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

To: Kerm Yerman who wrote (11610)	7/6/1998 5:01:00 PM
From: SofaSpud	Respond to of 15196

PIPELINES / IPL Applies for US Link JULY 6, 1998 IPL Energy Files for Approval of Key Gas Pipeline Link CALGARY, ALBERTA--(July 06, 1998) - The Vector Pipeline Project, a joint venture of Calgary-based IPL Energy Inc. and Detroit-based MCN Energy Group Inc., today filed an application with the National Energy Board to construct and operate the 25 kilometre southern Ontario portion of the 551 kilometre Vector natural gas pipeline project.ÿ Upon start-up in late 1999, Vector will provide a cheaper alternative transportation link for up to one billion cubic feet of natural gas per day from western Canada and the United States to growing markets in eastern Canada and the upper Midwest and northeastern United States.ÿ The Vector Pipeline Project will originate at points of interconnection with the terminus of the approved Northern Border Pipeline extension and the proposed Alliance Pipeline, near the rapidly expanding Chicago hub, to points in Michigan and on to the hub at Dawn, Ontario.ÿ Additional markets in eastern Canada and the United States will be accessed in the future through proposed and existing transmission systems. "The filing of the NEB application for Vector marks another step in the continued development of IPL Energy as a major North American natural gas transporter," said IPL Energy President & Chief Executive Officer, Brian F. MacNeill.ÿ "Combined with our significant interest in Alliance Pipeline, Vector Pipeline will be an important strategic asset for transporting natural gas from the Chicago region to U.S. and Canadian markets." In December 1997, Vector filed an application with the Federal Energy Regulatory Commission in Washington D.C. to construct, lease and operate the 526 kilometre U.S. portion of the proposed pipeline.ÿ The project is on target for an in-service date of late 1999. IPL Energy Inc. is a leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline system, and Canada's largest natural gas distribution company through The Consumers' Gas Company Ltd. which serves 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State.ÿ IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL".ÿ In the United States the shares trade on the NASDAQ under "IPPIF". MCN Energy Group Inc. is a diversified energy holding company with more than $4 billion of assets, and with markets and investments throughout North America and in Asia. The company operates through two major business groups: Diversified Energy, operating through MCN Investment Corporation, is involved in oil and gas exploration and production, natural gas gathering, transmission, processing and storage, energy marketing, electric power generation and distribution, and other energy-related businesses; Gas Distribution consists principally of Michigan Consolidated Gas Company, a natural gas distribution and transmission company serving 1.2 million customers in more than 500 communities throughout Michigan. Information about MCN Energy Group is available on the World Wide Web at mcnenergy.com. /T/ SYSTEM DESCRIPTION Capital Cost ($U.S.)ÿ United States Segment $447 million ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Canada Segment $24 million ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Total $471 million Length of Pipelineÿÿÿ United States ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ------------- ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 269.7 miles (431.5 kilometres) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ of new pipeline through Illinois, ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Indiana and Michigan. ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 59 miles (94.4 kilometres) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ of leased pipeline between ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Milford and Belle River, Michigan. ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 328.7 miles ( 525.9 kilometres) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ total U.S. section ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Canada ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ------ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 24.8 kilometres (15.5 miles) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ from Canada/US border to Dawn, ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Ontario ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Canada/U.S. Combined ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ -------------------- ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 550.7 kilometres (344.2 miles) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ total Canada/US New Pipeline Diameterÿÿÿÿÿÿÿÿÿÿÿ 1067 mm (42-inch) Capacityÿÿÿÿÿÿÿÿÿÿÿÿ 1 MMDth/d (approx. 1 Bcf/d) ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ of initial firm capacity; ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ operating pressure 6895 kPag ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ (1000) psig Compressionÿÿÿÿÿÿÿÿ Two 30,000 HP compressor stations ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ in the U.S. In-Serviceÿÿÿÿÿÿÿÿÿ November 1, 1999 ÿÿÿ /T/ -30- FOR FURTHER INFORMATION PLEASE CONTACT: IPL Energy Inc. Media Contact: Byron Neiles (403) 231-5916 byron.neiles@iplenergy.com iplenergy.com or MCN Energy Media Contact: Stewart Lawrence (313) 256-6289 or IPL Energy Inc. Investment Community Contact: Al Monaco (403) 231-3973 al.monaco@iplenergy.comÿ (FAX) iplenergy.com http:www.vector-pipeline.com

To: Kerm Yerman who wrote (11610)	7/6/1998 7:48:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

