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

To: SofaSpud who wrote (11074)	6/3/1998 7:13:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Odyssey Provides Update on Egyptian Concessions NASDAQ SYMBOL: OILYF JUNE 2, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") is pleased to provide an update to shareholders concerning the Qantara, El Mansoura and Siwa Concessions in Egypt. Odyssey announces that all financing arrangements are in place to provide Odyssey's 50 percent share of the US$11 million Letters of Guarantee to the Egyptian General Petroleum Corporation for the above concessions. The US$5.5 million associated with the Letters of Guarantee was funded by way of $500,000 cash from the Company's treasury, US$3 million by way of irrevocable stand-by letters of credit and US$2 million by way of a performance security guarantee. Odyssey updates prior press releases to announce that the signing ceremony to formally acquire title to the three concessions has been scheduled for June 22, 1998, in Cairo. Odyssey has now signed Joint Operating Agreements with its 50 percent partner, Merlon Petroleum Company, for each of the three Egyptian concessions. These agreements will be effective upon the formal signing of the concession agreements. Odyssey is a Canadian-based energy resource company with a 50 percent working interest in three onshore exploration blocks in Egypt. Operations are scheduled to begin in mid-1998 and Odyssey's highest near-term priority is to bring Qantara production onstream in 1999. Odyssey is also engaged in the production and distribution of ethanol in the western United States. 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 (11074)	6/3/1998 7:17:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Raider Resources Ltd. - First Quarter Results TSE SYMBOL: RAI JUNE 2, 1998 CALGARY, ALBERTA--Oil and natural gas liquids prices declined 27 percent during the first quarter of 1998 over the average price received through the full year of 1997. Raider received $19.74 for a barrel for oil and $15.88 per barrel for natural gas liquids during this period. However, natural gas prices remained strong through the first quarter of 1998 as the Company averaged $2.04 per mcf as compared to $2.08 per mcf for the year of 1997. As only one third of Raider's production is oil and natural gas liquids this severe decline in prices impacted our revenues, but not significantly. Through the first three months of 1998, Raider experienced difficulties at two high working interest properties which resulted in the temporary decline in production rates. Through 1997 Raider averaged 740 BOE/day. The Company exited 1997 at over 900 BOE/day. In the first quarter the production rate fell back to 634 BOE/day, which is directly attributable to the loss of production from an oil well at Morinville and a gas well at Green Court. The gas well at Green Court was undergoing remedial work and is now back on stream at the previous level of production and the Company is now producing 850 BOE/day. /T/ 1998 1997 ---------- ---------- Oil and Gas Sales $1,105,927 $2,173,344 Funds from Operations $ 326,025 $1,307,770 per Share $0.03 $0.13 Net Income (Loss) $ (124,939) $ 320,153 per Share $(0.01) $0.03 Production Oil and NGL 18,346 BBL 27,334 BBL per day 204 BBL 304 BBL Natural Gas 389,469 MCF 579,456 MCF per day 4,327 MCF 6,438 MCF BOE per day 634 BOE 948 BOE /T/

To: SofaSpud who wrote (11074)	6/3/1998 7:18:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / PanOil Resources Announces First Quarter Financial and Operating Results ASE SYMBOL: PRE JUNE 2, 1998 CALGARY, ALBERTA--Natural Gas revenues for the period were $117,667 compared to $124,515 of the previous year. The small decrease was due to the shut-in of one well at Stirling. Effective late April 1998 this well resumed production. The company recorded net earnings of $27,279 for the quarter, an improvement over a loss of $9,526 for the first quarter of last year. PanOil's production remains 100 percent gas and we have not experienced any of the price weaknesses oil producers are currently witnessing. Gas volumes and prices are expected to remain strong throughout 1998, providing PanOil with consistent cash flows. Progress on the drilling of three new wells at our Stirling facility is ongoing with an expected spud date in June 1998. Three successful wells at Stirling would enable PanOil to significantly increase our production and revenue, and will also increase proven and probable reserves. Further work at Orion is currently under study for the next winter drilling season.

