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

To: Kerm Yerman who wrote (11837)	7/21/1998 9:23:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / American Eco Names Frank Fradella President & COO; Announces Other Executive Changes TSE SYMBOL: ECX NASDAQ SYMBOL: ECGOF JULY 21, 1998 HOUSTON, TEXAS--The Board of Directors of AMERICAN ECO CORPORATION (NASDAQ:ECGOF, TSE:ECX) announced today a change in the executive structure of the Company. Effective immediately, Frank J. Fradella is appointed President, Chief Operating Officer and a Director of the Company. Michael E. McGinnis will remain as Chairman. The Board of American Eco further stated that, "We believe that Mr. Fradella's leadership and control over the day-to-day operations will enhance productivity from revenues, while Mr. McGinnis focuses on corporate governance, strategic alliances, and improvement of shareholder relations." Mr. Fradella, 42, is leaving US Industrial Services, Inc. (NASDAQ-OTC: USIS, formerly EIF Holdings) where he served as Chairman & CEO. He moved to USIS in May 1997 shortly after American Eco made an investment into the remedial contracting concern. Within 12 months, under Mr. Fradella's leadership, USIS reduced fixed costs, liquidated non-performing assets, and completed a restructuring including a significant acquisition move into the specialized industrial maintenance market. As a result, USIS is on track to more than double revenues at a profit. Prior to his former responsibilities at American Eco, Mr. Fradella served as President & CEO at NSC Corporation, a public environmental remediation concern with over $130 million in revenues. At NSC, he also engineered a cash turnaround by reducing debt from $32 million to a positive cash balance of over $9 million in just two years. This combination of strong operating experience and leadership skills coupled with Mr. Fradella's knowledge of American Eco's operations and management team, will allow him to develop the Company's potential to the next level. Mr. Fradella commented, "We will now focus on improved operating controls, cash management, and internal growth from the excellent base that American Eco has built in the fabrication and services sectors. We will also seek external strategic planning advice to enable American Eco to realize its potential as a global provider of specialty fabrication and industrial services." American Eco also announced that David Norris, until recently the Company's Chief Administrative Officer, has accepted a position to head up a private energy management company. This change is effective immediately. American Eco is a leading North American provider of single-source industrial support and specialty fabrication services in the energy, pulp & paper, and power generating industries. Except for the historical information in this press release, the press release includes forward looking statements that involve risks and uncertainties including, but not limited to quarterly fluctuations in results, the management of growth, competition and other risks detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from such information set forth herein.

