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

To: Kerm Yerman who wrote (11485)	6/26/1998 5:43:00 PM
From: SofaSpud	Respond to of 15196

PIPELINES / Westcoast Regulatory Framework NEB APPROVES FRAMEWORK FOR LIGHT-HANDED REGULATION FOR WESTCOAST ENERGY INC. CALGARY, June 26 /CNW/ - The National Energy Board (''Board'') today approved Westcoast Energy Inc.'s (''Westcoast'') Framework for Light-Handed Regulation (''Framework'') which amends the Multi-year Incentive Toll Settlement (''Settlement'') approved by the Board on 22 August 1997. The Framework does not replace the Settlement but provides the mechanism by which Westcoast's tolls for gathering (Zone 1) and processing (Zone 2) services will be negotiated with shippers. Briefly, the components of the Framework are: (a) an Introduction which states that Westcoast and its stakeholders propose a new model of regulation to address increasing competition in the provision of gathering and processing services in British Columbia; (b) a Fair Dealing Policy which is intended to ensure that all parties desiring or obtaining service from Westcoast are treated fairly; (c) a Contracting Practice which establishes the parameters under which Westcoast will negotiate individual agreements with shippers and provides that Westcoast will continue to offer service under standard contracts to those shippers who do not wish to negotiate individual contracts; (d) a Provision of Market Information and Confidentiality of Contracts which addresses the means by which information concerning the contracts negotiated between Westcoast and shippers will be made available to others; (e) a Complaint Process which provides a process which will enable parties to resolve disputes without the necessity of applying to the Board, that is, resolutions of complaints by mediation, arbitration or, where required, by adjudication by the Board; (f) an Asset Utilization and Disposition Policy which establishes the principle that, as part of the proposal for light-handed regulation, Westcoast is responsible for the utilization, and loss or gain on disposition, of its gathering and processing facilities; and, (g) an Interconnection Policy which is designed to further the competitive environment for gathering and processing services by enabling the owners of third-party facilities to interconnect with Westcoast's facilities in Zone 1 and Zone 2. In May 1998, Westcoast held a Workshop to present the Framework and to respond to questions from Board staff and interested parties. The Board also conducted a written proceeding to allow interested parties to comment on the Framework. This news release is available on the Board's Internet Site at www.neb.gc.ca under the headings ''What's New!'' and ''Regulatory Update'' -30- For further information: Denis Tremblay, Communications Officer, National Energy Board, (403) 299-2717

To: Kerm Yerman who wrote (11485)	6/26/1998 5:45:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / PanCanadian in Venezuela PANCANADIAN PETROLEUM AND PARTNERS TAKE OVER DEVELOPMENT OF VENEZUELA BLOCK CALGARY, June 26 /CNW/ - PanCanadian Petroleum Limited and its partners in Venezuela - Pennzoil Venezuela Corporation S.A. (Pennzoil) and Petroleo y Gas Inversiones C.A. - are moving ahead with development of the B2X-70/80 block located in Lake Maracaibo. Petroleos de Venezuela S.A. (PDVSA), Venezuela's state oil company, approved the partners' development plan in late March and it has now agreed to the takeover of operations by the partners. ''The operating team is now ready to apply new technology that will improve production from this large, 48-year-old field. We anticipate generating incremental production and PanCanadian's first Venezuelan revenue from this offshore development block by the end of the year,'' said Paul Ellis, PanCanadian's Senior Vice President International. PanCanadian and Pennzoil were awarded the block in June 1997 during the Third Operating Agreement Round, a public auction of Venezuelan oilfield reactivation projects. PanCanadian was initially designated the operator. But it has now been agreed that Pennzoil will assume this role in order to take advantage of the efficiencies that will result from its existing operations and infrastructure in Venezuela. Pennzoil currently operates block B2X-68/79 in Lake Maracaibo, close to B2X-70/80, and the East Falcon block onshore. ''Transfer of operatorship to Pennzoil will result in greater synergies in the development of both blocks through a more efficient utilization of resources. PanCanadian is contributing staff and expertise to the Maracaibo operating team,'' Mr. Ellis said. Block B2X-70/80 is producing around 3,300 barrels of oil, with a gravity of 20-22 degrees API, from 50 active wells. The partners intend to increase production substantially. A new drilling barge is under construction and is expected to arrive in Maracaibo by year-end to begin reworking existing wells and drilling new infill locations. The field is located in the northeast corner of Lake Maracaibo, about 500 kilometres west of Caracas. The water depth ranges from 7 to 70 feet. The partners' interests in the project are: PanCanadian Petroleum Limited 45% Pennzoil Venezuela Corporation S.A. 45% Petroleo y Gas Inversiones C.A. 10% PanCanadian is one of Canada's largest producers and marketers of crude oil, natural gas and natural gas liquids. Its extensive exploration and production activities stretch from coast to coast in Canada and include a variety of international interests in the Gulf of Mexico, the United Kingdom, Australia, South Africa and Venezuela. PanCanadian Petroleum Limited Paul Ellis Senior Vice President International PanCanadian Petroleum Limited Shares Listed - Symbol: PCP Alberta Stock Exchange Toronto Stock Exchange Montreal Exchange -30- For further information: Alan Boras, Corporate Communications, (403) 716-4040 or Carolyn Armitage, Investor Relations, (403) 290-2931; Website: www.pancanadian.ca

To: Kerm Yerman who wrote (11485)	6/26/1998 5:47:00 PM
From: SofaSpud	Respond to of 15196

PIPELINES / TCPL AGM to decide NOVA merger TRANSCANADA PIPELINES LIMITED - MEDIA ADVISORY ÿÿÿ CALGARY, June 26 /CNW/ - Members of the media are invited to attend the annual and special meeting of shareholders of TransCanada PipeLines Limited on Monday, June 29, 1998 in the ballroom on the conference level of the Westin Hotel at Calgary, Alberta.ÿ In addition to the regular items of business, shareholders will be asked to vote on the proposed merger of TransCanada and NOVA Corporation. ÿÿÿ The meeting will be followed by a news conference, hosted by TransCanada president and chief executive officer George W. Watson and Gerry J. Maier, chairman of the board of directors.ÿ It will be held in the Lake Louise room of the Westin immediately after the annual meeting, which begins at 1:30 p.m. ÿÿÿ In addition, photography opportunities are available before and after the meeting as shareholders and guests register and view the displays, but please refrain from using cameras or asking questions during the meeting.ÿ Audio feeds will be provided ÿÿÿ -0-ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 06/26/98 For further information: or If you have any questions prior to the meeting, please call David Annesley at 403-267-8525 or Tony McCallum at 403-267-8524