To: SofaSpud who wrote (11074)	6/3/1998 7:19:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

MERGERS-AQUISITIONS / Petrorep Announces Acquisition TSE SYMBOL: PRR JUNE 2, 1998 CALGARY, ALBERTA--PETROREP RESOURCES LTD. is pleased to announce that it has purchased additional Petroleum and Natural Gas interests in the Valhalla area. The purchase is effective April 1, 1998 and will provide the Company with an additional 1,200 mboe of proven and 345 mboe of probable reserves, at a cost of approximately $7.25 per barrel of oil equivalent with an average operating cost of approximately $3.25 per boe. This acquisition will increase the Company's overall area working interest in the area to approximately 46 percent. Consistent with the Company's acquisition focus, and as the existing operator of the property, the purchase will allow the Company to further develop the above long life reserves through further development drilling. This purchase represents a replacement of approximately 60 percent of the Company's forecasted 1998 production on a proven barrel of oil equivalent basis. The acquisition will be funded from the Company's existing line of credit.

To: SofaSpud who wrote (11074)	6/3/1998 7:21:00 AM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Texalta Petroleum Ltd. Updates Recent Drilling Activity ASE SYMBOL: TEX.A JUNE 2, 1998 CALGARY, ALBERTA--Texalta Petroleum Ltd. would like to inform shareholders of the progress in the recently completed horizontal well at West Queensdale, Saskatchewan in which the company has a 43.8 percent interest. Today the well is being equipped with a large pump to commence production. Over the past two days the well has undergone preliminary testing to establish the rate of inflow to the well by swabbing. On the second day of the test period the well was producing up to 4.3 cubic meters (27 bbls) of fluid per hour. The recovered fluid was made up 30 - 50 percent oil and remainder salty mud filtrate which is left over from the drilling. It is expected that with continued production the filtrate part of the produced liquid will reduce but at this stage it is not possible to give an accurate daily oil production rate. In the meantime the company is pleased with this preliminary result as the well promises to be a key addition to our cash flow from Saskatchewan operations. Texalta has plans for the drilling of up to 3 further wells in this area by year end.

To: SofaSpud who wrote (11074)	6/3/1998 7:23:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Draig Energy Ltd. Announces Financial and Operating Results ASE SYMBOL: DRA JUNE 2, 1998 CALGARY, ALBERTA--What a difference a year makes! Draig Energy Ltd. experienced record financial and operating results in virtually every category - revenue, cashflow, earnings and production during the first quarter of 1998. Comparative numbers for the first quarter of 1998 must be adjusted to reflect the company's change of year end from November 30 to December 31. The transition year will be 1998 and the first quarter is extended to 121 days for 1998 compared to 90 days in 1997. Revenues increased from $377,238 to $1,112,123, funds generated from operations were up from $108,061 to $361,180 and net earnings rose from $18,061 to $61,912 during this reporting period. Production during the first quarter of 1998 averaged 440 boe per day compared to 137 boe per day last year. Natural gas production averaged 2,518 mcf per day and oil and natural gas liquids averaged 189 bpd. Draig is currently producing 790 boe per day. The company is on target to exit the year at production levels of 1,400 boe per day. During the four month period ending March 31, 1998 the Company participated in the drilling of 13 (8.51 net) wells, resulting in 9 (6.93 net) gas wells, 1 (0.5 net) oil wells, 1 (0.15 net) water injection well and 2 (0.93 net) abandoned wells, resulting in a success rate of 89 percent. Eleven wells were drilled in Draig's main focus area of Hanna/Brent. Continued exploration success in the first quarter of 1998 has increased the Corporation's proven reserves, up 45 percent from year end 1997 to 2.5 million boe (18.7 Bcf and 619,000 bbl). The company's net land position increased from 9,397 net acres to 43,634 net acres from this time last year. On May 20, 1998 Draig issued a news release stating that it intends to make an unsolicited offer for all class A shares and class B shares of Kensington Energy Ltd. Draig and Kensington have working interests in the Giroux Viking "F" pool. It is Draig's intention to increase its working interest in this pool through the acquisition of the Kensington shares. Kensington also holds 31,697 net acres of undeveloped land in areas which Draig already holds interests or management has experience and is interested in pursuing exploration.