To: Kerm Yerman who wrote (11837)	7/21/1998 9:28:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / RE: NCE Resource (97) Limited Partnership buys $3.5 million of flow-through shares of Newport Petroleum Corporation JULY 20, 1998 TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, announced today that NCE Resource (97) Limited Partnership has made another flow-through investment by purchasing more than $3.5 million of common shares of Newport Petroleum Corporation. NCE Resource (97) Limited Partnership The Partnership has been organized to invest in flow-through shares of public resource companies with the objective of achieving capital appreciation for the Limited Partners. The Partnership invests primarily in companies that are involved in oil and gas exploration, development and/or production and, to a lesser extent, can also invest in companies involved in mineral exploration, development and/or production. Newport represents the tenth security added to the Partnership's portfolio. Newport Petroleum Corporation In 1997, Newport merged with Cimarron Petroleum Ltd. and drilled a total of 126 wells with an average success rate of 74 percent. The company currently has: - market capitalization of approximately $500 million - reserves totaling 76.3 million barrels of oil equivalent (BOE), with 82 percent being natural gas and natural gas liquids - an excellent undeveloped land base that is expected to be the foundation of an aggressive growth program. NCE Resources Group The Partnership's General Partner is a member of the NCE Resources Group, which was formed in 1984 as an oil and gas investment management organization. NCE provides a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (11837)	7/21/1998 9:33:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / NQL DRILLING TOOLS INC. REPORTS THIRD QUARTER AND NINE MONTH RESULTS FOR THE PERIOD ENDED MAY 31, 1998 TSE SYMBOL: NQL.A JULY 21, 1998 NISKU, ALBERTA--THIRD QUARTER REVENUES of $16.2 million, up 105 percent; INCOME FROM CONTINUING OPERATIONS of $2.4 million, up 95 percent; and CASH FLOW FROM CONTINUING OPERATIONS of $4.1 million, up 90 percent. NINE MONTHS REVENUES of $47.1 million, up 93 percent; INCOME FROM CONTINUING OPERATIONS of $8.3 million, up 115 percent; and CASH FLOW FROM CONTINUING OPERATIONS of $13.1 million, up 103 percent. /T/ Thousands of Canadian $, except per share figures For The Three Months Ended May 31, May 31, 1998 1997 Percent Change Revenues $16,230 $ 7,918 +105 percent Income From Continuing Operations $ 2,435 $ 1,246 + 95 percent - Per Share $ 0.17 $ 0.11 + 55 percent Net Income $ 2,376 $ 1,338 + 78 percent - Per Share $ 0.16 $ 0.12 + 33 percent Cash Flow From Continuing Operations $ 4,092 $ 2,159 + 90 percent - Per Share $ 0.28 $ 0.20 + 40 percent Net Cash Flow $ 4.033 $ 2,245 + 80 percent - Per Share $ 0.27 $ 0.20 + 35 percent Average Shares Outstanding 14,744,880 10,984,225 + 34 percent Thousands of Canadian $, except per share figures For The Nine Months Ended May 31 May 31 Percent Change 1998 1997 Revenues $47,082 $24,444 + 93 percent Income From Continuing Operations $ 8,336 $ 3,874 +115 percent - Per Share $ 0.57 $ 0.35 + 63 percent Net Income $ 8,667 $ 3,902 +122 percent - Per Share $ 0.59 $ 0.36 + 64 percent Cash Flow From Continuing Operations $13,097 $ 6,426 +103 percent - Per Share $ 0.89 $ 0.59 + 51 percent Net Cash Flow $13,428 $ 6,739 + 99 percent - Per Share $ 0.91 $ 0.61 + 49 percent Average Shares Outstanding 14,744,880 10,984,225 + 34 percent X earnings and cash flow per share figures for the previous 2 quarters, when added to third quarter results, vary slightly from year to date totals as a result of the dilutive effect of shares issued during the period. /T/ NQL Drilling Tools Inc. is pleased to announce financial results for the Third Quarter ended May 31, 1998. REVENUES increased approximately 105 percent to $16.2 million compared to $7.9 million in the corresponding period for the previous year. Similarly, INCOME FROM CONTINUING OPERATIONS grew by approximately 95 percent to $2.4 million ($0.17 per share) from $1.2 million ($0.11 per share) and CASH FLOW FROM CONTINUING OPERATIONS improved approximately 90 percent to $4.1 million ($0.28 per share) from $2.2 million ($0.20 per share). For the nine months ended May 31, 1998, REVENUES improved approximately 93 percent to $47.1 million compared to $24.4 million for the same period in fiscal 1997. Similarly, INCOME FROM CONTINUING OPERATIONS increased 115 percent to $8.3 million ($0.57 per share) from $3.9 million ($0.35 per share) and CASH FLOW FROM CONTINUING OPERATIONS grew by 103 percent to $13.1 million ($0.89 per share) from $6.4 million ($0.59 per share) for the same period in fiscal 1997. The Third Quarter results reflect continued demand for the Company's downhole tool products and technology through this period despite the difficult economic climate in the Oil & Gas industry. However, management expects that the Company's fourth quarter will be impacted to some degree by the volatility in this market. During the remainder of fiscal 1998, management will continue to focus upon international expansion. This will allow the Company to expand its customer base in international markets and ensure that the Company will be poised to supply its products and technology to the international community as resource prices stabilize. NQL Drilling Tools Inc. shares are traded on the Toronto Stock Exchange under the symbol "NQL.A" THE COMPANY NQL Drilling Tools Inc. is an industry leader in providing downhole tools and technology used primarily in drilling applications in the oil and gas, environmental and utility industries on a worldwide basis. Black Max(tm) is a registered trademark of Black Max Downhole Tool Ltd. Beaver(tm) is a registered trademark of NQL Drilling Tools Inc.

