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

To: Kerm Yerman who wrote (11195)	6/11/1998 9:19:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PROPERTY DISPOSITION / Harbour Petroleum Closes Sale of Wayne-Rosedale Property TSE SYMBOL: HRP JUNE 11, 1998 CALGARY, ALBERTA--Harbour Petroleum Company Limited closed the sale of the Wayne-Rosedale property on June 8, 1998 for a purchase price of $8.8 million dollars and a royalty consideration payable to Harbour over a three year period when certain production levels are exceeded. The effective date of the sale was April 1, 1998. The proceeds from the sale reduces bank debt and corrects the working capital deficiency under Harbour's banking agreement. Mr. Robert G. Atkinson, President of Harbour announced at the Annual Meeting of Shareholders held on June 9, 1998 that the company will be actively seeking business combinations and other strategic alternatives to take advantage of their remaining assets which produce 700 BOED. Harbour Petroleum Company Ltd. has 27,882,847 outstanding common shares and is listed on The Toronto Stock Exchange - symbol HRP.

To: Kerm Yerman who wrote (11195)	6/11/1998 9:21:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Dynamix Corporation Second Quarter Results, Financing and Name Change ASE SYMBOL: DYX JUNE 11, 1998 CALGARY, ALBERTA--DYNAMIX CORPORATION (formerly Dakota Resources Ltd.) is pleased to announce results for the six months ending March 31, 1998. Revenue and earnings for the period were $3.7 million and $429,000 respectively. This performance includes operations for the Corporation's subsidiary, Fastway Exploration Ltd., for the 3 months from January 1, 1998 to March 31, 1998. Comparative data is available in the accompanying financial overview. Detailed financial data is available by contacting the company. /T/ 1998 ($) 1997 ($) ------------------------------------------------- Assets 2,907,882 848,260 Liabilities 1,910,924 621,879 Equity 996,958 226,381 Revenue 3,671,618 6,171 Expenses 3,242,709 22,515 Income 428,909 (16,344) Cash Flow 474,796 (16,070) EPS 0.02 0.00 ------------------------------------------------- /T/ Additionally, the company would like to announce the completion of financing by way of the following: 1. A total of 1,093,000 warrants (priced at $0.17) were exercised for proceeds of $185,810. Of this total 505,000 were exercised by the March 31, 1998 expiry date and the remaining 588,000 were exercised by April 30, 1998. The extension of the expiry date for this remaining tranche was previously approved by the Alberta Stock Exchange. 2. 1,180,000 units (each unit priced at $0.25) were sold by way of a non-brokered private placement for proceeds of $295,000. Each unit consisted of one share and one share purchase warrant entitling the subscriber to acquire an additional share for $0.40 on or before March 31, 1999. 3. Officers and directors exercised 762,500 options for proceeds of $129,625. This represents an aggregate financing of $610,435 as of April 30, 1998. The current outstanding shares are 20,308,322 (basic) and 22,026,057 (fully diluted). The latter includes 1,180,000 warrants exercisable at $0.40 and 537,500 options exercisable at $0.17. On April 14, 1998 the Company legally changed its name to Dynamix Corporation pursuant to a shareholders' resolution passed at the Annual General Meeting and commenced trading under the new name and symbol (DYX) on June 3, 1998. The Corporation also advises a change in its email address to dynamixcorp@telusplant.net. The company is creating a new website that will be available soon. The old website, telusplanet.com/public/dakotar, is no longer functional. Dynamix Corporation is a junior company with interests in petroleum industry, specifically in seismic services.

