Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: SofaSpud who wrote (11964)	7/30/1998 9:31:00 PM
From: Herb Duncan	Respond to of 15196

CORP / BXL Energy - Sale of Gas Management Contract Operations ASE SYMBOL: BXL JULY 30, 1998 CALGARY, ALBERTA--BXL Energy Ltd. is pleased to announce the completion of the sale of the company's gas management contract operations for proceeds, net of related charges, of approximately $1,060,000. In addition to strengthening BXL's balance sheet, the transaction will result in a gain on disposition of $700,000. The sale of this line of business will allow the company to focus entirely on oil and gas exploration and development and will ensure that BXL's financial and operating results are directly comparable to its peers. BXL Energy Ltd. is engaged in the acquisition, exploration, development and production of oil and gas reserves in Alberta. BXL is listed on The Alberta Stock Exchange and has approximately 19.9 million shares outstanding.

To: SofaSpud who wrote (11964)	7/30/1998 9:35:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Schlumberger and Camco Clear US Antitrust Review NYSE SYMBOL: SLB AND CAMCO INTERNATIONAL, INC. VSE SYMBOL: CAM JULY 30, 1998 NEW YORK, NEW YORK--Schlumberger Limited and Camco International, Inc. today announced that the required waiting period under the US Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired. The proposed merger between Schlumberger Technology Corporation, a wholly-owned subsidiary of Schlumberger, and Camco International, Inc., is expected to proceed without further US antitrust review. The companies anticipate that the transaction will close on August 31, 1998, following the Camco stockholders meeting. Schlumberger is a worldwide leader in technical services with 65,000 employees and operations in over 100 countries. In 1997, revenue was $10.65 billion. Camco International, Inc. is a worldwide oilfield equipment and service company with 5500 employees. Camco provides specialized products and services in drilling, well completion, production and well services for the oil and gas industry. In 1997, revenue was $914 million.

To: SofaSpud who wrote (11964)	7/30/1998 9:38:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Nu-Sky Energy Inc. Appoints Director and Releases 3rd Quarter Results VSE SYMBOL: NUS JULY 30, 1998 CALGARY, ALBERTA--Nu-Sky Energy Inc. ("Nu-Sky") is pleased to announce the appointment of Keith Macdonald to its board of directors effective July 17, 1998. Mr. Macdonald is a Director and V.P. of Finance for New Cache Petroleums Ltd. Messrs. Macdonald and Hofmeister worked together previously for nine years at Keles Production Company Ltd. and New Cache Petroleums Ltd. Nu-Sky also releases its third quarter results, the highlights of which are shown below. Subsequent to the end of the quarter (May 31), additional production brought on stream boosts Nu-Sky to 200 BOE/day total production, 50 percent light crude and 50 percent natural gas. /T/ FINANCIAL HIGHLIGHTS FOR NINE MONTHS ENDED MAY 31, 1998 1998 1997 Percent Change AVERAGE DAILY PRODUCTION Oil (BBLS/D) 91.8 80.8 13.7 Natural Gas (MCF/D) 146.4 71.6 109.5 BOE/Day 106.4 88.0 20.9 FINANCIAL Price/BBL $ 23.34 $ 29.20 -20.1 Price/MCF $ 1.72 $ 1.23 39.9 Netbacks/BOE $ 11.35 $ 15.36 -26.1 Operating Cost/BBL $ 9.70 $ 9.46 2.6 Revenue, Net of Royalties $611,511 $599,210 2.1 Net (Loss) Income ($120,408) $ 37,315 n/a Working Capital Deficiency $738,540 $448,457 64.7 Cash Flow $ 73,617 $181,028 -59.4 Common Shares Outstanding 10,430,299 9,511,532 9.7 Cash Flow per Share $ 0.007 $ 0.023 -69.6 /T/

To: SofaSpud who wrote (11964)	7/30/1998 9:42:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Newalta Closes Acquisition Of Oilfield Waste Management Facilities TSE SYMBOL: NAL JULY 30, 1998 CALGARY, ALBERTA--NEWALTA CORPORATION (NAL - TSE) announces that today it has closed the acquisition of two oilfield waste management operations in Drayton Valley and Zama, Alberta from Byram Industrial Services Ltd. The acquisition was funded from the Company's credit facility. Two new oilfield waste management facilities were also constructed in 1998. The Valleyview facility was fully operational in July and the facility at Elk Point is in the final stages of commissioning and it will be operational in August. These facilities and the acquired operations will increase the number of waste facilities in the Oilfield Division from 10 at the end of last year to 14. These operations will be integrated into the existing Oilfield Division network without Regional, Divisional or Corporate management additions. Newalta is a western Canadian waste management company.

