Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SofaSpud who wrote (11094)	6/3/1998 11:04:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Hartland Pipeline Services Ltd Enters Into an Agreement to Acquire the operating Assets of the Waschuk Pipeline Construction Group TSE SYMBOL: HAR JUNE 3, 1998 CALGARY, ALBERTA-- THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH ANY SERVICES HAVING U.S. PARTICIPATION. Brian J. Murray, President and CEO of Hartland Pipeline Services Ltd., is pleased to announce the company has signed a letter of intent to acquire all the operating assets of Waschuk Pipeline Construction Ltd., Waschuk Equipment Rentals Ltd., and Enertech Pipeline Systems Ltd. (collectively "Waschuk"). "This is an impact acquisition which enables Hartland to become a significant participant in the large bore pipeline construction industry". The acquisition is subject to a number of conditions, including, additional due diligence, financing and regulatory approval. Waschuk is one of the largest big diameter pipeline construction companies in Canada. Estimated contracts and pending contracts for the next 26 month period total $250 million. Waschuk has the capacity to increase the potential contracts to $300 million. Waschuk contracts and accepted bid offers currently include the Alliance and Foothills Eastern Leg Expansion pipeline projects. In addition to the value of the contracts, the estimated fair market value of the operating assets is $52 million. Mr. Murray indicated that "This acquisition allows Hartland to further exploit the benefits of consolidation from a resource perspective. The sharing of both equipment and labor will increase utilization and have a significant reduction in operating costs. In addition to the equipment synergies, the company anticipates margin gains through increased purchasing power". Hartland is a vertically integrated oil and gas services company providing fabrication, installation and the construction of gathering systems and pipelines and environmental reclamation services throughout western Canada. Hartland serves a broad client base of over 30 customers, principally senior Alberta oil and natural gas producers and large pipeline companies. Hartland's objective is to continue to consolidate through strategic acquisitions, with the Company's ultimate goal to service a significant portion of the overall gathering system and pipeline construction market in Canada.

To: SofaSpud who wrote (11094)	6/3/1998 11:08:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Peak Energy Services Ltd. Closes Acquisition of Zeta Oilfield Rentals Ltd. TSE SYMBOL: PES JUNE 3, 1998 CALGARY, ALBERTA--Peak Energy Services Ltd. ("Peak") has closed its previously announced acquisition of Zeta Oilfield Rentals Ltd. ("Zeta") of Nisku, Alberta. The final purchase price for Zeta totalled $7,975,000 consisting of $6,600,000 cash and 366,667 common shares of Peak at a deemed price of $3.75. The cash portion of the acquisition was financed with existing credit facilities. This acquisition is effective June 1, 1998. The purchase price is subject to certain post closing adjustments. Zeta has an extensive fleet of drilling, completions, work-over and production rental equipment. The Zeta acquisition will be complimentary to Peak's existing solids control and production rental divisions. Zeta will also provide Peak with a broader geographic presence in Western Canada through its head office in Nisku, Alberta and its field operation in Slave Lake, Alberta. Through this acquisition, Peak will continue to establish itself as the dominant provider of ancillary services to the oil and gas industry. For the six months ended April 30, 1998, Zeta generated revenue of $5.12 million and EBITDA of $2.18 million. For the period June 1, 1998 to December 31, 1998, we expect Zeta will generate revenue of $4.7 million and EBITDA of $1.8 million. This will add an estimated $0.05 EBITDA per share and $0.01-$0.02 earnings per share to Peak in 1998. In 1999, Zeta is expected to generate $0.12 EBITDA per share and $0.04 earnings per share. Peak Energy Services Ltd. is a diversified energy services company providing oilfield rental equipment and related services to the petroleum industry in Western Canada. Peaks' shares are listed on the Toronto Stock Exchange under the symbol "PES".

