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 (11973)	7/31/1998 9:28:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Odessa Industries Inc. and Templar Energy Ltd. to Merge Business and Assets Together to Form 'Balata Resources' ASE SYMBOL: OII JULY 31, 1998 CALGARY, ALBERTA--Odessa Industries and Templar Energy are pleased to announce an agreement to merge the businesses and assets of the companies in an arms length transaction to form "Balata Resources Inc.". Odessa shareholders will exchange all of their common shares for common shares of Balata Resources at a ratio of 1 common share of Odessa for 0.5 common shares of Balata Resources, and the shareholders of Templar will exchange all of their common shares for common shares of Balata Resources at a ration of 1 common share of Templar for 0.75 common shares of Balata Resources. The merger is subject to shareholder and regulatory approval. Balata Resources will have oil and gas assets in Alberta and Southern California as well as mining assets in Bolivia and Manitoba. Initially Balata Resources will tie-in its existing producing gas wells at Oyen, Alberta and will participate in the drilling of the Forum play in the Los Angeles Sedimentary Basin in Southern California, where the company has a 7.0 percent interest. The company also has prospects in the Rainbow Lake region in Northern Alberta, Ponoka, Southwest Saskatchewan and Trinidad.

To: SofaSpud who wrote (11973)	7/31/1998 9:33:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Petrobank Announces Filing of Final Prospectus TSE SYMBOL: PBG JULY 31, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Petrobank Energy and Resources Ltd. announces that it has received receipts for its prospectus dated July 28, 1998 qualifying 4,730,00 common shares issuable upon the exercise of previously issued special warrants. All special warrants will be deemed to have been exercised on August 7, 1998. First Marathon Securities Limited and Stephen Avenue Securities Inc. acted as agents on the initial special warrants offering.

To: SofaSpud who wrote (11973)	7/31/1998 9:38:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Canadian Spooner Resources Inc. - Announcement ASE SYMBOL: CSF JULY 31, 1998 TORONTO, ONTARIO--Canadian Spooner Resources Inc. (the "Company") announced today an agreement to issue 16,800,000 common shares at $0.10 per share by way of a private placement with China Zhongjing Holdings Finance Company Ltd. of Hong Kong ("Zhongjing"). The Company currently has approximately 19.6 million common shares outstanding and the issue of the additional 16.8 million shares will transfer control of the Company to Mr. Hong Sheng Wang who controls Zhongjing. Upon completion it is anticipated Mr. Wang will become a director of the Company. The proceeds of $1.68 million will be used to fund the acquisition and diligence expenses of Canadian and Chinese professionals (legal and audit) to effect the following series of transactions: a) The purchase by the Company from Zhongjing of an equity interest of positions of three Chinese Cable Television joint ventures as follows: i) a 49 percent interest in Hubei Cable TV Network Company Ltd. ii) a 60 percent interest in Chongguing Cable TV Network Company Ltd. iii) a 49 percent interest in Anhai Cable TV Network Company Ltd. each of which are operating joint venture which have been operating profitably for several years. The purchase consideration would be effected by the issue of additional treasury shares of the Company. The number of shares would be arrived at by a formal valuation and submitted for approval by the 'minority' shareholders of the Company. The number of shares is yet to be determined. The issue of the treasury shares required to purchase the equity interest would be required to be qualified by a prospectus receipt for which will be had from the appropriate securities commission. b) The existing oil and gas properties of the Company together with $500,000 of the private placement proceeds would be transferred to a new subsidiary of the Company ("Subco") in exchange for the issue of 36.4 million common shares of Subco. The shares of Subco would be remitted to the shareholders of the Company by way of a dividend, following the receipt for a Subco prospectus to qualify the distribution of the Subco shares. The shares of Subco would not be eligible for listing with the Alberta Stock Exchange until the purchase of the Distillery described below. c) Imperial Investments Ltd. ("Imperial") the current controlling shareholder of the Company will then transfer 6 million of the 11.7 million Company shares it currently holds to Zhongjing in exchange for 10.8 million shares of Subco. Subco would then seek a listing on the Alberta Stock Exchange. Imperial would then hold 22.5 million of the 36.4 million shares (62 percent) of Subco and Zhongjing would hold 22.8 of the 36 million common shares of the Company (62.6 percent). d) Imperial then proposes to cause Subco to purchase a 55 percent interest in the Shandong Distillery ("Distillery") located in China which has operated profitably for many years, from an arm's length purchase by the vendor. The purchase price would be paid by the issue of the treasury shares of Subco following a valuation. The number of shares is yet to be determined. The $500,000 in Subco would be applied in part to fund the diligence expenses incurred in the purchase of the Distillery. A Subco prospectus would be required to qualify the issue of treasury shares issued to purchase the Distillery. Subco would then seek a listing with the Alberta Stock Exchange but there is no assurance it will be listed as it will have to meet the 'foreign issuer' requirements of the Exchange. e) A news release will be issued by the Company when a letter of intent for the acquisition of the Zhongjing interests is signed at which time trading of the Company shares will be halted until the appropriate securities commission has issued a receipt for a final prospectus qualifying the issue of the Company shares to Zhongjing and the Company meets the 'foreign listing' requirements of the Alberta Stock Exchange. The Company trades on the Alberta Stock Exchange under the symbol CSF and currently has approximately 19.6 million common shares outstanding.

