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

To: Kerm Yerman who wrote (11575)	7/2/1998 9:24:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Berkley Petroleum Updates Activities at Carstairs, Southeast Saskatchewan and NEBC TSE, ASE SYMBOL: BKP JULY 2, 1998 CALGARY, ALBERTA--Berkley Petroleum is pleased to update recent activities at Carstairs, southeast Saskatchewan and in northeast British Columbia. At Carstairs, Alberta, the company has received permission from the EUB, effective July 1, 1998, to increase production from the Carstairs Elkton G pool under terms of a revised good production practice application (GPP). The company is anticipating net production of approximately 6500 Boepd during the second half of the year from the G pool. In southeast Saskatchewan, net production has been increased to approximately 5325 boepd. This has been achieved through Ordovician waterflood optimization and production enhancements at Midale, initial Midale Winnipeg Sand production, and start-ups at Talmage and Harthaven. Significant further production additions are anticipated in the second half of the year from the Winnipeg Sand at Midale, the Midale C pool waterflood and further development of regional Ordovician Red River discoveries. At Adsett, in northeast British Columbia, the company has completed the acquisition of producing, non-producing and exploration lands from Gulf Canada Resources Limited for a cash consideration of 14.3 million dollars. Current production for the property is 8.25 MMCFPD. The acquisition of these gas assets, which complement Berkley's existing production and facilities at Adsett, will allow the company to proceed with a major gas development in the area during the next 12 months. During June, the company has cased new pool discoveries at Blueberry West and Wilder in northeast British Columbia and Wild River in Alberta. Berkley Petroleum's News Releases for the past 14 months can be accessed electronically through the Canadian Corporate News website at cdn-news.com

To: Kerm Yerman who wrote (11575)	7/2/1998 9:28:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Danoil Acquires Coachlight & Updates Recent Activity TSE, ASE SYMBOL: DAN.A JULY 2, 1998 CALGARY, ALBERTA--DANOIL ENERGY LTD. ("Danoil") (DAN.A:TSE/ASE) and Coachlight Resources Ltd. ("Coachlight") (COO:ASE) are pleased to announce that, effective June 30, 1998, Danoil acquired all of the issued and outstanding Coachlight common shares on the basis of $0.15 in cash and 0.375 of a Danoil common share for each Coachlight Common Share. The transaction was approved by Coachlight shareholders at Coachlight's annual and special meeting held on June 30, 1998 and received all required regulatory approvals. In connection with the transaction, Coachlight has become a wholly-owned subsidiary of Danoil. Recent activity has been positive. Danoil has drilled and cased two wells (60 percent and 35 percent interests) in its core area at Judy/Carson Creek. To date only one well has been completed, with gas flowing at rates exceeding 1.5 million cubic feet per day. The second well will be completed in July. As well, Danoil acquired varying interests (18-20 percent working interest) in six wells and increased its working interest in the Carson Creek gas plant. At Chigwell, the Company has drilled and cased one well (70 percent interest) and at west Drumheller, a recent recompletion (50 percent interest) is flowing 140 barrels of oil per day and 500 mcf/d of natural gas. DANOIL ENERGY LTD. is a Calgary based oil and gas company engaged in the exploration, development and acquisition of both oil and natural gas reserves in Western Canada.

To: Kerm Yerman who wrote (11575)	7/2/1998 9:32:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

MERGERS-ACQUISITIONS / Reminder to Kensington Shareholders Regarding Hostile Bid by Draig ASE SYMBOL: KNN.A KNN.B JULY 2, 1998 CALGARY, ALBERTA--The board of directors and management of Kensington Energy Ltd. ("Kensington") wish to update shareholders concerning the hostile bid initiated by Draig Energy Ltd. ("Draig") to purchase all of the outstanding Class A and Class B shares of Kensington. To date more than 50 percent of Kensington shareholders have indicated that they plan to reject the unfair offer made by Draig. The board of directors and management of Kensington, collectively holding 15.7 percent of the Class A shares and 0.6 percent of the Class B shares do not intend to tender to the Draig offer. Reasons for rejection of this offer include: - in the opinion of the Kensington board of directors and Griffiths McBurney & Partners, the offer is inadequate and unfair to Kensington shareholders. - concerns that Draig's reserves at two of Draig's more significant properties at Chigwell and Brent/Hanna are overstated based on recent production data. - concerns about the stability of Draig's production given rapid production declines that have recently been observed on certain of its production. - a strong belief that Draig will not achieve its 1998 forecast of production and cash flow through drilling based on year to date results. - concerns about the level of debt and working capital deficiency of $6.3 million at March 31 which is high relative to Draig's cash flow and, in the opinion of Griffiths McBurney & Partners, high relative to industry peers that are favourably viewed by the investment community. Additionally there are concerns that Draig's debt level will increase further in order to meet its 1998 forecast. - Griffiths McBurney & Partners believe that holding Draig shares will not provide any significant inhancement in marketability or liquidity for Kensington shareholders. During the last five trading days Draig traded only 13,500 shares and its shares dropped from a brief high of $1.95 to $1.50. No action is required by Kensington shareholders wishing to reject the offer. Kensington's Class A Shares and Class B Shares trade on The Alberta Stock Exchange under the symbols KNN.A and KNN.B, respectively.