To: SofaSpud who wrote (11074)	6/3/1998 7:24:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Colt Energy Retains Investment Banking Firm Griffiths McBurney & Partners ASE SYMBOL: COE JUNE 2, 1998 MONTREAL, QUEBEC--Colt Energy Inc. announced today that it has retained the services of investment banking firm Griffiths McBurney & Partners to act as financial advisor to the company. It is expected that Griffiths McBurney & Partners will initially focus on assisting the management of Colt in evaluating plans and developing strategies which will allow Colt to maximize value for all shareholders which plans may include the assessment of possible acquisitions. Mr. Bob Weir, President of Colt said: " We consider Griffiths McBurney & Partners involvement with our company as being key to Colt's growth strategy. Their expertise in the oil & gas public company market is second to none." He added:" At the end of March 1998, Colt's cash position remained strong at $8,5 million or the equivalent of $0.38 per share (basic). Colt remains committed to the exploration and development of the Green River Basin through its association with Ultra Petroleum Inc. (VSE:UP) and is also actively seeking out opportunities in North America and abroad." The company's financial results as at March 31, 1998 are attached herewith. /T/ COLT ENERGY INC. (formerly Biopat Capital Inc.) FINANCIAL STATEMENTS MARCH 31, 1998 COLT ENERGY INC. INTERIM BALANCE SHEET UNAUDITED AT MARCH 31 (PREPARED BY MANAGEMENT) 1998 1997 ASSETS ______ CURRENT ASSETS CASH AND SHORT TERM DEPOSITS $ 8,479,625 $ 503,893 ACCOUNTS RECEIVABLE 972 - ADVANCES TO DIRECTORS 4,027 - INTEREST RECEIVABLE 11,900 825 ___________ _________ 8,496,524 504,718 OIL AND GAS PROPERTIES (NOTE 3) 6,062,256 - ___________ _________ $ 14,558,780 $504,718 ___________ _________ ___________ _________ LIABILITIES ___________ CURRENT LIABILITIES ACCOUNTS PAYABLE AND ACCRUED LIABILITIES $ 54,617 $ 13,538 SITE RESTORATION PROVISION 6,169 - ___________ _________ 60,786 13,538 ___________ _________ SHAREHOLDERS' EQUITY ____________________ CAPITAL STOCK (NOTE 4) 14,849,629 558,980 DEFICIT 351,635 67,800 ___________ _________ 14,497,994 491,180 ___________ _________ $ 14,558,780 $ 504,718 ___________ _________ COLT ENERGY INC. INTERIM STATEMENT OF INCOME AND DEFICIT UNAUDITED FOR THE PERIOD OF 3 MONTHS ENDED MARCH 31 (PREPARED BY MANAGEMENT) REVENUE 1998 1997 _______________ _____________ PETROLEUM AND NATURAL GAS SALES $37,944 $- ROYALTIES (6,701) $- INTEREST INCOME 80,556 2,907 ______________ _____________ 111,799 2,907 ______________ _____________ EXPENSES PRODUCTION 7,411 - GENERAL ADMINISTRATION 269,677 14,454 ______________ _____________ NET LOSS 165,289 11,547 DEFICIT AT BEGINNING OF PERIOD 186,346 56,253 ______________ _____________ DEFICIT AT END OF PERIOD $351,635 $67,800 ______________ _____________ ______________ _____________ COLT ENERGY INC. INTERIM STATEMENT OF CHANGES IN FINANCIAL POSITION UNAUDITED FOR THE PERIOD OF 3 MONTHS ENDED MARCH 31 (PREPARED BY MANAGEMENT) 1998 1997 ______________ _____________ OPERATING ACTIVITIES NET LOSS $165,289 $11,547 NET CHANGES IN NON-CASH WORKING CAPITAL BALANCES RELATING TO OPERATIONS (3,632) 9,486 ______________ _____________ (168,921) (2,061) FINANCING ACTIVITIES ISSUANCE OF COMMON SHARES 1,234,500 0 INVESTING ACTIVITIES ACQUISITIONS OF OIL AND GAS (37,184) - _____________ _____________ CHANGES IN CASH POSITION 1,028,395 (2,061) CASH POSITION, BEGINNING 7,451,230 505,954 _____________ _____________ CASH POSITION, ENDING $8,479,625 $503,893 _____________ _____________ _____________ _____________ CASH POSITION INCLUDES CASH AND SHORT-TERM DEPOSITS /T/

