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

To: Kerm Yerman who wrote (11239)	6/15/1998 9:18:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES TOP 20 LISTED / Canadian 88 Energy Corp. Kicks-Off New Deep Gas Multi-Well Drilling Program in Caroline/Chedderville/Willesden Green Area TSE, ASE, AMEX SYMBOL: EEE JUNE 15, 1998 CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta, announced today that it is commencing the drilling of the first well in a multi-well drilling program planned over the next six months in the Caroline/ Chedderville/ Willesden Green area of West Central Alberta, targetting deep natural gas accumulations in the Leduc formation. Canadian 88 announced today that it is preparing to spud a new pool wildcat well at L.S.D. 7 of Sec. 15, Twp. 37, Rge. 5 W5M in the Willesden Green area of West Central Alberta. The new deep pool test will be drilled at a cost of approximately $2.5 million into the Leduc formation to a total depth of 3,400 meters (11,155 feet). The well which is being drilled 100 percent by Canadian 88 in association with its Rocky Mountain Exploration (RMX) Fund is the first of a new multi-well drilling program planned for the area by Canadian 88 targeting reserve accumulations of 20 to 50 Bcf/well. Canadian 88 has significant holdings in the area and recently expanded its interests in the area by adding 27,200 net areas of high quality undeveloped lands alongside a strategic asset acquisition completed in the area for $45 million May 15, 1998. Significant drilling opportunities have been identified and Canadian 88 plans to drill six deep natural gas wells in the area during 1998. Canadian 88 Energy Corp., RMX and Western Geophysical Company recently completed the shooting of 110 square miles of high resolution 3-D seismic in the area. The L.S.D. 7 of Section 15 wildcat well is being drilled on parcel of land identified by the seismic program and successfully acquired by Canadian 88 at the April 15, 1998 Alberta Government Land Sale for a record price of $1.1 million for an average of $4,297 per hectare. Canadian 88 has budgeted $175 million of capital spending in Western Canada during 1998 alongside its $150 million Rocky Mountain Exploration (RMX) Fund focusing on deep foothills natural gas exploration and development. Canadian 88 is the leading deep natural gas driller in the Alberta foothills and the Company also leads the industry in Canada in the application of high resolution 3-D seismic having shot over 1200 square miles of data in Western Canada with the Western Geophysical Company over the past 24 months. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with the head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges.

To: Kerm Yerman who wrote (11239)	6/15/1998 9:27:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Cotton Valley Completes $10 Million Financing; Company's Second Major 1998 Funding to Accelerate Sales and Earnings Growth While Enhancing Shareholder Value CANADIAN DEALING NETWORK SYMBOL: CVZC AMEX SYMBOL: KTN JUNE 15, 1998 DALLAS, TEXAS--Cotton Valley Resources Corporation announced today that it has successfully completed the financing transaction previously announced with Cambrian Capital Corporation, Houston. The funds will be used primarily to finance secondary recovery development of Cotton Valley's 2,600 acre Means (Queen) Field in Andrews County, Texas. Approximately $9 million of the development loan will be used for the Means waterflood project with the remaining $1 million set aside in a line of credit to be used for other corporate projects, which may include a waterflood pilot test project at Cotton Valley's Sears Ranch prospect in Fisher County, Texas, development of proved gas reserves at Cotton Valley's N.E. Alden Field in Caddo County, Oklahoma and a horizontal re-entry test well at Cotton Valley's Cheneyboro Field in Navarro County, Texas. "Our nine months earnings announced recently, with more than a $2 million turnaround in profitability and with corporate revenues reaching almost $3 million, gives evidence of our commitment to growth. We increased earnings significantly while building strong value for our shareholders," said Gene Soltero, Chairman of the Board and Chief Executive Officer. "This additional financing is a major step in Cotton Valley's process of converting its large inventory of undeveloped reserves into producing properties and cash flow." "This financing will help enable Cotton Valley to reach its targeted growth rate for fiscal 1999 in both sales and earnings," Soltero said. "Shareholders will recall," he continued, "the very positive impact on the corporate income statement that the January 1998 financing had on the Company's third quarter and nine months results announced last month." Cotton Valley holds 100 percent working interest in the 2,100 acre Means Unit, which has been forecast by outside engineers to develop to a peak rate of 2,000 barrels per day upon completion of the waterflood program. Cotton Valley also holds 100 percent working interest in another 500 acres of adjacent leases, which are expected to have significantly increased production from the waterflood project. Cambrian Capital, a joint venture of three international financial and energy firms, is a merchant banking enterprise focused on the energy industry. Cambrian provides financing to small and mid-size emerging independent oil and natural gas producers secured by oil and gas reserves. Cotton Valley Resources Corporation acquires and develops oil and gas properties using new technologies and its own service companies. Currently, the Company has 49 wells producing. There are approximately 17 million common shares outstanding.

