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

To: Herb Duncan who wrote (11593)	7/7/1998 3:51:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS - ACQUISITIONS / Renaissance Energy Updates Pinnacle Resources Takeover RENAISSANCE ENERGY LTD. TSE, ME SYMBOL: RES JULY 6, 1998 CALGARY, ALBERTA--Renaissance Energy Ltd. ("Renaissance") announces that approximately 38.7 million common shares of Pinnacle Resources Ltd. ("Pinnacle") or approximately 95 percent of the issued and outstanding common shares of Pinnacle have been tendered to Renaissance's offer to purchase all of the issued and outstanding common shares of Pinnacle, dated June 12, 1998, all of which will be taken up and paid for today. Renaissance also announces that it intends to acquire all the remaining outstanding common shares of Pinnacle pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta). Renaissance's business is the acquisition of petroleum and natural gas rights and the exploration and development, production and marketing of crude oil and natural gas.

To: Herb Duncan who wrote (11593)	7/7/1998 3:59:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Moxie Petroleum Announces Drilling Results MOXIE PETROLEUM LTD. ASE SYMBOL: MOX JULY 6, 1998 CALGARY, ALBERTA--Moxie Petroleum Ltd. ("Moxie") of Calgary announces its drilling results for the six months ended June 30, 1998. Since closing its initial public offering in December 1997, Moxie has spent approximately $3.0 million. The Company has drilled nine wells at an average working interest of 77 percent resulting in four gas wells and three wells capable of producing both oil and gas. Moxie has operated seven of the nine wells. Three of the wells drilled in the Retlaw area will be tied-in over the summer resulting in natural gas production of 2 - 2.5 mmcf per day net to Moxie by October. Based on an independent reserve report prepared by McDaniel and Associates Consultants Ltd., Moxie added proven reserves of 3.6 bcf of natural gas and 161,000 barrels of oil and probable reserves of 2.2 bcf of natural gas and 83,000 barrels of oil, resulting in finding costs of $0.58 per mcf equivalent on a proven basis and $0.37 per mcf equivalent on a proven plus probable basis. The Company is currently debt free with working capital of $3.2 million and expects to drill 5 - 10 additional wells during the second half of 1998.