ENERGY TRUSTS / PrimeWest Energy Inc. Drilling Update PRIMEWEST ENERGY INC. ANNOUNCES SIGNIFICANT DRILLING RESULTS AND APPROVAL FOR NORMAL COURSE ISSUER BID Date: 7/6/98 7:51:09 AM Stock Symbol: PWI.UN Kent J. MacIntyre, Chief Executive Officer of PrimeWest Energy Inc. (PrimeWest), is pleased to announce that PrimeWest has achieved significant success with its recent horizontal re-entry drilling program in the Lone Pine Creek area of Alberta. PrimeWest has completed testing of two 100 percent working interest natural gas wells that will result in natural gas sales and unitholder distribution increases for PrimeWest Energy Trust (the Trust) for the balance of 1998 and beyond. In addition, PrimeWest announces that its Board of Directors has approved the Trust's intention to make application to the Toronto Stock Exchange to implement a Normal Course Issuer Bid. Lone Pine Creek Horizontal Re-Entry Wells PrimeWest has completed the production testing phase on two recently completed 100 per cent working interest horizontal re-entry wells drilled in the Lone Pine Creek area. The combined absolute open flow of the two wells is approximately 21.5 million cubic feet per day (MMCFD). The first well is located at 11-14-030-29 W4M and has a horizontal section of approximately 740 meters in the Wabamum formation. The second well, also in the Wabamum formation, is located at 11-36-030-29 W4M and has a horizontal section of approximately 600 meters. The combined cost of horizontally drilling and completing the two wells was approximately $1.9 million. Both wells have been placed on stream and are producing to the East Crossfield Plant where PrimeWest owns processing capacity. The combined initial sales capability for the two wells is approximately 11 MMCFD of natural gas and 180 barrels per day of natural gas liquids. This compares to the recent combined sales from these two wells of approximately 1.8 MMCFD of natural gas and 30 barrels per day of natural gas liquids, prior to the horizontal drilling enhancement program. In the near term, gathering system constraints will restrict sales from the two wells to approximately 50 per cent of their capability. PrimeWest is investigating alternatives to de-bottleneck the gathering system to permit unrestricted production later this year. "This development will have a positive impact on unitholder distributions, reserves and net asset value," said Kent MacIntyre. "This new natural gas production has a very high netback or profit margin. First, because this natural gas is not dedicated to long term natural gas sales contracts, we can take advantage of the higher prices we are currently seeing in the natural gas markets. Second, this production is eligible for Alberta Royalty Tax Credit, which significantly reduces the royalty burden. And finally, the marginal cost of the increased production is minimal because we can process this natural gas through spare capacity at the East Crossfield plant." PrimeWest has a budget of $16 million for property enhancement projects in 1998. As a result of low oil prices, PrimeWest has shifted its focus towards natural gas development activities for the remainder of the year to take advantage of strong natural gas markets. Natural gas production currently comprises approximately 45 per cent of PrimeWest's total production. "PrimeWest's strategy is to grow the Trust through low cost reserve acquisitions and follow-up capital development to enhance the value of those reserves. These well results, in addition to PrimeWest's development successes over the past two years are the result of the efforts of our seasoned technical team applying themselves to opportunity rich, high quality assets, such as Lone Pine Creek," said Mr. MacIntyre. PrimeWest operates 78 gross (46.7 net) Wabamum natural gas wells and holds 16,000 gross (10,200 net) acres of undeveloped land in the Lone Pine Creek and East Crossfield areas. PrimeWest believes there are additional natural gas production and reserve enhancement opportunities to be gained through horizontal drilling. Plans in this respect are supported by the recent acquisition in the Lone Pine Creek area, announced by PrimeWest on July 2, 1998. Normal Course Issuer Bid Application PrimeWest Energy Trust announces that it has received Board of Director approval to make an application to the Toronto Stock Exchange (the TSE) for the implementation of a Normal Course Issuer Bid. The proposed Normal Course Issuer Bid is subject to the approval of the TSE. The Trust intends to undertake the Normal Course Issuer Bid because the Trust believes that its units have been trading in a price range which does not adequately reflect the value of the assets under pinning the Trust or its future business prospects. The Trust has not purchased any of its units during the past 12 months. PrimeWest Energy Trust units trade through the facilities of The Toronto Stock Exchange under the symbol "PWI.UN". The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

To: Kerm Yerman who wrote (11610)	7/6/1998 8:01:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / GHP Exploration Corp Updates Egypt Activity GHP EXPLORATION CORPORATION UPDATES EGYPT ACTIVITY Date: 7/6/98 8:36:04 AM Stock Symbol: GHPX.U GHP Exploration Corporation (CDN:GHPX.U) is pleased to announce that its wholly owned subsidiary, GHP Exploration (Egypt) Ltd., has commenced a seismic acquisition program in the West Gharib Concession, onshore Gulf of Suez, Egypt. The Company has a 30% interest in the concession. The survey, consisting of 240 kilometers of two-dimensional and 35 square kilometers of three-dimensional seismic, is designed to further delineate nine prospects and leads identified from existing data and to evaluate other unexplored lands in the concession. It is anticipated that up to two exploratory wells will be drilled on the concession during the fourth quarter of 1998. Also in Egypt, the Company is pleased to announce that it has commenced the acquisition of a 70 square kilometer high resolution gravity and magnetics survey in its Central Sinai Concession, onshore Gulf of Suez. The Company has a 25% working interest in this concession. This survey is designed to further delineate several prospects and leads in the area and is expected to take up to two months to complete. The Company expects to drill the first well in this concession during the first quarter of 1999. GHP currently has interests in approximately 5.1 million acres in Egypt (1.3 million net acres). Approximately 1.25 million acres (330,000 net acres) of which is located within the prolific Gulf of Suez basin. The Company has committed to drill a minimum of seven exploratory wells during the next three years on these concessions. The Company's interests in Egypt are subject to ratification by the Egyptian Government. Until such time as this occurs the Company's interests will be held in trust by the operator of each concession. GHP engages in the exploration for and development and production of crude oil and natural gas in the United States and Internationally with operations and interests in acreage in the Gulf of Mexico, West Texas, Egypt and in Tunisia. The Company currently has 18 million common shares outstanding. Upon conversion of the Special Warrants (News - March 2, 1998) into common shares and common share purchase warrants, the Company will have 21.8 million common shares outstanding.