To: Kerm Yerman who wrote (11239)	6/15/1998 9:33:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / NRI Signs Service Contract With Mobil Canada ASE SYMBOL: NDA NDA.WT AND MOBIL CANADA JUNE 15, 1998 CALGARY, ALBERTA--NRI On-Line Inc. is pleased to announce it has signed a seismic data service contract with Mobil Canada. Under this contract, NRI will provide transcription and back-up services for Mobil's existing seismic data archive and future additions to their seismic library. "We are pleased that we have been selected by Mobil to transcribe their seismic data and provide a back-up archive for this important information," reported Brett Kondruk, Executive VP & General Manager, NRI. "This contract is a continuation of a long-term relationship between NRI and Mobil." Preliminary estimates indicate monthly revenues for NRI will increase substantially because of this agreement. "NRI was selected to complete this work for Mobil because of their ability to manage large amounts of seismic data," said Graham Millington, Manager, Technical Services, Mobil Canada. "The services that NRI will provide will allow Mobil to protect the integrity of our seismic data." NRI is a high volume virtual data storage and management company. Through its open system solution, NRI archives, manages and delivers integrated data on-line over wide area communications networks. NRI's shares and warrants are traded on the Alberta Stock Exchange under the symbols NDA and NDA.WT respectively. Mobil Canada is wholly-owned by Mobil Corporation which is headquartered in Fairfax, Virginia. Mobil Canada is headquartered in Calgary with field operations in British Columbia, Saskatchewan, Alberta, Nova Scotia and Newfoundland.

To: Kerm Yerman who wrote (11239)	6/15/1998 9:40:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / TransGlobe Announces Ratification Of Production Sharing Agreement For Block S-1, Republic Of Yemen TSE, ASE SYMBOL: TGL NASDAQ SYMBOL: TGLEF JUNE 15, 1998 CALGARY, ALBERTA--TransGlobe Energy Corporation (ASE, symbols "TGL", TSE symbol "TGL", NASDAQ symbol "TGLEF") TransGlobe Energy Corporation is pleased to announce that the Parliament of Yemen ratified the Block S-1 Production Sharing Agreement ("PSA") on June 14, 1998. The first exploration phase of the PSA will extend for 2 1/2 years from June 14, 1998 to January 14, 2001. The PSA requires that in the first exploration phase TransGlobe will conduct 150 sq. km. of 3-D seismic data acquisition and drill 3 wells at an approximate total cost of US$11.0 million. TransGlobe has forwarded a US$2.0 million letter of credit to the Yemen Ministry of Oil and Mineral Resources as the signature bonus under the PSA. Depending on the results of the first phase of exploration, TransGlobe may enter a second 2 1/2 year phase of exploration which requires another 100 sq. km. of 3-D seismic data acquisition and the drilling of 3 more wells, which is estimated to cost another US$11.0 million. There are additional royalties and commerciality and production bonuses payable to the MOMR under the PSA, should the S1 Block be established to contain commercial quantities of oil. TransGlobe has entered into a joint venture arrangement for this block with Vintage Petroleum Inc., a large U.S. independent exploration and production company based in Tulsa, Oklahoma and listed on the New York Stock Exchange. The joint venture agreement is subject to the Ministry of Oil and Mineral Resources ("MOMR") approval and will be forwarded to the MOMR for their approval in the next few weeks. The agreement will allow Vintage to earn a 75 percent interest in Block S-1 by funding $20 million of the PSA commitments on the block. TransGlobe will retain a 25 percent working interest in Block S-1. The S-1 Block is strategically located near existing pipelines and adjacent to the Yemen Hunt Oil Co. Marib al Jawf production area. The Marib al Jawf basin is a prolific producing region with currently over 140,000 barrels of daily production and 900 million barrels of proven reserves. Block S1, which covers an area of 4,500 sq. km, was explored previously by Shell Oil between 1990 and 1993 and by a Soviet oil prospecting expedition between 1983 and 1990. A total of eight wells were drilled on Block S-1, some of which encountered oil shows which were not tested. Additional prospects have been identified by TransGlobe which have not yet been drilled and tested. TransGlobe believe S1 to have very high prospectivity. TransGlobe is an international exploration and production company with its head office in Calgary, Alberta. Along with its interest in Block S-1, the Company holds a 9.8 percent interest in Block 32 in Yemen and also has producing oil and gas properties in Montana, Texas and New Mexico in the U.S. On behalf of the Board of Directors of TRANSGLOBE ENERGY CORPORATION "Ross G. Clarkson" President & CEO

