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

To: SofaSpud who wrote (11119)	6/6/1998 6:57:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / TransAlta Wins $400 Million Sarnia Electric Project Opportunity TSE, ME, ASE SYMBOL: TA JUNE 5, 1998 SARNIA, ONTARIO--The major power consuming industries in the Sarnia area, working with the Sarnia-Lambton Office of Economic Development, selected TransAlta Energy Corporation to pursue developing a $400 million cogeneration opportunity. If the project proceeds, it would be the largest cogeneration project in Canada. TransAlta was selected by a committee of representatives from Bayer, Dow Chemical, Imperial Oil, Montell, NOVA, Shell and Sunoco. The Sarnia regional cogeneration project was proposed by TransAlta as a way to provide economical power to the Sarnia area. If the project goes ahead, it would fit with the move towards restructuring of the Ontario electricity industry. "TransAlta is pleased to have been selected to work with this forward-thinking group from Sarnia," said Dawn Farrell, executive vice president of Independent Power Projects with TransAlta. "In order for this project to proceed, it must be a win-win for all involved. It will provide low-cost thermal and electrical power to the region, fit within the government's plans to restructure the electricity industry and give TransAlta the opportunity to expand our presence in Ontario." Since early February, Sarnia Hydro and large industrial operators in the area have been working with the Office of Economic Development to further the idea of a regional cogeneration project. The start-up date for the proposed project would be early 2001, the year after the government plans for full competition in the province's electricity system. "TransAlta was able to come up with the best proposal to help Sarnia take advantage of competition coming to Ontario's electric industry," said Mike Ireland, senior business development officer with the Office of Economic Development. "We believe the area provides great potential for cogeneration, which would result in low-cost power and make the region a better place to do business by creating a unique competitive advantage for energy-intensive industry." Sarnia industries are looking for reasonable power rates to compete with their U.S. counterparts on the U.S. Gulf Coast and in Alberta. This competitiveness will ensure greater job security for the people working in Sarnia, and may attract new industries or expansions. The Ontario government has indicated it wants to restructure the electricity industry to ensure the province's economy continues to grow. Cogeneration is the process where both power and useful steam are produced from a single fuel source, natural gas, which results in efficient and environmentally-sound energy generation. Power is generated locally, which means high-voltage transmission lines are not required to bring power from other generating sources in the province. TransAlta is an energy company with $5 billion in assets and is the leading producer of independent power in Canada. The company operates three cogeneration facilities in Ontario; in Ottawa, Mississauga and Windsor. TransAlta is the major supplier of electricity within Alberta and operates in New Zealand, Australia, Argentina and the United States. The company has interests in electricity generation, gas and electricity distribution, 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 (11119)	6/6/1998 6:58:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Windsor Energy reports Financial Postion to March 31, 1998 and Updates Drilling Activity TSE, AMEX SYMBOL: WNS JUNE 5, 1998 CALGARY, ALBERTA--Windsor Energy Corporation announced today the unaudited statement of earnings and statement of changes in financial position for the three months ended March 31, 1998. Windsor continues to move forward and has shown significant increases in its reserves. Thomas E. Hogan, president and CEO said, "Earnings for the first quarter were impacted heavily by sharply lower oil prices and "El Nino". Oil prices for our California crude production dropped from U.S. $19.59 in 1997 to U.S. $10.87 in 1998. Windsor also experienced significant downtime at our Rincon facility due to the unusually bad weather in California. The Company deemed it prudent at times to shut the facility down rather than risk an oil spill. We also experienced times when we went several days without electrical power and without access to the island. At one time, all roads leading to the island were closed by the California State Highway patrol. If there was any good news during this it was the fact that the Island and the causeway withstood the onslaught with relatively minor damage." The first quarter also saw some non-recurring charges relative to the purchase of SMK Energy. The following lists some financial highlights for the period: /T/ 1998 1997 ---- ---- Total revenue $3,201,615 $2,810,674 Net income (1,753,493) 780,061 Cash flow from operations 2,992,448 2,932,527 Assets 104,845,795 50,414,256 Shareholder equity 50,844,551 27,752,102 Net oil production - barrels 185,578 94,496 Net gas production - Mcf 273,719 160,579 Oil price/barrel (US$) 10.87 19.59 Gas price/Mcf (US$) 1.54 2.05 Earnings (loss) per share $(0.06) $0.04 Weighted average number of shares 27,455,200 20,064,880 /T/ On the positive side of things: Rincon Island -- The start of Windsor's water flood project is imminent. This program will transfer a large amount of proved, undeveloped reserves to proved producing reserves and will increase the value of the Company. Also, the California State Lands Commission is finishing up on a permit for 36 more wells in the Rincon complex. This will allow Windsor to increase production 300 to 400 percent upon its completion. Jennings Ranch -- The Company now has a 50 percent interest in the 28,000 acre lease and anticipates drilling 23 development wells over the next 24 months. South Louisiana Salt Dome Project -- Continues to progress and work has already begun on well remediation. Hermosa Beach -- With the issuance of the California Coastal zone permit in February, the way has been cleared to begin work on this project. Windsor anticipates being able to spud its first well in August. This will add substantial reserves to the Company's books. Lonestar -- 3D seismic on this 9,000 acre lease has been completed and once the geological interpretation is complete the Company will begin drilling its first well, which should occur sometime this fall. Bayou Carlin -- Windsor has run production casing on this well and should be able to release the test results within the next couple of weeks. Log indications are good. South Pass/Antelope Ridge, Wyoming -- The Company remains very excited about this large block it has accumulated. Again, it is expected that Windsor will test this prospect in the fall. Success here could add very large gas reserves. Again, the Company wants to stress the very strong positive position Windsor is in to develop very large oil and gas reserves. This release contains forward-looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in documents filed with regulatory authorities. 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 (11119)	6/6/1998 7:01:00 AM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITION / Tanganyika Oil: Egyptian Concession Agreement Concluded VSE SYMBOL: TYK JUNE 5, 1998 CALGARY, ALBERTA--TANGANYIKA OIL COMPANY LTD. (the "Company") is pleased to announce that its wholly owned subsidiary, Dublin International Petroleum (Egypt) Ltd. has concluded a Petroleum Concession Agreement with the Arab Republic of Egypt. Effective June 1, 1998, the Company is granted exclusive rights to explore for and develop potential oil and gas reserves within the West Gharib Block. This concession consists of 2,530 square kilometers (630,000 acres), making the Company the largest exploration acreage holder in the Gulf of Suez Basin. Please see attached maps. The West Gharib Block is strategically located, flanking the west bank of the Gulf of Suez for over 120 kilometers. The Gulf of Suez Basin is a prolific oil producing region with over 750,000 barrels of daily production and 6.3 billion barrels of proven reserves. Exploration activities are currently led by major international oil companies, including Amoco, Shell, Agip, Marathon, Pennzoil, British Gas, Apache, Deminex, Repsol and others. A number of oil fields are located within, but excluded from, the concession and adjacent to the West Gharib Block. Identification of untested structures in the Gulf of Suez basin has always been technically challenging, however, modern exploration techniques have proved to be effective in resolving these problems. There has been no exploration conducted on the West Gharib Block for over a decade, and this is the first opportunity to utilize state of the art geophysics and drilling technology in the search for hydrocarbons. The Company's technical team has identified nine leads and prospects from existing seismic data. Some 240 kilometers of 2-D and 35 kilometers of 3-D seismic data will be shot commencing in mid-June of this year to further evaluate the exploration potential and define drilling locations. Plans are underway to drill two test wells during the fourth quarter of 1998. Tanganyika Oil Company Ltd. is an international oil and gas exploration company with its head office in Calgary, Alberta. Along with its Egyptian interests, the Company holds concessions in Tanzania and is actively seeking exploration opportunities in other areas of the world. ON BEHALF OF THE BOARD Edward L. Molnar, President Note: Location maps available from the Company at the phone number listed below.