To: Kerm Yerman who wrote (11195)	6/11/1998 9:23:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION /LASMO Signs for New Exploration Acreage in Irian Jaya, Indonesia. NYSE SYMBOL: LSO JUNE 11, 1998 LONDON, ENGLAND--LASMO plc (NYSE-LSO), the international oil and gas exploration and production company, today announced that it has signed a Production Sharing Contract for the Malagot onshore exploration license, covering 4,235 square kilometers of the Bird's Head area in western Irian Jaya, Indonesia. The license will be jointly operated and managed by LASMO (Malagot) Limited (60 percent participation) and Pertamina, the Indonesian state oil company (40 percent participation) under a Joint Operating Body Production Sharing Contract. The awarded acreage is located close to and in the same sedimentary basin as the major Wiriagar and Vorwata discoveries of Arco and British Gas, whose combined gas reserves have been reported as approximately 20 Tcf. LASMO's planned exploration program will focus on the same prolific horizons as these fields. During 1998 LASMO plans to acquire additional seismic and undertake geological surveys to further define identified leads. It is envisaged that two exploration wells will be drilled within the initial term of 3 years. Commenting on the award, Chris Wright, LASMO's New Business Director said, "The award of the Malagot license is a good example of LASMO accessing a new opportunity for adding value and production in a prolific hydrocarbon basin within an existing core area. The proximity of major discoveries gives us high hopes of future exploration success." /T/ Notes: 1. Indonesia is a major contributor to LASMO's existing production. The Sanga Sanga area in East Kalimantan exports LNG via the Bontang plant accounted for 36 percent of LASMO's 1997 production. 2. LASMO's existing exploration licenses in Indonesia are the Runtu block in East Kalimantan and the Cumi Cumi block in Natuna Sea. 3. Map available on request. Please contact Taylor Rafferty Associates at (212) 889-4350. /T/ In addition to LASMO's listing on the New York Stock Exchange, LASMO shares trade on the London, Toronto and Montreal Stock Exchanges. Shares are quoted on the SEAQ System, and prices may be accessed on the Reuter Equities 2000 Service under the symbol LSMR.L and on Quotron under the symbol LSMRU.EU. For further information, visit LASMO's web page at http:\\www.lasmo.com.

To: Kerm Yerman who wrote (11195)	6/11/1998 9:25:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

ACQUISITIONS-MERGERS / Unsolicited Offer to Kensington Energy Ltd. Shareholders ASE SYMBOL: KNN.A KNN.B JUNE 11, 1998 CALGARY, ALBERTA--Kensington Energy Ltd. ("Kensington") wishes to advise its shareholders that it has supplied its registered shareholder list to Draig Energy Ltd. ("Draig") and anticipates that Draig will be mailing its previously announced unsolicited offer to acquire all of Kensington's Class A shares and Class B shares to Kensington's shareholders shortly. A special committee of the board of directors of Kensington has been formed and has retained Griffiths McBurney & Partners to advise them on the offer. Based upon the preliminary valuation work done by Griffiths McBurney & Partners on Kensington and Draig, the special committee and board of directors of Kensington have concerns about the proposed business combination with Draig based on, among other things: i) Net oil production from Draig's Chigwell property has declined from a stated fiscal year end rate of 305 bbl/d to approximately 20 bbl/d in April with a watercut of 95 percent. ii) Draig's total net production went from a fiscal year end exit rate of 705 boe/d to a current stated rate of 790 boe/d despite capital expenditures of approximately $4.0 million between November 30, 1997 and March 31, 1998. Draig's average production during this 4 month period was only 440 boe/d despite production acquisitions and the drilling of 9 gas wells and 1 oil well during the period. iii) Concerns that Draig will not reach its stated production exit rate from drilling activities for 1998 of 1,400 boe/d given its production and drilling history to date in 1998. iv) Concerns that Draig will not reach its stated cash flow forecast for 1998 of $3.9 million or $0.44 per share given that its cash flow during the first quarter (a four month period) was only $361,180 or $0.04 per share. v) The previously announced share exchange proposed by Draig does not represent fair value to Kensington Class A shareholders or Class B shareholders. Kensington would also like to correct certain information stated by Draig's management at Draig's recent annual meeting and SEPAC presentation regarding the Giroux Lake Viking F Pool. To clarify, Kensington and its partner did not farm-in on Draig to drill the discovery well for this pool. The Alberta Energy and Utilities Board recognizes the Kensington et al 4-22-66-21 W5 well as the discovery well for this pool. Kensington drilled this well in June 1996 with Lionheart Energy Corp. The special committee and board of directors of Kensington will continue to appraise any offer from Draig and will advise shareholders further once more information becomes available. Kensington's Class A Shares and Class B Shares trade on The Alberta Stock Exchange under the symbols KNN.A and KNN.B, respectively.

To: Kerm Yerman who wrote (11195)	6/11/1998 9:28:00 PM
From: Herb Duncan	Respond to of 15196

