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

To: SofaSpud who wrote (11128)	6/8/1998 5:42:00 PM
From: SofaSpud	Respond to of 15196

FINANCING - TOP 20 LISTED / Genesis completes flow-thru issue GENESIS EXPLORATION LTD. ANNOUNCES FINANCING TORONTO, ON-- Genesis Exploration Ltd. ("Genesis") announced today that it has entered into a financing agreement with a syndicate of underwriters led by Nesbitt Burns Inc. to issue from treasury 2,500,000 flow-through Common Shares at $8.00 per flow-through Common Share for gross proceeds of $20,000,000. Closing is expected to be on or before June 19, 1998. Genesis will renounce to the purchasers of the flow-through Common Shares 100 percent of the subscription proceeds as Canadian Exploration Expense, giving subscribers 100 percent tax deductions for the 1998 tax year. Proceeds from the issue will be used to fund Genesis' ongoing exploration activities. Genesis Exploration Ltd. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. The Company's common shares are listed on The Toronto Stock Exchange under the trading symbol "GEX". The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful. Not for distribution to U.S. news wire services or dissemination in the U.S. Contact: Nesbitt Burns 416-359-6588

To: SofaSpud who wrote (11128)	6/13/1998 7:10:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITION / Velvet Exploration Axquires Interests In Land VELVET EXPLORATION ACQUIRE INTEREST IN ELEVEN CONTIGUOUS SECTIONS OF UNDEVELOPED LAND CALGARY, June 8 /CNW/ - Velvet Exploration Ltd. (the ''Company'') is pleased to announce that it has acquired an eighty per cent (80%) working interest in eleven (11) contiguous sections of undeveloped land. This is consistent with Velvet's strategy of expanding its core area of business while maintaining a high working interest. The land was acquired for prices ranging between one hundred dollars ($100.00) per hectare and one hundred sixty dollars ($160.00) per hectare, well below industry averages. The land is within 6.4 kms (4 miles) of Velvet's core area of operation and based upon regional geologic trends established by the Company's existing seismic coverage, this new land is expected to be an extension of its Hobbema exploration play. The Company plans to conduct a 3-D seismic program in the next six (6) months and to commence drilling by First Quarter, 1999 on these newly acquired lands. The Company further announces that it has granted options as to 270,000 shares to four employees. The options are exercisable at $1.82 per share and are subject to acceptance for filing by the Vancouver Stock Exchange. Velvet Exploration 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''. The Vancouver Stock Exchange assumes no responsibility for the accuracy of this release and neither approves nor disapproves of the same.