To: SofaSpud who wrote (11964)	7/30/1998 9:45:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Cabre Reports First Half TSE SYMBOL: CBE JULY 30, 1998 CALGARY, ALBERTA--Cabre Exploration Ltd. wishes to announce its first half 1998 results. Revenue net of royalties fell 20 percent to $43.2 million compared to $53.7 million for the period one year earlier. Reduced revenues are primarily due to lower oil prices with the Company realizing $17.35 per barrel, 32 percent lower than the $25.50 per barrel received in 1997. Gas prices improved substantially in the second quarter to average $1.80 per thousand cubic feet for the first half, the same as one year earlier. As opposed to a loss in the first quarter, the Company can again report earnings of $2.0 million ($0.11 per share; $0.11 fully diluted). Cash flow fell 42 percent to $21.2 million ($1.23 per share; $1.20 fully diluted) from $36.7 million ($2.13 per share; $2.05 fully diluted). A gain of $3.0 million on the sale of marketable securities is not included in the cash flow numbers. The Company's debt, net of working capital, was $106 million at June 30 and there were 16,933,208 shares outstanding compared to 17,399,908 at year end reflecting purchases made pursuant to the Company's issuer bid, net of stock option exercises. During the period the Company produced a daily average of 53.7 million cubic feet of natural gas, down one percent from 54.2 million cubic feet in 1997 and 9,989 barrels of oil and liquids, down 7 percent from 10,771 barrels. This compares to first quarter 1998 averages of 55.1 million cubic feet of gas and 9,894 barrels of oil and liquids per day respectively. Gas volumes have been negatively impacted primarily due to interruptible service conditions in the Marten Hills area, where the Company is required to process most of its gas through third party gas plants. Cabre was unable to tie-in all the deliverability developed during its winter drilling program and existing production volumes varying between five to ten million cubic feet per day has also been interrupted at times during the second quarter. Most tied-in wells are now again producing and the Company estimates that it is currently producing 60 million cubic feet per day. Cabre now expects to average 10,300 barrels of oil and liquids per day and 60 million cubic feet per day over 1998, unless acquisitions can be made. The Company drilled and participated in 79 wells (65.2 net), including 22 oil wells (19 net), 33 gas wells (25.1 net), 22 dry holes (19.1 net) and two net service wells. In the second quarter 20 wells were drilled primarily in the Provost area (13 wells) and Joarcam area (4 wells). An important exploratory well also commenced drilling in the West 5 project area, where the Company's exploration program is gaining momentum, including now owning over 20,000 net acres of land. At this time four firm high potential exploratory wells are planned in this area along with two wells in the Peace River Arch to be drilled before year-end. During the period the Company has invested $52.3 million including $4.2 million in its international business, $4.4 million in land and $2.9 million in seismic. As a result of the failure of all conditions being met, the Company was unable to close the previously announced merger of its subsidiary, which owns a 50 percent interest in the West Esh El Mallaha ("WEEM") concession in Egypt, with Naftex Energy Corporation, a Canadian public company owning the other 50 percent of WEEM. Cabre's subsidiary maintains ownership of its WEEM position and has appointed two members to the board of directors of ESHPETCO, a joint company formed among Cabre, Naftex and the Egyptian General Petroleum Corporation ("EGPC"), which is now the operator of WEEM pursuant to Egyptian laws. Production of both wells Rabeh-1 and Rabeh-East No. 1 continues to be problematic with high water cuts averaging 350 barrels of oil per day. The lower Matula zone in the Rabeh-1 well, which drill stem tested 1,570 barrels per day has yet to be produced. The Company has budgeted for participation in a 200 square kilometer 3-D program and 400 kilometer 2-D program, which is now over 90 percent shot, as well as three test wells comprising one development well to the Rabeh-1 discovery and two exploratory wells targeting new pools. The shortage of drilling rigs in Egypt continues to be frustrating and we now do not expect to commence the drilling program until early September. In Morocco, the planned 450 kilometer 2-D program has commenced shooting over the eastern Fes block comprising a part of Cabre's 6,000 square kilometers of permit lands. The Company is also planning two wells in the fourth quarter to test prospects delineated from existing re-processed seismic data. The Company has developed over 12 leads to date and anticipate a multi-well program being determined for 1999 following integration of the new seismic data.

To: SofaSpud who wrote (11964)	7/30/1998 9:48:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

CORP / Celestar Exporation Ltd. Announces Major Transaction ASE SYMBOL: CXP JULY 30, 1998 CALGARY, ALBERTA--Celestar Exploration Ltd. ("Celestar") is pleased to announce that the common shares of Celestar will be listed and posted for trading on The Alberta Stock Exchange on July 31, 1998. Celestar also announces that it has entered into a letter agreement dated June 23, 1998 with Brecon Enterprises Ltd. ("Brecon") concerning a proposed business combination (the "Major Transaction") of Celestar and Brecon through Celestar acquiring all of the issued and outstanding Class "A" common voting shares of Brecon by way of a take-over bid. This is a non-arm's length transaction. Holders of Class "A" common voting shares of Brecon will receive one common share of Celestar at a deemed price of $0.20 per share in exchange for each Class "A" common voting share of Brecon held. Prior to the closing of the Major Transaction, Brecon intends to complete a private placement of a minimum of 4,000,000 and a maximum of 12,000,000 Class "A" common voting shares of Brecon at a purchase price of not less than $0.25 per common share for aggregate gross proceeds of a minimum of $1,000,000 and a maximum of $3,000,000. There are currently 4,200,000 Class "A" common voting shares of Brecon outstanding. Brecon is a private natural resource corporation engaged in the business of acquiring and developing oil and gas properties in Western Canada. Brecon has an interest in oil and gas properties with production of 80 BOEPD in the Armada and Robin areas of southern Alberta, with proved reserves having a present value of $1,169,600 and 50 percent risked probable additional reserves with a present value of $194,000 based on constant dollar pricing discounted at 15 percent. Celestar is a Junior Capital Pool corporation. The business combination of Celestar and Brecon is intended to constitute Celestar's Major Transaction pursuant to Alberta Securities Commission Rule 46-501 and Circular No. 7 of The Alberta Stock Exchange. As such, the transaction is subject to regulatory and minority shareholder approval.