To: Kerm Yerman who wrote (11837)	7/21/1998 9:41:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Millennium Updates Acquisition and Drilling Activities ASE SYMBOL: MLN JULY 21, 1998 CALGARY, ALBERTA--Millennium Energy Inc. has received clearance from The Alberta Stock Exchange to file its Information Circular in respect of the proposed acquisition of approximately $4.2 million in assets (news releases dated March 25, 1998 and May 13, 1998). Approval of the transaction, which will see Millennium issue 16,597,959 million common shares at $0.25 per share as consideration, will be sought at an August 31, 1998 special meeting of shareholders, to be held at 3:00 p.m. at the Calgary Petroleum Club. The record date for the purpose of establishing those shareholders entitled to notice of the meeting is July 27, 1998. Millennium also updated its drilling activities. At Craigend, Alberta, Millennium drilled and completed a gas well at 15-8-64-11W4M. Millennium has a 50 percent interest is the well, which has been perforated in the Colony zone. Reserves have been estimated at approximately 1 bcf (gross) and preliminary production tests have indicated a stabilized rate of 2 mmcf per day (gross). Tie-in to nearby infrastructure will likely occur during the third quarter. Meanwhile at Rumsey, Alberta, the company announced that its Leduc pinnacle reef play at 8-21-34-20W4 resulted in a dry hole. Millennium's interest is 24 percent. The company and its partners are now reviewing the data in order to confirm the existence of other drilling prospects on two adjacent sections of land they own.

To: Kerm Yerman who wrote (11837)	7/21/1998 9:47:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / First Star Energy Announces Increased Working Interest in Lawrence County Prospect ASE SYMBOL: FST JULY 21, 1998 CALGARY, ALBERTA--First Star Energy Ltd. ("First Star") announces that it has increased its working interest in its Lawrence County Kentucky prospect (4000 gross acres) to a 40 percent working interest from its previous 27.5 percent working interest. The Ballard Ray #1 well, drilled to over 8000 feet, was placed on production on July 14, 1998 at an initial rate of 600 mcfd (240 mcfd net to First Star). The current gas sales price is US $2.53 per mcfd (Can $3.75 per mcfd). A seismic survey on the prospect has been completed and is being processed. Another deep well is expected to be drilled before the end of 1998. First Star also advises that it will begin a 5 well shallow gas program in Johnson County Kentucky by August 1, 1998 (25.0 percent W.I.). The wells are expected to average approximately 200 mcfd each. As this is a development program, tie-in to the sales gas line is expected for September 30, 1998. At the ACL et al Strachan 3-22-38- 9W5 well, (First Star 20 percent BPO, 25 percent APO) an initial test on one of the potential pay zones has been completed. The well will remain under tight hole status until late September. Full evaluation of the potential of the Strachan prospect is not expected for several months. First Star is listed on the Alberta Stock Exchange with the symbol "FST".

To: Kerm Yerman who wrote (11837)	7/21/1998 9:49:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Alma Oil & Gas Ltd. Drills Potential Oil & Gas Wells, Initiates Production in Long Coulee Area of Alberta, and Completes Private Placement ASE SYMBOL: AGL.A JULY 21, 1998 CALGARY, ALBERTA--Alma Oil & Gas Ltd. announces continued drilling success in the Long Coulee and Lomond areas of southern Alberta. The Company has drilled an oil and gas well at 12-6-18-22W4M. The well was drilled as a development well offsetting a new pool discovery the Company drilled in December 1997. In addition, an exploratory well at 14-29-18-22W4M has been cased as a potential gas well. To date four wells have been drilled in this gas prone multi-zone area. The first two wells of the project were drilled in December 1997 and are now on production at a combined rate of 2,500 mcf/d (net production to Alma is 1,250 mcf/d). With the current strength in the natural gas markets, it is expected that the increased production from the first two wells will add approximately $78,000 per month to the Company's gross revenue. With the initiation of production at Long Coulee, Alma currently produces 335 BOEPD, of which 80 percent is natural gas. The recently drilled 12-6 well (50 percent W. I.) is being production tested as an oil and gas well, and the 14-29 well (15 percent W. I.) is currently being completed as a gas well. Subject to favourable test rates these wells will be tied in as soon as possible. The 12-6 (50 percent W.I.) and 14-29 (15 percent W.I.) wells will further increase the company's gas and liquids production. Alma, as operator of the project, now has a 50 percent working interest in three wells and a 15 percent working interest in one well. Total land holdings in the area consist of interests in 13 gross sections of land (8,320 gross acres). Several development locations have been identified, as well as recompletion opportunities. Alma also announces it has completed a Private Placement of 1,195,279 Class A shares for gross proceeds of $549,828. Funds will be used to fund continued exploration and development activity. The Company also announces that the Final Prospectus to clear 2,727,300 Special Warrants has been sent to investors. Each Special Warrant is convertible into one Class A Common Share, and one half of a Class A Common Share purchase warrant exercisable at $0.80 up to December 3, 1998.

