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

To: Kerm Yerman who wrote (11766)	7/15/1998 9:28:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Red Sea Oil: First Appraisal Well Spudded in En Naga North Field, Libya ASE SYMBOL: RSO JULY 15, 1998 VANCOUVER, BRITISH COLUMBIA--Red Sea Oil Corporation (the "Company") is pleased to announce the spudding of the first well of a 2 well appraisal program on Block NC177, Libya. The well, known as, B2-NC177, is expected to be drilled to a total depth of 8,500 feet. The appraisal program is designed to fully delineate the En Naga North structure where the Company drilled the B1-NC177 discovery well early this year and provide a basis for field development. The appraisal wells will test the structure down to the Lower Gir, Zelten and Beda formations and will also provide information on the possible extension of these formations to the north and south. The first well is being drilled approximately 2 kilometres to the southeast of the discovery well and the second will be located approximately 3 kilometres to the northwest. A 65 kilometre 2D infill seismic program has commenced concurrently with the spudding of the appraisal well, and upon completion of this seismic program, the crews will immediately commence a 1,600 kilometre 2D seismic acquisition program to further explore and evaluate the remainder of the Block. From re-interpretation of old data and integration with the results of a recent gravity survey, the area to be covered by the new seismic program shows excellent potential for similar structures to the B1-NC177 discovery. Exploration drilling will resume in early 1999. In addition, an existing well on the Block, the J1-85, that was originally drilled in 1968 will be re-entered and tested. Re- evaluation of the electric logs from J1-85 in conjunction with the logs from the B1-NC177 discovery well indicate a potential for proving up additional reserves. The J1-85 well is located approximately 3 kilometres to the west of the B1-NC177 discovery well. RSO's wholly-owned subsidiary, International Petroleum Libya Limited ("IPLL") operates the Block and holds a 60 percent interest. Lundin Oil AB, which also owns in excess of 60 percent of RSO, holds the remaining 40 percent.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:29:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Lundin Oil AB: First Appraisal Well Spudded in En Naga North, Libya: Seismic Program in Progress Swedish Stock Exchange: LOIL B TSE SYMBOL: LOI NASDAQ SYMBOL: LOILY JULY 15, 1998 VANCOUVER, BRITISH COLUMBIA--Lundin Oil AB ("Lundin Oil") and Red Sea Oil Corp. ("RSO") have spudded the first well in the program to appraise the B1-NC177 discovery well, onshore Libya. The well, known as, B2-NC177, is expected to be drilled to a total depth of 8,500 feet. The appraisal program will consist of 2 appraisal wells and 65 km of 2D seismic and the re-entry of an earlier well. The first well is being drilled approximately 2 kilometres to the southeast of the discovery well and the second will be located approximately 3 kilometres to the northwest. An existing well on the Block, the J1-85, that was originally drilled in 1968 will be re-entered and tested. Re-evaluation of the electric logs from J1-85 in conjunction with the logs from the B1-NC177 discovery well indicate a potential for proving up additional reserves. The J1-85 well is located approximately 3 km from the B1-NC177 discovery well. A 65 km 2D infill seismic program has commenced concurrently with the spudding of the appraisal well, and upon completion of this seismic program, the crews will immediately commence a 1,600 km 2D seismic acquisition program to further explore and evaluate the remainder of the Block. From re-interpretation of old data and integration with the results of a recent gravity survey, the area to be covered by the new seismic program shows excellent potential for similar structures to the B1-NC177 discovery. Exploration drilling will resume in early 1999. RSO's wholly owned subsidiary, International Petroleum Libya Limited ("IPLL") operates the Block and holds 60 percent interest in Block NC177. Lundin Oil AB, which also owns in excess of 60 percent of RSO, holds the remaining 40 percent.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:35:00 PM
From: Herb Duncan	Respond to of 15196

DIVIDEND / Pioneer Natural Resources Company Declares Cash Dividend NYSE SYMBOL: PXD JULY 15, 1998 DALLAS, TEXAS--The Board of Directors of Pioneer Natural Resources Company announced that it has declared a semi-annual cash dividend of five cents ($.05) per common share payable September 15, 1998 to shareholders of record as of August 17, 1998.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:38:00 PM
From: Herb Duncan	Respond to of 15196