To: Kerm Yerman who wrote (11239)	6/15/1998 9:53:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Numac Energy Inc. Appoints Chairman of the Board of Directors TSE, ME, AMEX SYMBOL: NMC JUNE 15, 1998 CALGARY, ALBERTA--The Board of Directors of Numac Energy Inc. is pleased to announce the appointment of Mr. Donald J. Taylor as Chairman of the Board of Directors. Mr. Taylor has been on the Board of Directors of Numac since 1993 and is the Chairman of the Executive and Audit committees. Mr. Taylor has had a long and distinguished career in the oil and gas industry. He held several senior positions with Shell, including that of Executive Vice President, Shell Canada Ltd. and President, Shell Canada Products Ltd. He has also served as a director of Shell Canada Ltd. and Shell Investments Ltd. Mr. Taylor is currently Chairman of the Board of IPL Energy Inc. and a director of Silcorp Limited, Computalog Ltd., Consumers Gas Company and CenTex Energy Ltd. Numac Energy Inc. is engaged in the exploration for, and development, production and marketing of crude oil, natural gas and natural gas liquids in western Canada and ranks among the top twenty-five oil and gas production companies in Canada. The Company's common shares are listed for trading on the Toronto, Montreal and American stock exchanges under the symbol NMC.

To: Kerm Yerman who wrote (11239)	6/15/1998 10:08:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Petrobank Energy - Initial Closing of Private Placement TSE SYMBOL: PBG JUNE 15, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Shares issued: 25,517,708 June 12 close: $2.20 Petrobank Energy and Resources Ltd. announces that it has closed the sale of an initial 2,675,000 special warrants of its previously announced 6,000,000 special warrant private placement. Each special warrant was sold at a price of $2.00 for aggregate proceeds of $5,350,000 and is exercisable to acquire one common share for no further consideration. Petrobank Energy and Resources Ltd. intends to use the proceeds from this private placement for its ongoing exploration and development program. First Marathon Securities Limited and StephenAvenue Securities Inc. acted as agents for this offering.

