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

To: SofaSpud who wrote (11206)	6/13/1998 6:41:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITION / Gulf Canada Resources Acquires Australian Properties GULF CANADA ACQUIRES PRODUCTION AND STRATEGIC FACILITIES IN AUSTRALIA DENVER, June 10 /CNW/ - Gulf Canada Resources Limited announced today that the Company has entered into a Memorandum of Understanding (MOU) to purchase BHP Petroleum's wholly owned subsidiary BHP Petroleum (Cartier) Pty Ltd. Key assets included in the company are a 50 per cent interest in the Jabiru and Challis production licences (AC/L1, 2 & 3), and a 43 per cent interest in the Skua production licence (AC/L4). These fields are located in the Timor Sea off the north coast of Western Australia. BHP Petroleum is currently the operator of the licences. The MOU also includes an option to farm-in to additional acreage in the region, allowing Gulf the opportunity to fully evaluate this additional acreage prior to exercising its option. This acquisition is part of Gulf's previously announced initiative to focus its international program on core areas, and the transaction will be funded from available cash. The acquired properties are expected to produce 6,000 barrels of oil per day net to Gulf for the remainder of 1998. Based on existing operating conditions, the current operator estimates remaining reserves to be approximately five million barrels. Gulf plans to enhance economically recoverable reserves by introducing operating efficiencies to extend field life. Included as a component of the producing interests are the Jabiru and Challis floating production storage and offloading (FPSO) vessels. The Jabiru field and FPSO vessel are located 13 kilometres from the Tenacious oil discovery that flowed 7,667 barrels of oil per day as announced last July. Gulf holds a 25 per cent interest in the Tenacious well. Significantly, the Jabiru production facilities have sufficient capacity to process oil from the Tenacious field, which should expedite field development. ''This is a strategic transaction for Gulf and completes a major step in our Australian business plan,'' said Richard Auchinleck, President and Chief Executive Officer of Gulf Canada. ''We will add immediate production and cash flow, build on our concentrated position in this prolific Australian region, and gain control over infrastructure to enable fast-track development of the Tenacious field.''

To: SofaSpud who wrote (11206)	6/17/1998 1:47:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / T & H Resources Rights offering TORONTO, June 15 /CNW/ - T & H Resources Ltd. (''T & H'') will be making a Rights Offering to the holders of its outstanding common shares on the following basis: each holder of shares after the close of business on June 24, 1998 (the ''Record Date'') will receive one Right for each common share held. Six (6) Rights will entitle the holder, prior to 4:00 p.m. (Toronto time) July 16, 1998, to subscribe for one Unit at a price of $0.18. Each Unit will be comprised of one common share and one-half warrant. One whole warrant will entitle the holder to purchase one common share of ''T & H'' on or before April 15, 1999 at a price of $0.25. The common shares are listed and posted for trading on the Toronto Stock Exchange (''the ''Exchange''). The rights will be posted for trading on the Exchange until noon on July 16th, 1998. The Exchange has conditionally approved the posting for trading of the warrants subject to fulfilling all the requirements of the Exchange including evidence of satisfactory distribution. The minimum net proceeds to ''T & H'' will be $800,000 before payment of expenses of the offering. If the maximum offering is fully subscribed for, T & H will have raised a total of $904,326 before payment of expenses of the offering. A rights offering circular and rights certificate will be mailed to all shareholders of record on the Record Date. This mailing date is expected to be June 25th, 1998.

To: SofaSpud who wrote (11206)	6/17/1998 1:57:00 AM
From: Kerm Yerman	Respond to of 15196

CORP. / Petrofac Resources Acquires Shares Of Krygoil Corp. PETROFAC RESOURCES INTERNATIONAL LTD. TORONTO, June 15 /CNW/ - Petrofac Resources International Ltd. (''Petrofac'') announces that effective May 22, 1998 it acquired 5,440,000 common shares (''Common Shares'') of Kyrgoil Corporation (''Kyrgoil'') (Stock Trading Symbol: KGO.TSE) upon conversion of a portion of a convertible debenture (the ''Convertible Debenture'') in the original principal amount of $3,500,000 issued by Kyrgoil in favour of Petrofac on July 1, 1997. The Common Shares were acquired at a price of $0.25 per share. In addition to the 200,000 Common Shares currently held and the 5,440,000 Common Shares acquired, the Convertible Debenture entitles Petrofac to convert the balance of the principal amount into 4,080,000 units at a conversion price of $0.50 per unit upon conversion of the balance of the principal amount of the Convertible Debenture prior to December 31, 1999, with each unit comprised of one Common Share and one common share purchase warrant. Each common share purchase warrant entitles Petrofac to acquire one Common Share at an exercise price of $0.50 per share. As a result of this acquisition, Petrofac owns 5,640,000 Common Shares or approximately 9% of Kyrgoil's currently outstanding Common Shares and, assuming conversion of the balance of the principal amount of the Convertible Debenture and the exercise of the common share purchase warrants obtained on the conversion thereof, Petrofac will own an additional 8,160,000 Common Shares, for a total of 13,800,000 Common Shares, representing approximately 19.3% of Kyrgoil's outstanding Common Shares. The 5,440,000 Common Shares were acquired for investment purposes. However, Petrofac may, depending on the circumstances, acquire additional Common Shares in the future, whether pursuant to the conversion of the balance of the principal amount of the Convertible Debenture, the exercise of the warrants acquired upon the conversion thereof or otherwise.