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

To: Kerm Yerman who wrote (11550)	6/30/1998 5:09:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Cypress Energy Inc. Share Distribution Approved TSE, ASE SYMBOL: CYZ.A JUNE 30, 1998 CALGARY, ALBERTA--Cypress Energy Inc. ("Cypress") is pleased to announce that it has received receipts from the securities commissions in the Provinces of Alberta and Ontario dated June 25 and 26, 1998 respectively, for its final prospectus qualifying the distribution of 4,000,000 Class A Shares of Cypress issuable upon exercise of the 4,000,000 special warrants issued April 21, 1998. Holders of special warrants may now exercise their special warrants and receive one Class A Share of Cypress for no additional consideration. Cypress raised gross proceeds of $20,600,000 through the issuance of the special warrants, which proceeds were used initially to reduce bank debt and ultimately will be used to fund the company's ongoing exploration and development activities. This financing was underwritten by a syndicate of underwriters led by First Marathon Securities Limited, and which included Griffiths McBurney & Partners, Midland Walwyn Capital Inc., FirstEnergy Capital Corp. and Peters & Co. Limited. Cypress is a Calgary-based, publicly traded Canadian energy company involved in the exploration, development, acquisition and production of crude oil and natural gas in western Canada. The company's shares are listed on the Toronto and Alberta Stock Exchanges under the symbol CYZ.A.

To: Kerm Yerman who wrote (11550)	6/30/1998 5:15:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Carmanah Updates Camar Production, Development Drilling Program TSE SYMBOL: CKM JUNE 30, 1998 CALGARY, ALBERTA--Carmanah Resources Ltd. ("CKM" - TSE) announces that the Camar-6 well in the 84 percent-owned and operated Camar Field in the Java Sea was placed onstream on June 29, 1998. Well test data over the first six hours of production from only the LL-3 zone yielded an average measured flow rate of 1,200 BOPD with 1.5 MMcf/d of natural gas and no formation water. The well is continuing to clean up and stabilized flow rates will be established over the next several days. With Camar-6 onstream at the indicated rate, Camar production has more than doubled to 2,350 BOPD. Carmanah also announces that the MPA-1 development well, located on mile southwest of Camar-6, was spudded on June 26, 1998 and surface casing has been set at 833 feet subsurface. The well has a projected total measured depth of 6,105 feet (4,340 feet TVD) which should be reached in 30 days. As this well is being drilled from the monopod platform recently installed to bring Camar-6 onstream, MPA-1 can be completed and placed on production without delay. Immediately following completion of the MPA-1 well, in early August the Pride Pennsylvania jackup rig will be moved to the Camar-8 location, located approximately one mile east of Camar-6. Because of mechanical problems with a safety valve in the completion string, the CN-3 well drilled in May will now be placed on production in late July, awaiting the arrival of a service rig and downhole equipment to complete the remedial work.

To: Kerm Yerman who wrote (11550)	6/30/1998 5:17:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Cabre and Naftex Transaction Fails to Close TSE SYMBOL: CBE JUNE 30, 1998 CALGARY, ALBERTA--Cabre Exploration Ltd. ("Cabre") and Naftex Energy Corporation ("Naftex") had proposed to combine their respective 50 percent interests in the West Esh El Mallaha concession of Egypt whereby Cabre would become a 50 percent shareholder of Naftex by June 30, 1998. The parties have been unable to resolve certain issues and the transaction as proposed will not close. Alternatives to the proposal are being considered. The previously announced 2-D and 3-D seismic program is over one-half completed and a Sante Fe drilling rig has been contracted for a four-well drilling program expected to commence in July.