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

To: Herb Duncan who wrote (11178)	6/11/1998 3:44:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Enterprise Development Resumes Guatemalan Well Testing ENTERPRISE DEVELOPMENT CORPORATION ASE SYMBOL: ED JUNE 10, 1998 CALGARY, ALBERTA--ENTERPRISE DEVELOPMENT CORPORATION (ED-ASE) announced today that its wholly-owned subsidiary, Cadex Petroleos Guatemala Inc., has resumed testing of the Las Casas 1X well on Contract 6-93 in the South Peten Basin of central Guatemala this week. Results will be announced at the end of the testing phase. The Company's Guatemalan operations have been enhanced through two new appointments to senior management positions. Mr. William Olyslager-Valenti, of Guatemala City, has been appointed President of Cadex Petroleos. Mr. Olyslager is 62 years of age, holds a degree from California State University, and has owned and operated a number of successful Guatemalan industrial businesses. Mr. Jerry Simpson, of Guatemala City, has been appointed Operations Manager. Mr. Simpson is a 64 year old Petroleum Engineer with a degree from Texas A & I. He has extensive international oil industry drilling, completion, and construction experience, and has consulted for major oil companies in most oil producing areas throughout the world, including Venezuela, Argentina, The North Sea, Nigeria, Indonesia, Brazil and the U.S. Gulf of Mexico. Mr. Simpson has previous experience in the South Peten Basin in Guatemala, and will be in charge of field development operations.

To: Herb Duncan who wrote (11178)	6/11/1998 3:54:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / Shiningbank Adds to Core Areas/Updates Reserve Replacement SHININGBANK ENERGY MANAGEMENT INC. TSE SYMBOL: SHN.UN JUNE 10, 1998 CALGARY, ALBERTA--Shiningbank Energy Income Fund today announced the purchase of $3.9 million of proven producing assets, principally in its core area of west-central Alberta, bringing its total acquisition activity for 1998 to $11.6 million. The recent activity consists of three purchases which increase the Fund's existing working interests at Deer Mountain, Simonette and Doe Creek together with a new gas property in the Medicine Hat area. Incremental production and cash flow from these assets are estimated at 145 barrels of oil equivalent ("boe") per day (60 percent gas) and $700,000 per year respectively. To date in 1998, Shiningbank has replaced 165 percent of its anticipated 1998 production by adding 2.2 million boe of established reserves at a cost of $11.6 million ($5.27/boe). Sixty percent of the reserves added are gas which keeps the Fund's overall production leveraged 60 percent to natural gas. These acquisitions, together with other 1998 acquisitions, will be financed by the previously announced issue of 1.2 million special warrants at $9.25 each. Gross proceeds of the issue will amount to $11.1 million and will be used to fund the acquisitions made in the first half of 1998, reduce debt and to provide funds for future opportunities. Closing of the issue will be on June 24, 1998 and purchasers of the special warrants will be entitled to receive the cash distribution which will be paid to unitholders of record on September 30, 1998. Shiningbank Energy Income Fund is a conventional oil and gas royalty trust and its units are listed on the The Toronto Stock Exchange under the symbol "SHN.UN".