CORP / IPL Energy Welcomes NEB Approval of Terrace Phase I Expansion Application TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF JUNE 11, 1998 CALGARY, ALBERTA--(JUNE 11, 1998) IPL Energy Inc. today announced its wholly-owned subsidiary Interprovincial Pipe Line Inc. of Edmonton has received approval from the National Energy Board (NEB) to proceed with the Terrace Phase I crude oil pipeline expansion project. The Terrace project is a phased program on the Interprovincial Pipe Line and Lakehead Pipe Line Partners, L.P. systems that will ultimately provide overall system capacity increase of 350,000 barrels per day - with a heavy crude oil allocation of up to 520,000 barrels per day - for Western Canadian producers seeking greater access to Midwest U.S. markets. The first phase will provide an initial 95,000 barrels per day capacity increase by January, 1999, rising to 170,000 barrels per day by the end of 1999, at an investment of Cdn. $610 million in Canada and U.S. $138 million in the United States. Subsequent phases in the expansion program will provide the balance of 350,000 barrels per day of added capacity. Brian F. MacNeill, President & Chief Executive Officer of IPL Energy, said that the NEB approval is an important milestone in the development of one of the most significant crude oil pipeline expansion programs in Canadian history. "The Terrace Expansion Project has received widespread industry support and is a vital component for future Western Canadian heavy and synthetic crude oil expansion programs," Mr. MacNeill said. "This expansion builds upon the core strengths of our existing pipeline system and strategically positions IPL for future pipeline expansion opportunities. At the same time, Western Canadian producers can continue to move forward with their expansion plans, confident in the knowledge that the IPL system will be able to transport significantly increased volumes to U.S. Midwest refinery markets." This approval comes shortly after the approval in April by the Alberta Energy and Utilities Board of another IPL Energy project, the Athabasca Pipeline, under construction by wholly-owned subsidiary Wild Rose Pipe Line Inc. of Calgary. The Athabasca Pipeline will provide transportation service within Alberta from the Athabasca and Cold Lake regions south to its terminus at Hardisty. From the pipeline hub at Hardisty, crude supply will have access to the expanded IPL and Lakehead pipeline systems. IPL ENERGY INC. is a leader in energy delivery and services, operating the world's longest crude oil and petroleum products pipeline through the combined Interprovincial Pipe Line Inc. and Lakehead Pipe Line Partners, L.P. system, and Canada' largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on the NASDAQ National Market under "IPPIF". TERRACE EXPANSION PROGRAM FACT SHEET PHASE I - Phase I mainline facilities are scheduled to be placed in service January 1999. This will provide an immediate 95,000 bpd of incremental capacity to IPL/LPL's bases system capacity. The Canadian facilities include construction of 620 kilometers of pipeline in 15 new sections of 914 mm (36 inch) pipe that connect existing 1219 mm (48 inch) diameter loop sections, creating a fifth pipeline running between Kerrobert, Saskatchewan and Gretna Manitoba. In addition, Lakehead Pipe Line Partners L.P. is proposing to construct a further 160 kilometres, (100 miles) of new 914-mm (36-inch) pipeline in four separate sections between Canada/U.S. border and Clearbrook, Minnesota. - All remaining station modifications are scheduled to be completed by the fourth quarter of 1999, resulting in an additional 75,000 bpd of incremental capacity being added to base system capacity. The total capacity increase which will result from the Phase I facilities will be 170,000 bpd. PHASE II - Phase II of the program will include an extension of the 36-inch pipeline between Hardisty, Alberta and Kerrobert, Saskatchewan. The tentative in-service date for Phase II is the fourth quarter of 2000. This expansion would provide an additional 40,000 bpd of incremental capacity. PHASE III - Phase III would include an extension of the 36-inch pipeline between Clearbrook, Minnesota and Superior, Wisconsin on the Lakehead Pipeline System. Subject to shipper production and transportation requirements, Phase III facilities could be in-service as early as the fourth quarter of 2001 and would provide 140,000 bpd of incremental capacity. /T/ TOTAL TERRACE CAPACITY EXPANSION PROJECT: CAPITAL COST: $1.4 billion CAPACITY INCREASE: 350,000 bpd overall system 520,000 bpd heavy crude IN-SERVICE: January, 1999 - Phase I Fourth Quarter - 2000 - Phase III Fourth Quarter - 2001 - Phase III /T/

To: Kerm Yerman who wrote (11195)	6/11/1998 9:31:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Draig Mails 'Offer to Purchase Circular' to Registered Shareholders of Kensington ASE SYMBOL: DRA JUNE 11, 1998 CALGARY, ALBERTA--Draig Energy Ltd. announced today that pursuant to its previously announced offer to acquire all of the Class A shares and Class B shares of Kensington Energy Ltd. (Kensington), the Company has mailed the "Offer to Purchase Circular" to the registered shareholders of Kensington. Kensington shareholders will have the option of receiving $.70 or 0.4667 common shares of Draig Energy Ltd. For each Class A share of Kensington and $1.40 or 0.9333 common shares of Draig for each Class B share of Kensington subject to aggregate limits of $2,000,000 and 1,700,000 common shares of Draig for the Class A shares and $1,000,000 and 1,200,000 common shares of Draig for the Class B shares. Details of the offer, which is conditional upon, among other things, a minimum of 66 2/3 percent of each class of the Kensington shares being tendered and the non-conversion of the Class B shares are outlined in the "Offer to Purchase Circular". Draig intends to acquire all the Class A and Class B shares of Kensington and combine the operations of Draig and Kensington. The combined company will continue to trade on the ASE under the symbol "DRA". Draig has retained Peters & Co. Limited as its financial advisors for this transaction.