To: Kerm Yerman who wrote (11575)	7/2/1998 9:35:00 PM
From: Herb Duncan	Read Replies (3) \| Respond to of 15196

EARNINGS / Hegco Announces Oil & Gas Reserves ASE SYMBOL: HEG JULY 2, 1998 EDMOND, OKLAHOMA--HEGCO Canada Inc. is pleased to announce that it has received an Engineering Report of Oil & Gas Reserves as of May 1, 1998. The report was prepared by Rush-Andrus Engineering, an independent third part engineering firm located in Edmond, Oklahoma, and is dated June 15, 1998. A copy of the summary letter is available upon request. Four field are included within the engineering report the fields include: El Grande Prospect; N.E. Garber Prospect; Ponca City Field Project and the Three Sands Field. All dollar amounts are stated in U.S. Dollars. The summary of pre-tax cash flow projections are set forth in the following table: /T/ SUMMARY OF PRE-TAX CASH FLOW PROJECTIONS ----------------------------------------------------- PRODUCTION --------------------------- HEGCO W.I. NET ----------------------------------------------------- MBBL MMCF MBBL MMCF ----------------------------------------------------- Proved Producing 522 0 417 0 Proved Non-Producing 416 546 328 431 Proved Behind Pipe 492 2818 388 2254 Proved Undeveloped 3831 0 3035 0 ----------------------------------------------------- Total Proved 5261 3364 4168 2685 ----------------------------------------------------- ----------------------------------------------------- Probable Additional 0 112206 0 94071 ----------------------------------------------------- ----------------------------------------------------- Total Reserves: 5261 15570 4168 96756 ----------------------------------------------------- ------------------------------------------------------------- NET CUM. 10 Percent OPERATING OPERATING CASH PV CUM.CASH REVENUE EXPENSES FLOW FLOW M$ M$ M$ M$ ------------------------------------------------------------- Proved Producing 6388 1842 4093 2699 Proved Non-Producing 5460 2049 2822 1792 Proved Behind Pipe 11001 2636 7206 3201 Proved Undeveloped 46437 12330 24863 14124 ------------------------------------------------------------- Total Proved 69286 18857 38984 21816 ------------------------------------------------------------- ------------------------------------------------------------- Probable Additional 211661 5809 182595 115311 ------------------------------------------------------------- ------------------------------------------------------------- Total Reserves: 280947 24666 221579 137127 ------------------------------------------------------------- /T/ - Note: Net operating revenue is before severance / AdV taxes. - Note: The cash flow estimates contained in this table include the capital costs associated with developing the designated reserves. - Note: It is not intended as, nor should it be considered an indication of Fair Market Value. The oil reserves are calculated based upon a $13.75 spot price while the gas reserves are calculated based upon a price of $2.25/mcf. The value of the reserves will be increased or decreased depending on the spot price of oil and gas. Hegco's average price per barrel oil for the first three quarters of fiscal ending March 31, 1998 has been $17.41 per barrel. The category Total Reserves includes Probable Additional reserves which have been risked at a probability of success factor of 0.50. Within the category Total Proved is a classification of Proved Undeveloped which have been risked at a probability of success factor of 0.75. Highlights from the reserve report and calculation from US dollars to Canadian dollars are set forth below. The conversion rate from US dollars to Canadian dollars utilized was 1.4706. /T/ CUM. CASH CUM. CASH BARRELS OF MCF FLOW FLOW CATEGORY OIL OF GAS U.S.DOLLARS CDN DOLLARS -------- ---------- --------- ----------- ----------- Total Proved Hegco W.I. 5,261,000 3,364,000 - - Total Proved Net 4,168,000 2,685,000 $38,984,000 $57,329,870 Total Reserves Hegco W.I. 5,261,000 115,570,000 - - Total Reserves Net 4,168,000 96,756,000 $221,579,000 $325,854,000 /T/ The Probable Additional category includes reserves in the El Grande Prospect. The Engineering Report forecast for the gross reserves developed by reentering/drilling the El Grande well is limited to drilling and completing 8 Arbuckle and 8 Penters wells within the confines of the El Grande Prospect. The report also states, "Interpreted probable areal extent of the El Grande productive reservoir is between ten gas units (6,400 acres) and thirty gas units (19,200 acres) with possible additional." Hegco currently holds interest in thirty-three possible gas units (based on 640-acre spacing). Once the El Grande well is completed a updated report will be obtained to recategorize the reserves associated with the El Grande well and increase the area for evaluation of reserves. On behalf of the Board By: Douglas C. Hewitt Chairman of the Board CEO

