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

To: Kerm Yerman who wrote (11267)	6/17/1998 4:44:00 PM
From: SofaSpud	Respond to of 15196

MERGERS & ACQUISITIONS / Precision Drilling & Inter-Tech PRECISION DRILLING CORPORATION ACQUIRES SHARES OF INTER-TECH DRILLING SOLUTIONS LTD. CALGARY, June 17 /CNW/ - Precision Drilling Corporation (''Precision'') today announced that pursuant to its previously announced offer to purchase all outstanding common shares of Inter-Tech Drilling Solutions Ltd. (''Inter-Tech''), it has taken-up 20,871,093 Inter-Tech common shares representing more than 97% of those outstanding. Precision will initiate steps to complete the acquisition of the remaining outstanding Inter-Tech shares pursuant to the compulsory acquisition provisions of the Alberta Business Corporations Act. Precision's common shares are listed and trade on The Toronto Stock Exchange under the ticker symbol ''PD'' and are listed and trade on the New York Stock Exchange under the ticker symbol ''PDS''. The common shares of Inter-Tech, which traded on The Toronto Stock Exchange under the symbol ''IDL'', will be delisted from that Exchange. -30- For further information: Jan Campbell, Corporate Secretary, Precision Drilling Corporation, (403) 716-4500, Fax: (403) 264-0251, website: www.precisiondrilling.com

To: Kerm Yerman who wrote (11267)	6/17/1998 4:45:00 PM
From: SofaSpud	Respond to of 15196

ENERGY TRUSTS / TransCanada Power LP Distribution TRANSCANADA POWER, L.P. INCREASES QUARTERLY CASH DISTRIBUTION CALGARY, June 17 /CNW/ - The board of directors of TransCanada Power Services Ltd., the general partner of TransCanada Power, L.P., has declared a distribution payment of 54 cents per outstanding limited partnership unit for the period ending June 30, 1998. It is the fourth distribution payment paid by the partnership since it was established in mid-1997, and it is payable on July 30, 1998 to unit holders of record on June 30, 1998. The total quarterly distribution increased 29 per cent to $13 million compared to $10.1 million for the previous period ended March 30, 1998. This represents an increase of two per cent on a per unit basis as a result of the additional units issued to finance the acquisition of the Tunis power plant (formerly the Potter power plant). ''The distribution payment has increased due to the addition of the Tunis power plant in northern Ontario,'' said Larry Spackman, president, TransCanada Power Services. ''All of the plants, including Tunis, are performing above expectations in 1998,'' he said. TransCanada Power, L.P. is a Canadian limited partnership that offers investors solid cash flow and growth opportunity. TransCanada Power, L.P. is owned 40 per cent by TransCanada PipeLines Limited with the remainder held by the public. It owns four enhanced combined-cycle power generation plants near Nipigon, Kapuskasing, North Bay and Tunis, Ontario. TransCanada Energy Ltd., a wholly owned subsidiary of TransCanada, manages the operations of the partnership -30- For further information: Tony McCallum, (403) 267-8524

To: Kerm Yerman who wrote (11267)	6/17/1998 4:47:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Union Energy responds to ruling UNION ENERGY INDICATES COMPETITION TO INCREASE, LOCAL SERVICE TO BE PROTECTED NORTH YORK, Ont., June 17 /CNW/ - Brian Gabel, President of Union Energy, responded strongly today to critics of the recent decision by the Ontario Energy Board (OEB) to allow the separation of retail energy services from the gas distribution services provided by Union Gas. Union Energy will take over the retail operations of Union Gas at the end of 1998. Gabel said Union Energy will keep prices and rates as competitive as possible for Ontario consumers. He said the competition across the province's energy sector will provide consumers with reasonable prices for a range of products and services including the rental of water heaters. A recent decision by the OEB sets the stage for Union Gas to transfer ownership of about 875,000 rented water heaters to Union Energy. ''We don't see large jumps in the prices for any energy services or equipment'' said Mr. Gabel. ''In fact, consumers will have more energy choices and options for gas and electricity products and services. We see the consumer choosing energy programs that suit their individual needs and budgets much better than they can today''. Union Energy plans to continue to serve the communities now served by Union Gas using either company resources or local contractors, Mr. Gabel explained. In some areas Union Energy will follow the established Union Gas practice of relying on local heating and air conditioning companies to provide service for water heaters, furnaces, air conditioners and fireplaces. ''By continuing this practice, we will avoid disruption of service''. Mr. Gabel was responding to a challenge from Pollution Probe to a recent ruling by the OEB. The environmental group said the ruling could disrupt service to some communities and could cause large hikes in some energy rates. Pollution Probe said it was going to appeal the OEB ruling to the Ontario Cabinet. ''Pollution Probe's commentary has already been heard and considered by the OEB. An appeal would be simply going over the same ground again at taxpayers' expense,'' He added. Mr. Gabel said most consumer and environmental groups have welcomed competition. ''Competition generally brings lower net prices, more options and better service. Union Gas has done a very good job for consumers and we will continue to provide top-notch service and availability but in a more competitive marketplace. For consumers, that's great news.'' Union Energy is part of the Westcoast Energy family group of companies. It was established in 1997 to operate in Canada's new deregulated energy environment. Union Energy offers a range of energy-related products and services including equipment sales and rentals, merchandise financing, equipment service and energy management. -30- For further information: Brian Gabel, President, Union Energy, (416) 499-4698; Angie Cervi, Manager, Public Relations, (416) 410-5484; Paul Clark, Vice President, Communications, Westcoast Energy, (604) 488-8093