To: Kerm Yerman who wrote (11239)	6/15/1998 10:10:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Peak Energy Services Ltd. Enters Into Letter of Intent to Acquire Assets of Lorchem Industries Ltd. TSE SYMBOL: PES JUNE 15, 1998 CALGARY, ALBERTA--Peak Energy Services Ltd. ("Peak") is pleased to announce that it has entered into a letter of intent to acquire the assets and business of Lorchem Industries Ltd. ("Lorchem") of Devon, Alberta. The purchase price for Lorchem totals $8,500,000 cash. The acquisition will be financed with existing credit facilities and is expected to close by July 31, 1998. Closing is subject to several conditions precedent including board of director approval. Lorchem provides specialized chemical hauling for use in production related services to the oil and gas industry. Lorchem has an extensive fleet of hot oilers, tank, vacuum, and pressure trucks strategically located in Devon, Alberta and Ft. McMurray, Alberta. The company has long-term contracts with its significant customers. The Lorchem acquisition will further expand Peak's existing production related services division providing a geographic presence in north and central Alberta to compliment our Tankmaster operation in southern Alberta. Through this acquisition, Peak will continue to establish itself as the dominant provider of ancillary services to the oil and gas industry. Peak Energy Services Ltd. is a diversified energy services company providing oilfield rental equipment and related services to the petroleum industry in Western Canada. Peak's shares are listed on the Toronto Stock Exchange under the symbol "PES".

To: Kerm Yerman who wrote (11239)	6/15/1998 10:29:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Derrick Energy Corporation Reports Financial Results ASE SYMBOL: DEG JUNE 15, 1998 CALGARY, ALBERTA--Derrick Energy Corporation today reported results for the first quarter ended March 31, 1998. /T/ Percent 1998 1997 +/- Oil & Gas Sales Net of Royalties $684,784 $831,831 (18) Cash Flow from Operations $560,447 $669,229 (16) per share $0.11 $0.14 Net Income $425,955 $581,529 (27) per share $0.08 $0.12 Average Production (mcfe per day) 4.47 4.09 9 Average Gas Price (per mcfe) $1.73 $2.19 (21) Operating Costs $94,459 $114,848 (18) per mcfe $0.23 $0.31 General and Administrative $25,591 $38,312 (33) per mcfe $0.06 $0.10 Depletion and Depreciation $134,492 $87,700 35 per mcfe $0.33 $0.24 Working Capital $410,150 $132,241 210 Bank Debt nil $386,014 n/a Total Shares Outstanding 5,057,717 4,927,802 3 /T/ Derrick has commenced a 26 well development program in the Verger area where the company operates with an average 80 percent working interest. The majority of the new wells will be multi-zone shallow gas completions expected to come on stream late in the third quarter of this year. In conjunction with the shallow gas project, Derrick will be drilling two deeper wells targeting the gas-rich Mannville formation in the area this summer. Derrick is a junior gas producer with a core area of operated production in south-east Alberta encompassing six areas.

To: Kerm Yerman who wrote (11239)	6/15/1998 10:38:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Sedco Forex and Marathon Oil Company Sign Contract for New-generation, Deepwater Semisubmersible NYSE SYMBOL: SLB JUNE 15, 1998 NEW YORK, NEW YORK--Schlumberger Limited, (NYSE:SLB), announced today that it has signed an agreement with Marathon Oil Company for a drilling contract covering five years for the new-generation Sedco Express(a) deepwater semisubmersible. The unit will start in the Gulf of Mexico in the third quarter of the year 2000. It will operate in a maximum water depth of 8500 ft. In December 1997, Schlumberger announced the construction of two other Sedco Express semisubmersibles, one of which is also scheduled for the Gulf of Mexico. The Sedco Express rig's four 2200-horsepower, 7500 psi integrated drilling fluids and cement pumps together with its versatile drilling fluids system reduce overall drilling fluids costs and significantly increase penetration rates. Innovative features of this new rig, such as the TriAct(a) triple-activity derrick, will enhance safety and greatly reduce the time required to construct wells. Sedco Forex is a leader in contract drilling services for land and offshore, having an extensive fleet of semisubmersibles, jackup rigs, tenders, swamp barges and land rigs. Schlumberger currently operates 26 semisubmersibles, four of which are dynamically positioned and eight equipped to operate in water depths of 3000 feet or more. Schlumberger is a worldwide leader in technical services with 63,500 employees and operations in over 100 countries. In 1997, revenue was $10.65 billion. (a) Mark Schlumberger