To: Kerm Yerman who wrote (11575)	7/2/1998 9:43:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Netherfield Energy Completes Name Change and Share Consolidation ASE SYMBOL: NLD JULY 2, 1998 CALGARY, ALBERTA--Netherfield Energy Corporation (the "Corporation") (NLD - ASE) announced today that the previously announced name change from "Gold Star Energy Inc." and the three for one share consolidation has been completed. Effective at the opening of business on July 2, 1998, the Corporation's trading symbol on The Alberta Stock Exchange will be "NLD".

To: Kerm Yerman who wrote (11575)	7/2/1998 9:49:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Centennial Energy Partners: Announcement JULY 2, 1998 NEW YORK, NEW YORK--Centennial Energy Partners, L.P., Tercentennial Energy Partners, L.P., Quadrennial Partners, L.P., Centennial Overseas Fund, Ltd., (with respect to shares held in a discretionary account managed by Centennial Management, L.L.C.) and Joseph H. Reich & Co., Inc., (with respect to shares held in a discretionary account managed by it) (collectively the "Reporting Persons") announce that they acquired 300,000 common shares of Magin Energy, Inc. on June 29, 1998 through the facilities of The Toronto Stock Exchange. Centennial Energy Partners, L.L.C. is the General Partner of Centennial Energy Partners L.P., Tercentennial Energy Partners, L.P., and Quadrennial Partners, L.P. The principal members of Centennial Energy Partners, L.L.C. are also the principal members of Centennial Management, L.L.C. and the executive officers of Joseph H. Reich & Co., Inc. The purchase by the Reporting Persons of common shares of Magin Energy, Inc. is for the purpose of investment. As a result of their normal course purchases, the Reporting Persons currently own in the aggregate 1,831,445 common shares of Magin Energy, Inc., representing 10.80 per cent of the issued and outstanding common shares. The Reporting Persons may continue to purchase common shares of Magin Energy, Inc. for investment purposes, depending on the market conditions for shares of Magin Energy, Inc. and other factors.

To: Kerm Yerman who wrote (11575)	7/2/1998 9:57:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

CORP / Summit - Reserve and Production Update TSE SYMBOL: SUI JULY 2, 1998 CALGARY, ALBERTA--Summit Resources Limited announced today an update in its petroleum and natural gas reserves as a result of a successful first quarter drilling program. Independent engineering evaluations, effective April 1, 1998, place the Company's proved plus probable reserves at 215 Bcf of natural gas and 20.6 MMbbls of liquids. Reserve additions of 1.0 MMbbls and 36 Bcf reflect the results of Summit's increased natural gas focus and extends the Company's BOE reserve life index to 9.7 years. First quarter activities replaced 424 per cent of production at a finding and development cost of $5.28 per BOE ($7.14 proven plus half probable). Continuing low oil prices have resulted in adjustments to Summit's 1998 capital budget and drilling mix. Twenty-five (gross) wells planned for development of crude oil reserves at Mirage, Rabbit Hills, Knutson, Hayter and Kakwa have been deferred due to soft oil prices. In addition, exploration drilling on new light oil prospects at Vaux, McGregor, Pershing and Tyler have been postponed until next year. As a result, 1998 average liquid production is now forecast to average 6,250 barrels per day. Natural gas drilling will increase with wells added at Alder, Chain, Gage and Mirage. Minor adjustments in natural gas volumes were made to account for delays in start-up of a non-operated gas plant at Mirage, Alberta and curtailments in production from Clarke Lake, British Columbia due to plant modifications and Two Creek, Alberta due to forest fires in May. Natural gas production for 1998 is now forecast to average 65.5 MMcf/d with exit rates of 73 MMcf/d. The net effect of the above changes in Summit's drilling mix is a 5 per cent reduction in forecast production volumes to 12,800 BOE/d (10:1). The Company has adjusted its capital budget to reflect the reduced oil drilling program with the 1998 capital budget lowered to $34 million. Forecasted cash flow for 1998 has also been adjusted to reflect the lower production volumes and changes in commodity prices. Cash flow is now estimated at $48 million for 1998, equating to $1.44 per share ($1.36 per share fully diluted). Year-end 1998 long-term debt is projected to drop by $30 million to $100 million as a result of the Company's reduced capital expenditure program and the sale of its interest in the Fort Chicago Energy Partnership (Alliance Pipeline). Summit Resources Limited is a Canadian corporation engaged in oil and gas exploration, development, acquisition, production and marketing in western Canada and selected basins in the United States. Summit's shares are listed on the Toronto Stock Exchange (trading symbol "SUI").