To: Kerm Yerman who wrote (11267)	6/17/1998 4:50:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Syncrude Aurora Mine SYNCRUDE OWNERS GREENLIGHT $900M AURORA MINE FORT MCMURRAY, AB, June 17 /CNW/ - The ten Owners of the Syncrude Joint Venture today approved the capital expenditure of $900 million to develop the Aurora Mine and proceed with debottlenecking work in Syncrude's crude oil Upgrader. The Aurora Mine will start up in 2000 and will supply oil sand feedstock to increase crude oil production from the current 80 million barrels per year to 94 million barrels per year. The operation will include an integrated truck-and-shovel operation and a new low energy extraction process which will operate at temperatures far below the current 80 degrees Celsius. These innovations will result in improved energy efficiencies and will see CO(2) emissions fall by 25 percent per unit of production between 1990 and 2006. The Aurora Mine is part of the $6 billion Syncrude 21 integrated suite of investments, which also includes plans for future Upgrader expansions. Upon completion, Syncrude operating costs are expected to be in the $9 - $10 (Cdn) per barrel range for new production including upgrading, down from the current $14 per barrel. By 2007, production capacity is predicted to increase to 155 million barrels per year. Roger Dunn, President and COO of AEC Oil Sands, L.P. and Chair of Syncrude's Management Committee said the investment is a vote of confidence in the oil sands by Syncrude's owners. ''As we look toward the new millennium, the oil sands will play an increasingly important role in providing energy to Canadians.'' Eric Newell, Syncrude Chairman and CEO, praised his employees for constantly improving the company's economic and environmental performance. He said, ''The continuous improvement we have experienced in all areas of our operation is testament to their dedication and ability. Syncrude's future growth will be based on established hallmarks of safety, reliability and environmental responsibility.'' Syncrude is the largest operator in Alberta's oil sands industry, producing about 12 percent of Canada's annual petroleum requirements. At its Mildred Lake plant north of Fort McMurray, Alberta, Syncrude operates oil sands mines, a utilities plant, bitumen extraction and upgrading facilities which produce a highly upgraded light, sweet premium crude oil marketed as Syncrude Sweet Blend. Syncrude Canada is a joint venture owned by AEC Oil Sands, L.P., AEC Oil Sands Limited Partnership, Athabasca Oil Sands Investments Inc., Canadian Oil Sands Investments Inc., Canadian Occidental Petroleum Ltd., Gulf Canada Resources Ltd., Imperial Oil Resources, Mocal Energy Ltd., Murphy Oil Company Ltd., and Petro-Canada. NOTE: Visit our web site at syncrude.com for more information about Syncrude as well as downloadable photographs of the operation located in the Library area of the site. TRADING SYMBOLS FOR SYNCRUDE PUBLIC OWNERS ------------------------------------------ AEC Oil Sands, L.P.: TSE-AEC/NYSE-AOG Athabasca Oil Sands Investments Inc.: TSE-AOS.UN Canadian Occidental Petroleum Ltd.: TSE/ASE/MSE-CXY Canadian Oil Sands Investments Inc.: TSE-CO.UN Gulf Canada Resources Ltd.: TSE/NYSE-GOU Imperial Oil Resources: TSE/ASE-IMO Petro-Canada: TSE-PCA/NYSE-PCZ -30- For further information: Barbara Shumsky, (403) 790-6408

To: Kerm Yerman who wrote (11267)	6/17/1998 4:51:00 PM
From: SofaSpud	Respond to of 15196

NORMAL COURSE ISSUER BID / Imperial Oil IMPERIAL OIL LIMITED TORONTO, June 17 /CNW/ - Imperial Oil today announced it has received final acceptance from the Montreal Exchange and The Toronto Stock Exchange for a new normal course issuer bid to continue its existing share repurchase program that will expire on June 18, 1998. The new program enables the company to repurchase up to five percent of its 438,257,856 outstanding shares, or a maximum of 21,912,893 shares during the next 12 months after purchases begin. That total will include shares purchased for the company's employee savings plan and employee retirement plan. Shares purchased under the normal course issuer bid are cancelled. The new program will begin on June 19, 1998, and will end when the company has purchased the maximum allowable number of shares, unless it provides earlier notice of termination. If not previously terminated, the program will end on June 18, 1999. Exxon Corporation has advised Imperial that it will participate in the new program, as it has in the existing one, to maintain its ownership percentage in Imperial at 69.6 percent. Exxon said it will review its participation from time to time and inform Imperial of any change in its intentions. Share repurchases under the existing program had reached 8,859,819 shares at a total cost of about $605 million by June 16, 1998. The maximum allowable number of shares that could be acquired under the program was about 9.5 million, including shares purchased for the employee savings plan and retirement plan. -30- For further information: Investor Relations, Jean Cote, (416) 968-4262; Media Relations, Richard O'Farrell, (416) 968-4875