To: SofaSpud who wrote (11973)	7/31/1998 9:42:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / Correction to Consumers Gas Financial Results of July 24, NONE SYMBOL: Private AND IPL ENERGY INC. TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF JULY 31, 1998 1998 TORONTO, ONTARIO--(July 31, 1998) Take Notice that the second paragraph of the July 24, 1998 News Release of The Consumers' Gas Company Ltd. incorrectly made reference to "shareholders of record on September 3, 1998" when in fact the reference date should be "September 4, 1998". We regret any inconvenience this error may have caused.

To: SofaSpud who wrote (11973)	7/31/1998 9:49:00 PM
From: Herb Duncan	Respond to of 15196

MERGER-ACQUISITIONS / Tarragon Oil and Gas Limited - Updates Proposed Transaction TSE, ME SYMBOL: TN JULY 31, 1998 CALGARY, ALBERTA--Tarragon Oil and Gas Limited ("Tarragon") and Marathon Oil Company ("Marathon") announced today that for the purpose of calculating the "Average Closing Price" of USX-Marathon Group common stock under their previously announced proposed transaction, the Currency Exchange Rate for Monday, August 3, 1998 will be the Federal Reserve Bank of New York Noon Buying Rate, as the Bank of Canada will not be posting an exchange rate for that day. Under the terms of the previously announced transaction, securityholders of Tarragon will receive Cdn $14.25 cash for each Tarragon common share, or, at the option of the holder, exchangeable shares of equivalent value issued by a wholly-owned Canadian subsidiary of Marathon that are exchangeable into shares of USX-Marathon Group common stock, or a combination of the foregoing (subject to a maximum 90 percent of the total consideration being paid in exchangeable shares, unless Marathon agrees otherwise.) A special meeting of the securityholders of Tarragon has been called for Tuesday, August 11, 1998 to consider the transaction. The record date for determining securityholders eligible to vote at the special meeting is July 7, 1998. The Board of Directors of Tarragon has recommended that securityholders vote to approve the transaction. Tarragon is a Canadian-owned exploration and production company whose common shares trade on The Toronto Stock Exchange and The Montreal Exchange under the symbol TN.

To: SofaSpud who wrote (11973)	8/1/1998 3:01:00 AM
From: Kerm Yerman	Read Replies (2) \| Respond to of 15196

CORP. / Mercantile International Petroleum Inc. Chairman Steps Down CHAIRMAN OF MERCANTILE INTERNATIONAL PETROLEUM INC. STEPS DOWN NASSAU, Bahamas, July 31 /CNW/ - Mercantile International Petroleum Inc. announced today that J. Arthur Bray the Chief Executive Officer and a director of the Company, also has become its Chairman. Jeffrey Waterous, who, although continuing as a director of the Company, has stepped down from his role as Non-Executive Chairman to spend more time pursuing other business interests. Robert Goods remains President of the Company and Roger Widmann and Cameron Smith continue as independent directors. In addition, the Company announced that, as part of its continued cost reduction efforts, it intends to replace its Nassau head office by expanding its office in Lima, Peru. Mercantile expects to close its Nassau office during the fourth quarter of 1998. The Company will also reduce its Peruvian workforce in August by 16 people. The employees who are leaving include technical, operating and warehouse personnel and one general manager. These staffing cuts will leave the Company with 52 employed in Peru, down from 68 in July 1998 and 162 in November 1997. The Company also announced that it is proceeding with two insurance claims in excess of $4.0 million for damages and financial losses due to El Nino flooding emanating from two separate El Nino occurrences. The six-month period of insured losses for claim No. 1 expired on June 30, 1998 and for claim No. 2, the six-month period expires on September 30, 1998. The Company submitted a final report and request for payment against claim No. 1 on June 30, 1998 with such claim totaling $3.3 million. On June 2, 1998, the Company received an advance payment of $250,000 against this claim. A further advance payment has been requested and may be forthcoming towards the end of August. The second claim, which to date totals in excess of $1.0 million, continues until the end of August. The final payments for these claims are required to be made no later than October 31, 1998 for claim No. 1 and December 31, 1998 for claim No. 2. The insurers (El Pacifico Peruano Suiza), are a consortium of AAA rated international companies (Creditcorp Group) who are well respected in the industry. Mercantile is an ''exploitation'' company, with interests in Peru, Colombia and Myanmar. The Company continues to look for international off-shore properties where the application of leading edge technologies will allow the Company to generate value through the commercial recovery of greater reserves. Mercantile's common shares are listed in US dollars on The Toronto Stock Exchange and made under the symbol MPT.U. Mercantile's debentures are listed on the Winnipeg Stock Exchange.