To: Kerm Yerman who wrote (11575)	7/2/1998 10:05:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

ENERGY TRUST / NCE Diversified Income Trust (NCD.UN) June Distribution 5.5 Cents ($0.055) Per Unit TSE, ME SYMBOL: NCD.UN JULY 2, 1998 TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, announced today the distribution for the month of June, 1998 for NCE Diversified Income Trust. NCE Diversified Income Trust NCE Diversified Income Trust is a closed-end trust with the objective of maximizing distributions to unitholders by investing in energy-related royalty and income trusts, and to a lesser extent, other investment trusts. - The distribution for June, 1998, is 5.5 cents ($0.055) per unit. - The distribution is payable on July 7, 1998, to holders of record on June 30, 1998. - Distributions are paid monthly. - Distributions for the last 12 months of the Trust were $0.495 per unit. NCE Diversified Income Trust Trading Information - NCE Diversified trades on The Toronto Stock Exchange and the Montreal Exchange under the symbol NCD.UN. - The price for NCE Diversified on The Toronto Stock Exchange at the close of market on June 30, 1998, was $3.72. - The Net Asset Value Per Unit (NAVPU) as of June 25, 1998, was $4.58 - NCE Diversified has a monthly distribution reinvestment plan. Top 10 holdings As at May 29, 1998, the top ten holdings in the portfolio by market value weighting were: 1. Canadian Oil Sands Trust 2. Superior Propane Income Fund "Installment Receipts" 3. Northland Power Income Fund 4. ARC Energy Trust 5. NAL Oil and Gas Trust 6. Prime West Energy Trust 7. Pembina Pipeline Income Fund 8. Enermark Income Fund 9. Orion Energy Trust 10. Pengrowth Energy Trust IR The top ten holdings make up 67 percent of the total market value of long-term securities within the trust. NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. It provides a full range of technical, operational, administrative and investor services. NCE investment funds have investor capital under management of $850 million from over 40,000 unitholders and have interests in over 5,000 oil and gas wells. The company employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. Total oil and gas production ranks NCE among the top 30 oil and gas companies in Canada. /T/ Hours of service(x) Monday - Thursday 8 am - 8 pm (EST) Friday 8 am - 6 pm (EST) (x) except on Canadian statutory holidays /T/

To: Kerm Yerman who wrote (11575)	7/2/1998 10:11:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Odyssey Announces NASDAQ Notification NASDAQ SYMBOL: OILYF JULY 2, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") advises that the Company has been notified that the Company is in technical violation of Nasdaq's listing maintenance requirements. The deficiency is due to the Company's common shares trading for 30 consecutive days at less than US$1 per share. The Company has a period of 90 days to remedy this deficiency. The directors and management of the Company are reviewing the alternatives available to the Company and will provide further information as it becomes available. Odyssey is a Canadian-based energy resource company with a 50% working interest in three onshore exploration blocks in Egypt, Qantara, El Mansoura and Siwa. Operations have begun and Odyssey's highest near-term priority is to bring Qantara production onstream in 1999. Odyssey is also engaged in the production and distribution of ethanol in the western United States. This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof are expressly qualified in their entirety by the Cautionary Statements.

To: Kerm Yerman who wrote (11575)	7/5/1998 2:30:00 AM
From: Kerm Yerman	Respond to of 15196

CORP. / Netherfield Energy (Gold Star Energy) Completes Name Change and Share Consolidation Business Wire 02-JUL-98 CALGARY, ALBERTA--(BUSINESS WIRE)--July 2,1998 NETHERFIELD ENERGY(Alberta Stock Exchange:NLD.) Netherfield Energy Corporation (the "Corporation") (NLD - ASE) announced today that the previously announced name change from "Gold Star Energy Inc." and the three for one share consolidation has been completed. Effective at the opening of business on July 2, 1998, the Corporation's trading symbol on The Alberta Stock Exchange will be "NLD".