To: SofaSpud who wrote (11094)	6/3/1998 11:12:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / TransAlta Supports Canada's New Greenhouse Gas Initiative TSE, ASE, ME SYMBOL: TA JUNE 3, 1998 CALGARY, ALBERTA--TransAlta Corporation strongly supports the establishment of a national, market-driven effort to address greenhouse gas emissions in Canada. Federal and provincial government departments announced the creation of the Greenhouse Gas Emission Reduction Trading pilot (GERT). The program will make it possible for Canadian businesses and organizations to buy and sell greenhouse gas emission reduction credits. Organizations that reduce greenhouse gas emissions will get credits which can then be sold. "Governments and industry in Canada are demonstrating their leadership on global climate change by creating a pilot domestic emissions reduction trading program," says Dr. Bob Page, TransAlta's vice-president of Sustainable Development. "The program recognizes that challenging environmental issues often require innovative economic solutions." Page, the former dean of Environmental Design at the University of Calgary, added, "TransAlta has worked very hard to reduce greenhouse gas emissions so we definitely will participate in Canada's emissions reduction trading pilot." In 1994, TransAlta committed to reduce its greenhouse gas emissions to 1990 levels by the year 2000. TransAlta is on track to reach its objective even though the company's production has increased over the last five years. TransAlta also has been involved in the national Voluntary Challenge and Registry (VCR) program since it began. In 1996, the federal minister of Natural Resources recognized TransAlta for its leadership and participation in the VCR program. TransAlta, a long-time advocate of a global, market-based approach to address the greenhouse gas issue, also has initiated domestic and international greenhouse gas offset programs, including: a Saskatchewan soils project; building offset projects in Alberta; and a project in India. TransAlta is an energy company with $5 billion in assets, operating in Canada, New Zealand, Australia, Argentina and the United States. Headquartered in Calgary, Alberta, TransAlta is the major supplier of electricity in Alberta. The company also has interests in gas and electricity distribution, independent generation, energy services and energy marketing. TransAlta is focused on providing its customers with innovative energy solutions in an increasingly deregulated market.

To: SofaSpud who wrote (11094)	6/3/1998 11:15:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Hegco Canada, Inc. - Third Quarter Results Reveal Increased Production and Asset Development ASE SYMBOL: HEG JUNE 3, 1998 OVERLAND PARK, KANSAS--On January 6, 1998 HEGCO completed an offering which provided the Company with US$2,415,000 (Cdn $3,500,000) for the purpose of developing the properties and leases owned by the Company and acquiring additional leases. Since January 6, 1998, the Company has steadily increased production in its Oklahoma properties. The net production data (after payment of all royalties and taxes) through May 1998 follows: /T/ December 1997 69 boepd January 1998 98 boepd February 1998 147 boepd March 1998 170 boepd April 1998 170 boepd May 1998 203 boepd /T/ During June 1998, the Company will place two additional wells on production in Oklahoma which will continue the increase in production. The average price received per barrel of oil for the third quarter was U.S. $15.10 (Cdn$21.88) per barrel. The Company receives a U.S. $1.55 premium over posted price for its oil production due to its high quality. During the quarter the Company re-entered the El Grande Well located in Arkansas and continues to evaluate various intervals. A stimulation program is now being developed to test one or more recently perforated intervals in the Arbuckle formation. This program is expected to be completed by mid July. The Company has acquired an interest in 34 square miles surrounding the El Grande Well, as of April 30, 1998. The Company is pleased with financial results realized during the first nine months of the 1998 Financial Year. Highlights are as follows: Assets were increased from US$2,530,812 to US$6,817,132 (a 170 percent increase). Shareholders' equity increased from US$1,778,986 to US$5,906,148 (a 231 percent increase). These increases are attributable to the purchase of the Three Sands Field together with its production and the completion of the special warrant financing. Oil and natural gas sales increased to US$422,789 during the first nine months of 1998 as compared to US$312,511 for the first nine months of 1997. This 35 percent increase was generated even with the decrease in the price of oil. The Company will show continued growth during the remainder of the 1998 fiscal year. The Oklahoma development plan is expected to support the Company's operational needs as well as supply much of the needed capital for on going development. The potential from the Edgmond Project, in Arkansas, provides the Company with a strong upside potential. On behalf of the Board of Directors: Douglas C. Hewitt, Chairman of the Board