DIVIDEND / Pioneer Natural Resources Canada Ltd. Declares Cash Dividend TSE SYMBOL: PCX JULY 15, 1998 DALLAS, TEXAS--The Board of Directors of Pioneer Natural Resources (Canada) Ltd. (TSE - PCX) announced that it has declared a semi-annual cash dividend of US five cents (US$.05) per Exchangeable Share payable September 15, 1998 to shareholders of record as of August 17, 1998.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:40:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Flowing Energy Corporation - Formerly Bow Valley Forest Products Limited - Completion of Major Transaction ASE SYMBOL: BOV JULY 15, 1998 CALGARY, ALBERTA--Flowing Energy Corporation (formerly Bow Valley Forest Products Limited) (the "Corporation") (ASE: "BOV") is pleased to announce that at an annual general and special meeting of shareholders held on July 6, 1998, a resolution was passed approving the arms-length acquisition of all of the issued and outstanding securities of Flowing Energy Inc., a private oil and gas company which is engaged in the acquisition of, exploration for, and the development and production of petroleum and natural gas in Western Canada, as the Corporation's major transaction pursuant to the policies of the Alberta Securities Commission and The Alberta Stock Exchange. The consideration payable by the Corporation for the securities of Flowing Energy Inc. was an aggregate of 1,500,000 common shares in the capital of the Corporation at a deemed price of $0.25 and a cash payment of $150,000. The resolution to approve the major transaction was voted on by the shareholders of the Corporation on the basis of a "Majority of the Minority" vote, which requires that the resolution approving the Major Transaction be passed by at least 50 percent plus one vote of the votes cast by the "minority". The Corporation subsequently completed its major transaction on July 15, 1998, subject to the filing of final documentation with The Alberta Stock Exchange. In addition to the approval of the major transaction, the shareholders approved the change of the Corporation's name from Bow Valley Forest Products Limited to Flowing Energy Corporation. The name change has been effected and subject to the filing of final documentation with The Alberta Stock Exchange, the Common Shares of the Corporation will trade with the new stock symbol "FLO" commencing on or about July 20, 1998. In accordance to the resolution passed at the annual general and special meeting, the board of directors is comprised of Michael Binnion, Russell Hammond and Alan Jack. Michael Binnion and Russell Hammond were reappointed as directors and will continue their roles with the Corporation. Alan Jack was newly appointed as a director and brings eighteen years of oil industry experience in varying capacities of exploration, operations and asset acquisition to the Corporation.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:44:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUST / July Distribution for NCE Energy Trust (NCA.UN) Six Cents ($0.06) TSE, ME SYMBOL: NCA.UN JULY 15, 1998 TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, has announced the distribution for the month of July, 1998, for NCE Energy Trust. NCE Energy Trust NCE Energy Trust is an income trust designed to acquire oil and gas companies. - The distribution for July 1998 is six cents ($0.06) per unit. - The distribution is payable on July 31, 1998, to holders of record on July 22, 1998. - Distributions are made monthly. The Trust has distributed $0.94 per unit since the initial distribution on September 30, 1997. NCE Energy Trust Trading Information - The Trust was launched in March, 1997, and has since purchased the Canadian assets of Lateral Vector Resources (Canada) Inc. for approximately $44.4 million. - The Trust trades on The Toronto Stock Exchange and Montreal Exchange. - The price for NCE Energy Trust on The Toronto Stock Exchange at the close of the market July 13, 1998 was $5.65 per unit. - The Trust has a monthly distribution reinvestment plan. NCE Resources Group NCE Resources Group is an oil and gas investment management organization, and provides a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (11766)	7/15/1998 9:46:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Tehtys Terminates Granger Acquisition Agreement TSE SYMBOL: TET JULY 15, 1998 CALGARY, ALBERTA--Tethys Energy Inc. ("Tethys") announced today that it has terminated the Acquisition Agreement with Granger Energy Corp. ("Granger") that was announced on July 6, 1998. Tethys will not be proceeding with an offer for all of the issued and outstanding shares of Granger. Tethys Energy Inc. is a Calgary based oil and gas exploration and production company whose common shares trade on the Toronto Stock Exchange under the symbol TET.

To: Kerm Yerman who wrote (11766)	7/16/1998 5:08:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / GHP Exploration Corp West Delta Update GHP EXPLORATION ANNOUNCES WEST DELTA 61 TEST RESULTS Date: 7/15/98 6:33:55 PM Stock Symbol: GHPX.U GHP Exploration Corporation (CDN:GHPX.U) announced today that the initial exploratory well on the West Delta block 61 prospect (News-June 29, 1998) has undergone a short term test in one of the lower pay zones encountered in the well to determine hydrocarbon type. GHP has a 10% working interest in the discovery. The well was perforated and drill-stem tested over a four foot interval in the Miocene "LG" sand and flowed at rates as high as 1,248 barrels of oil per day (35.6 degrees API gravity) and 1.187 million cubic feet of gas per day on a 20/64 inch choke. This test was not designed to determine flow rate capabilities and therefore only defines the lower-end flow potential of the well. The well will be completed and hooked up for sales once construction and installation of a platform and pipeline are completed. At least one additional well is being planned to fully develop the discovery. Development wells may be drilled after the platform is installed. As previously reported, multiple potential pay zones totaling in excess of 300 net feet of pay (true vertical thickness) were encountered in the well. 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 Tunisia. The Company currently has 21.8 million common shares outstanding.