To: Kerm Yerman who wrote (11195)	6/12/1998 6:08:00 PM
From: SofaSpud	Read Replies (3) \| Respond to of 15196

CORP. / Amber Energy Reserves, Shareholder Rights Plan AMBER ENERGY INC. ANNOUNCES ADDITION OF 69 MILLION BOE'S FROM FIRST HALF 1998 DRILLING PROGRAM AND ADOPTION OF SHAREHOLDER RIGHTS PLAN CALGARY, June 11 /CNW/ - Amber Energy Inc. (''Amber'') announces that the Company's petroleum reserves have been evaluated as at May 31, 1998 by Outtrim Szabo Associates Ltd., independent petroleum engineers, in their report dated June 4, 1998 (the ''Outtrim Report''). Amber's successful 1998 drilling program has resulted in the addition of 69 million Boe's of reserves on a proved and probable basis. << Reserves Reconciliation Five months to May 31, 1998 (Before Crude Oil & Natural Gas Royalties) NGLs (MMBbl) (Bcf) ------------------------------------------------------------------ Proved Probable Total Proved Probable Total ------------------------------------------------------------------ At Nov 30/97 59.4 162.1 221.5 218.5 79.1 297.6 Discoveries 15.3 39.7 55.0 31.3 39.0 70.3 Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0 Production (est) (2.9) - (2.9) (18.1) - (18.1) Dispositions 0.0 0.0 0.0 0.0 0.0 0.0 Revisions / Reclassifications 15.4 (9.6) 5.8 7.0 9.3 16.3 ------------------------------------------------------------------ At May 31/98 87.2 192.2 279.4 238.7 127.4 366.1 ------------------------------------------------------------------ (Before MMBoe Royalties) (at 10:1) ------------------------------------------------------- Proved Probable Total ------------------------------------------------------- At Nov 30/97 81.3 170.0 251.3 Discoveries 18.4 43.6 62.0 Acquisitions 0.0 0.0 0.0 Production (est) (4.7) - (4.7) Dispositions 0.0 0.0 0.0 Revisions / Reclassifications 16.1 (8.7) 7.4 ------------------------------------------------------- At May 31/98 111.1 204.9 316.0 ------------------------------------------------------- Reserves Volumes As at May 31, 1998 Company's Share of Remaining Reserves (Before Royalties) ----------------------------------------------------- Crude Oil & NGLs Natural Gas MMBoe MMBbl Bcf (at 10:1) May Nov May Nov May Nov 31/98 30/97 31/98 30/97 31/98 30/97 ------------------------------------------------------------------------ Proved Developed 33.4 18.4 199.0 198.7 53.3 38.3 Proved Undeveloped 53.8 41.0 39.7 19.8 57.8 43.0 ------------------------------------------------------------------------ Total Proved 87.2 59.4 238.7 218.5 111.1 81.3 Probable Additional 192.2 162.1 127.4 79.1 204.9 170.0 ------------------------------------------------------------------------ Total Proved & Probable 279.4 221.5 366.1 297.6 316.0 251.3 ------------------------------------------------------------------------ Proved & 50% Probable 183.3 140.5 302.4 258.1 213.6 166.3 ------------------------------------------------------------------------ Present Value of Estimated Future Net Revenue Before Tax as at May 31, 1998 ($ Millions) Discounted at -------------------------------------- Undiscounted 10% 15% May Nov May Nov May Nov 31/98 30/97 31/98 30/97 31/98 30/97 ------------------------------------------------------------------------ Proved Developed 754.8 486.9 412.4 308.1 344.8 264.2 Proved Undeveloped 616.2 375.8 229.8 184.0 259.1 133.7 ------------------------------------------------------------------------ Total Proved 1,371.0 862.7 642.2 492.1 503.9 397.9 Probable Additional 3,522.4 2,285.5 943.0 989.1 674.8 725.0 ------------------------------------------------------------------------ Total Proved & Probable 4,893.4 3,148.2 1,585.2 1,481.2 1,178.7 1,122.9 ------------------------------------------------------------------------ Proved & 50% Probable 3,132.2 2,005.5 1,113.7 986.7 841.3 760.4 ------------------------------------------------------------------------ >> The Outtrim Report includes the present value of Amber's estimated future net revenue, which is based upon Outtrim Szabo's forecast for commodity prices. Due to the recent drop in crude oil prices, Outtrim Szabo has adjusted its oil price forecast since its November 30, 1997 report as follows: << Outtrim Szabo Associates Ltd. Oil Price Forecast WTI at Edmonton Oil Heavy Oil Cushing Price D2S2 25 degree API Hardisty Year May 31/98 Nov 30/97 May 31/98 Nov 30/97 May 31/98 Nov 30/97 ------------------------------------------------------------------------- US$/Bbl $/Bbl $/Bbl 1998 16.75 20.71 22.61 27.74 14.13 19.98 1999 18.19 21.33 24.44 28.37 15.88 21.00 2000 19.70 21.97 26.32 29.02 17.77 22.06 2001 21.00 21.63 27.89 29.68 19.53 23.15 2002 22.08 23.32 29.14 30.36 21.12 24.29 2003 22.63 24.02 29.87 31.28 22.40 25.65 ------------------------------------------------------------------------- >> Pelican Lake Update Amber owns 305.7 net contiguous sections of Alberta Crown Oil Sands Development Leases in the Pelican Lake area. To date, Amber has drilled 137 producing horizontal oil wells (100% success rate) and 45 vertical stratigraphic test wells at Pelican Lake. As at May 31, 1998, the Outtrim Report assigned 79.8 million proved barrels and 137.2 million probable additional barrels of oil reserves and 26.0 billion cubic feet of proved natural gas and 63.3 billion cubic feet of probable additional natural gas, all under primary recovery at Pelican Lake. On primary recovery alone, the Outtrim Report estimates that the total incremental capital expenditures required to fully develop these Pelican Lake reserves will be $413.8 million. To May 31, 1998, Amber had spent $324 million in capital costs on the Pelican Lake project, including land, drilling, completions, facilities and the Pelican Lake Pipeline. Amber total oil production to May 31, 1998 from Pelican Lake was 3.0 million barrels. Based on the current reserves assigned and capital expenditure forecasts, total finding and development costs for the Pelican Lake Project under primary recovery are expected to be $3.35 per barrel. An additional 51.3 million barrels of probable reserves were assigned to a portion of Amber's lands in the Outtrim Report as secondary waterflood recoverable reserves. In 1997, Amber contracted Petroleum Recovery Institute (''PRI'') to perform a detailed reservoir study to assess secondary recovery schemes including downspacing and waterflooding of the Pelican Lake oil field. The PRI Report will be completed this summer and Amber has already initiated a field pilot project with water injection to begin in early 1999. Adoption of Shareholder Rights Plan Amber also announces the adoption by the board of directors of the Corporation today of a shareholder protection rights plan (the ''Plan''). The Plan is intended to address deficiencies which the Corporation believes exist in current take-over bid legislation. In particular, the Plan is intended to afford the board of directors with additional time to evaluate any offer and to explore, develop and pursue alternatives to assure full value for shareholders. Further, the Plan is intended to assist in ensuring that all shareholders of the Corporation have an equal opportunity to participate in any take-over bid. Neither the board of directors nor management of the Corporation is aware of any interest by any third party in acquiring control of the Corporation. Upon the occurrence of certain triggering events (including the acquisition by a person or group of 20% or more of the outstanding common shares of the Corporation), the rights effectively entitle shareholders (other than the acquiring person or group) to acquire common shares of the Corporation at half of the market price. However, the Plan is not intended to discourage take-over bids and is less restrictive than many recently announced rights plans. The rights are not triggered by purchases of common shares of the Corporation made pursuant to a permitted bid, which is defined as a take-over bid made to all holders of common shares of the Corporation under which no shares may be purchased prior to the 30th business day following the date of the bid and which is conditional on not less than 50% of the common shares of the Corporation (other than those owned by the acquiring person or group) accepting the bid. The Plan is effective immediately and the Corporation intends to submit the Plan for shareholder ratification at a meeting of shareholders of the Corporation anticipated to be held later in 1998. The Plan is subject to receipt of certain regulatory approvals and is being filed, in its entirety, with material change reports being filed with provincial securities commissions. This press release contains forward-looking statements that are subject to risk factors associated with the oil and gas business. The Company believes that the expectations reflected in this release are reasonable, but results may be affected by a variety of variables including, but not limited to, price fluctuations, currency fluctuations, industry competition, environmental risks, political risks and capital restrictions. Amber is an independent Canadian oil and gas exploration, development and production company with common shares trading on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol AMB. -30- For further information: Richard Lewanski, President & CEO; James C. (Pep) Lough, Vice President Finance & CFO, (403) 237-9977, Fax: (403) 9970, www.amber-energy.com