Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Kerm Yerman who wrote (11279)	6/17/1998 4:41:00 PM
From: SofaSpud	Respond to of 15196

MERGERS & ACQUISITIONS / IPEC IPEC LTD. (ASE: IPE) ANNOUNCES PROPOSED ACQUISITIONS CALGARY, June 17 /CNW/ - IPEC Ltd. announced today that it has entered into letters of intent to acquire all of the shares of seven (7) companies. The acquisitions of these businesses, supports the Company's strategy of consolidating complementary Canadian, U.S. and international energy services companies. The companies, located in Alberta and British Columbia, are actively involved in small diameter pipeline construction, facility installations and oilfield maintenance and construction. The businesses to be acquired are well established private enterprises and, together, will provide a synergistic base for the development and further growth of IPEC. These acquisitions will provide IPEC with a small diameter pipeline construction segment that has entrepreneurial management, financial strength, well maintained equipment fleets and strong geographic diversification. The aggregate base acquisition price is approximately $76.0 million, which is to be paid as to approximately $39.9 million in cash and as to $36.1 million through the issuance of approximately 12.1 million common shares at an ascribed value of $2.985 per share. In addition, in the case of two of the companies to be acquired, there are earnouts not to exceed a total of $15 million payable through the issuance of additional shares of IPEC at an ascribed value of $2.985 per share in July 1999 dependent on the level of earnings generated after the acquisitions. On a proforma basis for 1998, the companies to be acquired are expected to generate revenues of approximately $115 million (unaudited) and normalized earnings before interest, taxes, depreciation and amortization of approximately $24.9 million (unaudited). Completion of the acquisitions is conditional upon formal acquisition agreements, satisfactory due diligence, regulatory approval, the necessary financing and other matters. Formal acquisition agreements are expected to be completed on or about July 21, 1998, and closing of the acquisitions is expected to occur upon completion of the conditions precedent. The transactions are expected to have an effective date of July 1, 1998. Key executives of each business will enter into employment contracts with IPEC as a condition of closing. IPEC Ltd. is an oilfield services company headquartered in Calgary, Alberta, with regional offices in Casper, Wyoming and Larnaca, Cyprus. The Company's current operations involve the domestic and international distribution of tubular products, the engineering and manufacture of oilfield surface equipment and the design and manufacture of production optimization downhole tools. The Alberta Stock Exchange has neither approved nor disapproved the content of this press release. . -30- For further information: D.A. (Doug) Cutts, President, (403) 215-5448, Ron Miller, Vice President Finance, (403) 215-5450, Fax: (403) 215-5445

To: Kerm Yerman who wrote (11279)	6/17/1998 4:42:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Wolverine WOLVERINE ENERGY UPDATES ACTIVITIES CALGARY, June 17 /CNW/ - Wolverine Energy Corp. (WVE - ASE) reports the following update to ongoing activities. - Wolverine Energy is currently looking to establish a joint venture to expedite the delineation drilling on the West Ghost River project including the initiation of exploration activities on the South Ghost River prospect. The Company will remain a significant partner in the area and views this move as a very positive step in accelerating the Ghost River development. - The previously announced private placement has been postponed. - Wolverine Energy's current production capability is approximately 1050 BOEPD however the Company has 150 BOEPD shut-in due to a water disposal pump failure. While the extremely low oil prices have eroded cash flow, the Company will not be shutting in production as netbacks are still yielding profitable returns. - The Company is also continuing to evaluate and develop its drilling programs for the Badger, Halkirk and Alliance areas for later this summer. Wolverine Energy continues to optimize current operations to increase netbacks. The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release. -30- For further information: V. Wayne Dowhaniuk, President & C.E.O., (403) 264-5727, Website: www.wolverine-energy.com