To: Kerm Yerman who wrote (11239)	6/15/1998 10:45:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Pacific Tiger Energy Inc. - Financial Results - 9 Month Period Ending March 30, 1998 ME SYMBOL: PTE JUNE 15, 1998 MONTREAL, QUEBEC--Pacific Tiger Energy Inc. is pleased to announce that for the quarter ending March 31, 1998, the company recorded a profit of $66,833 ($0.00 per share). This is the first quarter that the Pacific Tiger management team had control of operations since completing the acquisition of the Thailand oil properties in December 1997. While the effective date of this transaction was July 1, 1997, the former operator remained responsible until the turnover in December. For the nine month period from July 1, 1997 to March 31, 1998, the company reported a net loss of $615,628 ($0.05 per share). The liquidities decreased by $4,870,217 over the last nine months as a result of the acquisition of the properties for an amount of $3,918,117 and $952,100 was used for operating activities.

To: Kerm Yerman who wrote (11239)	6/15/1998 10:48:00 PM
From: Herb Duncan	Respond to of 15196

MERGER-ACQUISITIONS / Westminster and Berkley Exchange Assets TSE SYMBOL: WML JUNE 15, 1998 CALGARY, ALBERTA--Westminster Resources Ltd. is pleased to announce that it has entered into an asset exchange agreement with Berkley Petroleum Corp. In the exchange, Berkley will acquire 100 percent of Westminster's interests in southeast Saskatchewan and Westminster will receive interests in 3 gas properties and facilities in the Conroy / Tommy Lakes, Hamburg and Fireweed areas of northern British Columbia. Westminster also receives $ 7 mm in cash and 1.6 mm special warrants of Berkley which are exchangeable for one common share of Berkley for no additional consideration. Westminster plans to participate in up to 32 gas development wells in the Conroy / Tommy Lakes and Fireweed areas in the next 12 months. Total land involved in the 3 gas properties is approximately 72,320 acres of which 17,920 are 100 percent interest lands in Conroy / Tommy Lakes. Westminster forecasts exit production for the third quarter of 1998 to be 45 mmcf/de comprised entirely of natural gas and liquids. This asset exchange completes Westminster's focus to become a 100 percent gas oriented exploration company within 1998. Closing for the transaction is expected June 19, 1998. Westminster Resources Ltd. is an oil and gas company listed on the Toronto Stock Exchange trading under the symbol "WML" Westminster Resources's News Releases can be accessed electronically through Canadian Corporate News website at www.cdn-news.com, and Westminster's home page at www.westres.com

To: Kerm Yerman who wrote (11239)	6/15/1998 10:52:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Berkley Petroleum Acquires Westminster Resources S.E.Saskatchewan Assets and Closes NWT Acquisition TSE, ASE SYMBOL: BKP JUNE 15, 1998 CALGARY, ALBERTA--Berkley Petroleum Corp. is pleased to announce that it has entered into an agreement to acquire all of Westminster Resources Ltd.'s Southeast Saskatchewan and Puskwa Alberta assets in exchange for $7.0 million cash, 1.6 million special warrants of Berkley and assets in the Conroy Creek and Fireweed areas of Northeast British Columbia. The special warrants are exchangeable for one common share of Berkley at no additional cost. The transaction allows Berkley to significantly increase working interest in the entire deep S.E. Saskatchewan play where the company is focussing on light sweet oil in the Ordovician and Winnipeg Sand Formations. On June 11, 1998, Berkley and Paramount Resources Ltd. closed the acquisition of the Shell Canada Limited gas assets in the Bovie-Arrowhead-Maxhamish areas of the Northwest Territories and Northeast British Columbia in an all cash deal. The two acquisitions significantly increase the company's natural gas and light oil reserves and include considerable further reserve and production upside. Total land involved in the two deals is interests in approximately 498,000 acres. The transactions are part of the company's plan to consolidate and increase working interests in specific deep gas properties in Alberta, Northeast British Columbia and the Northwest Territories as well as the Southeast Saskatchewan light oil complex. Berkley Petroleum's News Release for the past 14 months can be accessed electronically through the Canadian Corporate News website at cdn-news.com