To: Kerm Yerman who wrote (11837)	7/21/1998 9:56:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Eurogas Corporation Announces Drilling Results TSE SYMBOL: EUG JULY 21, 1998 CALGARY, ALBERTA--Eurogas Corporation announced today that the results of the drilling program on the Bazma permit in central Tunisia have been received and assessed. The BZM-1 well was drilled to a depth of 4109 meters. A vertical seismic profile, biostratigraphic analysis and logs have confirmed that the well encountered approximately 1000 meters of Middle Permian carbonates in a reef-shaped structure which contained no reservoir. As a result, the Company will abandon this well. Eurogas has significant land positions in Tunisia, holding a 40 percent interest in the 500,000 acre Bazma permit, a 57 percent interest in the 700,000 acre Sud Nefta permit and a 33 1/3 percent interest in the 1,100,000 acre El Hamra prospecting permit, which is currently being awarded. This represents a total of 2.3 million acres, which are strategically located in the Tunisian sector of the prolific Ghadames Basin in North Africa. This under-explored portion of Tunisia has recently become the focus of industry attention and the Corporation's early entry provides maximum exposure to significant oil and gas opportunities. With the benefit of the geological information obtained from the Bazma and Sud Nefta drilling programs, Eurogas will continue its geological and geophysical exploration program over these extensive land holdings. Eurogas Corporation is an independent oil and gas company engaged in the development of a major oil and gas field in Russia, exploration for oil and gas reserves in Tunisia, developing a major gas storage project in Spain and the exploration for and production of oil and gas in Canada. The company is listed on the Toronto Stock Exchange (TSE) under the symbol EUG.

To: Kerm Yerman who wrote (11837)	7/24/1998 4:07:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

CORP. / M.L. Cass Petroleum Corp Announces Agreement Date: 7/22/98 10:31:13 AM Stock Symbol: MLO.T M.L. Cass Petroleum Corporation (the "Company") announced today the Company and its affiliate, PT. Suvarna Bhumi Persada ("SBP") have executed a "Term Sheet of EPC Contract" ("Term Sheet") and an "Agreement for Engineering Services" ("Agreement") with Lentjes Energietechnik GmbH ("Lentjes") of Germany for the construction of the 2*55 MegaWatt coal-fired electrical power station (the "Station") at Pomalaa, South Sulawesi, Indonesia. Construction of the Station is expected to commence in the 4th quarter of 1998. SBP has contracted with PT. Aneka Tambang ("ANTAM"), Indonesia's largest producer of ferronickel, to construct the U.S. $130 million Station as part of ANTAM's U.S. $375 million expansion of its existing ferronickel smelter at Pomalaa. The smelter expansion, scheduled for completion by June, 2000, will increase ANTAM's ferronickel smelter capacity from 11,000 tonnes to 24,000 tonnes per annum. SBP owns PT. Pomalaa Power Company ("PowerCo"), an Indonesian company with an exclusive license to build the Station. Pursuant to an agreement dated February 27, 1998, the Company has contracted to acquire the shares of PowerCo for 10,715,000 shares of the Company and U.S. $1 million cash. Closing will occur 5 days following receipt of Canadian regulatory approval, estimated to be during the month of September, 1998. The Term Sheet provides for Lentjes to construct the Station for the turn-key, lump sum amount of U.S. $98 million. The Term Sheet is subject to approval by the Company's proposed project lenders and finalization of definitive EPC contract terms. The Agreement provides for Lentjes to commence U.S. $700,000 of required engineering work immediately, an amount which will offset against the engineering component included in the Term Sheet's total cost of U.S. $98 million. Lentjes has also agreed to invest U.S. $5 million in a Company-sponsored U.S. $35-40 million private placement of common shares. Lentjes is part of the LURGI Group of Germany. The LURGI Group companies engineer, supply and build turn-key plants and plant units worldwide and had consolidated revenues of DM 4 billion for the 1996/97 fiscal year-end. The LURGI Group companies are 100% owned by Metallgesellschaft AG, one of Germany's largest conglomerates, active in the fields of trading, chemicals, production, engineering and building technologies. Effective immediately, the Board of Directors have appointed Ronald P. Bourgeois as President and Robert R. Rooney as Secretary to the Company. M.L. Cass Petroleum Corporation is a publicly held Company in Calgary, Canada and trades on the Toronto Stock Exchange under the symbol "MLO.T".