To: SofaSpud who wrote (11074)	6/3/1998 7:25:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Diaz Announces Incentive Options VSE SYMBOL: DZR.A DZR.B OTC Bulletin Board SYMBOL: DZRUF JUNE 2, 1998 CALGARY, ALBERTA--Diaz Resources Ltd. announced today that the Board of Directors has granted incentive options to directors, a senior officers and employees of the Company to purchase 680,000 Class A Subordinate Voting shares of Diaz, exercisable for a period of five years from June 2, 1998 at a price of $0.40 per share. Of the options granted, 650,000 are granted to Insiders of the Corporation. In addition, the Board of Directors has also approved the amendment of option agreements to a non-executive director of the Corporation to amend the exercise price of $1.02 and $0.96 per share with respect to an aggregate of 75,000 shares to $0.40 on 75,000 shares and to amend the exercise period to five years from June 2, 1998, in order to make the option comparable to the remainder of the Board. All of the options and the amendment are subject to the approval of the Vancouver Stock Exchange.

To: SofaSpud who wrote (11074)	6/3/1998 7:27:00 AM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITION / Ionic Energy Inc. Announces Four Asset Acquisitions Within West Central Alberta Core Operating Area ASE SYMBOL: IOI JUNE 2, 1998 CALGARY, ALBERTA--Ionic Energy Inc. announces it has signed letters of intent to purchase four producing and non-producing assets from three parties. These acquisitions, valued at $4.1 million, will be funded by existing bank lines, and are subject to regulatory approval and certain rights of first refusals. At Meyer South, where Ionic currently has 1,050 mcf/d of gas production, Ionic has secured an interest in a natural gas plant which will reduce processing costs associated with Ionic's current production stream. The asset further includes interests in wells producing a net 1,000 mcf/d, effectively doubling Ionic's production in this area. Behind pipe zones identified in the various wellbores will help Ionic optimize overall property performance. At Carvel/ Cardiff, within Ionic's active West Central Alberta core exploration area, Ionic has purchased controlling ownership and operatorship in two compression facilities with extension gathering systems. Current net production acquired is 2,100 mcf/d, with three shut in wells to be tied in. The transactions include undeveloped land within an active corridor of exploration for both Ionic and industry competitors. These acquisitions complement Ionic's current producing assets and exploration efforts and thrusts Ionic's production to 1,200 boe/d. Ionic will continue to focus on building shareholder value through an aggressive and expanding exploration program complemented by value driven acquisition opportunities.

To: SofaSpud who wrote (11074)	6/3/1998 8:48:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Progress Energy Ltd. Announces First Quarter 1998 Results ASE SYMBOL: PGX.A PGX.B JUNE 2, 1998 CALGARY, ALBERTA--Progress Energy Ltd. (Progress) is pleased to announce our first quarter results for 1998, the first full quarter of operations. Highlights for the quarter included: /T/ assembling a team of seven senior professionals, drilling 9 operated wells, completing 3 acquisitions to provide drilling locations with some production, increasing production from 335 bbls/d to 520 bbls/d, completing five farm in transactions, increasing undeveloped land to control 19,360 acres in Alberta and, developing 15 new drilling locations. /T/ Production rates averaged 395 bbls/d of light sweet crude over the quarter. The average price received was $21.25/bbl and netbacks were a strong $13.68/bbl. This resulted in production revenue of $755,545, cash flow was $406,497 and net earnings were $83,880. Cash flow per Class A share outstanding was $0.04 and earnings per Class A share was $0.01. Progress Energy has 11,602,000 Class A shares and 1,170,000 Class B shares outstanding. Progress Energy operates 100 percent of our production in our core area of south east Saskatchewan - Manitoba. Progress currently operates 910 bbls/d (520 net) of light sweet oil produced from the Bakken formation. We are developing 3 new pools ranging in size from 2 to 6 million barrels of oil in place and control 180,000 net acres of undeveloped land in this area. In Alberta we are establishing 3 new core areas: East central Alberta, the Peace River Arch and in the Whitecourt area. We now control over 19,000 acres in these core areas. Progress has started a 15 well drilling program to be completed over the summer of 1998. We expect to participate in over 40 wells in our first year of operations and to initiate and operate most of these wells. Our planned expenditures of approximately $1 million per month on drilling and completion operations should fuel our growth in 1998. Starting the second quarter we had over $6 million working capital and no debt.