To: SofaSpud who wrote (11119)	6/8/1998 11:59:00 AM
From: SofaSpud	Respond to of 15196

EARNINGS / Wolverine Q1 Results WOLVERINE ENERGY REPORTS RESULTS FOR FIRST QUARTER '98 CALGARY, June 8 /CNW/ - Wolverine Energy Corp. (WVE - ASE) reported financial and operating results for the three months ended March 31, 1998. During the first quarter, Wolverine Energy continued to execute its very focussed business plan that saw the Company: - Successfully drill two horizontal legs off of the West Ghost River well at 2-32-26-8 W5M. - Make a strategic acquisition that added two new producing properties and brought the Company its third core area at Badger in southern Alberta. - Add 2 million BOE's of reserves (proved plus risked probable) at a cost of $2.65 per BOE and increased net asset value to $1.71 per share on a fully diluted basis. << ------------------------------------------------------------------------- HIGHLIGHTS Three Months ended March 31 1998 1997 % Change ---- ---- -------- Revenue $1,151,193 $800,554 44% Cash Flow $ 201,588 $285,257 (29%) Per Share $.02 $.03 Net Income $ (302,484) $ 143,976 (310%) Per Share ($.03) $.01 Capital Expenditures $4,482,339 $3,935,722 14% Average Shares Outstanding 11,761,986 10,295,800 14% Production Oil and NGL's (bbls/day) 456 264 73% Natural Gas (Mscf/d) 3,842 1,085 254% ----- ----- BOEPD 840 373 125% Average Product Prices Oil and NGL's (per bbl) $15.42 $23.71 (35%) Natural Gas (per Mscf) $ 1.76 $2.46 (29%) ------------------------------------------------------------------------- >> During the quarter, Wolverine Energy undertook a very bold and aggressive capital plan by drilling the successful horizontal well at West Ghost River and adding the Badger and Montag Royce properties through a strategic acquisition. These activities added up to $5.4 million in capital spending and added 1.525 million BOE's of proven reserves and another 477,000 BOE's of risked probable reserves. Production also increased by 275 BOEPD however the full benefit of the acquisition will not be seen until the coming months, as Wolverine Energy was not able to start accounting for the production and cash flow until March, 1998. While production continued to grow throughout the quarter, product prices severely eroded the financial performance of the Company. To combat the low oil prices, Wolverine Energy has hedged half of its crude oil production at $16.65 ($US) per barrel until September. The first quarter capital program was funded from cash flow and existing bank lines and as a result, the Company will launch a private placement to raise up to $4 million through a flow-through offering to fund future activities in 1998. The Company is also planning a full prospectus offering to qualify the outstanding special warrants combined with a listing on the Toronto Stock Exchange. Wolverine Energy is currently evaluating and planning a 25 well drilling program in the Alliance Halkirk area that could see the Company utilize advanced coiled tubing drilling techniques to reduce overall drilling costs and improve reservoir recovery. In addition, Wolverine Energy is also evaluating several different business proposals for the Ghost River area. The Company will disclose its plans to develop its foothills reserves once it has evaluated and determined the proper strategy to maximize shareholder value. In addition to its exploration and development activities, Wolverine Energy is targeting a ''high impact'' acquisition in 1998 that will significantly add to its quickly growing base of production and reserves. The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release. .-30- For further information: V. Wayne Dowhaniuk, President & C.E.O., (403) 264-5727