annual capital expenditures of approximately U.S. $100 million and trades on the NASDAQ. Mr. Chavenson is also a certified public accountant. Windsor's management would like to inform its investors that the Company's future is very bright and positive. Windsor has extremely promising properties in Wyoming, California, Texas and Louisiana with excellent reserves that should have a positive impact on shareholders. Windsor's shares are extremely under valued at this point and steps are being taken to insure that the market appreciates the true value of Windsor's assets. Windsor is a Calgary, Alberta and Dallas, Texas based international exploration and production company traded on the Toronto Stock Exchange (TSE:WNS) and the American Stock Exchange (AMX:WNS).

To: SofaSpud who wrote (10936)	5/28/1998 4:24:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / RE: R. Chaney & Partners Confirm Share Position in NQL Drilling Tools Inc. MAY 27, 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 market purchases on The Toronto Stock Exchange, they now on a combined basis exercise control and direction over 1,539,300 common shares of NQL Drilling Tools Inc., representing approximately 10 percent of the current outstanding shares. 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. Both limited partnerships are U.S. investment funds specializing in emerging energy technology companies. Robert H. Chaney is the sole shareholder of both general partners. Although the limited partnerships may make further purchases of common shares of NQL on The Toronto Stock Exchange or through private placements, it is not the current intention of either limited partnership to acquire control of NQL. Furthermore, there are no current plans to appoint a nominee of the general partner of either limited partnership to the board of NQL. This press release has been issued in order to comply with applicable securities legislation.

To: SofaSpud who wrote (10936)	5/28/1998 4:31:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITION / Icon Energy Limited Announces Property Exchange ASE, ME SYMBOL: IOE MAY 27, 1998 CALGARY, ALBERTA--Icon Energy Limited (IOE-Montreal) is pleased to announce that it has signed a letter of intent with the operator that will allow the Corporation to exchange its current 15 percent working interest in its heavy oil property at Kitscoty, Alberta for an additional 55 percent interest at Antler, Saskatchewan which is currently producing 160 barrels of light sweet crude oil per day. Upon completion of this transaction, Icon will own a total of 65 percent working interest in 3,680 acres of land that has been recently evaluated with a detailed 3D seismic program. Closing for the above transaction is scheduled for June 5, 1998 when Icon will effectively take over as operator of the property. Immediately thereafter, the Company is planning to upgrade the existing facilities that will include, but not be limited to, increasing water disposal capacity, repairing existing flowlines and suspended wells and building new flowlines to tie in shut-in wells. Longer term plans include twinning of existing wells and additional purchases. Icon would like to add that this property exchange is the first in a series of steps that will consolidate the Corporation's interests and enable it to control the timing and priority of its capital expenditures.