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

To: Kerm Yerman who wrote (12422)	9/23/1998 7:05:00 PM
From: SofaSpud	Respond to of 15196

ENERGY TRUSTS / Optus distribution OPTUS NATURAL GAS DISTRIBUTION INCOME FUND ANNOUNCES MONTHLY CASH DISTRIBUTION CALGARY, Sept. 23 /CNW/ - OPTUS Natural Gas Distribution Income Fund (''OPTUS'') (OPT.UN:TSE) announced today that it will make a monthly cash distribution of $0.1917 per trust unit on October 15, 1998 to unitholders of record on October 5, 1998. On September 21, 1998 OPTUS announced that it had taken up approximately 17.4 million trust units (''WestCastle Units'') of WestCastle Energy Trust (''WestCastle Trust''), or approximately 85% of the issued and outstanding WestCastle Units, under its offer to purchase all of the issued and outstanding WestCastle Units dated August 28, 1998. WestCastle Unitholders who tendered to the bid on or prior to September 21, 1998 will be OPTUS Unitholders of record on October 5 and therefore be eligible to receive the October OPTUS distribution. On September 21, 1998 OPTUS also announced that it had extended the expiry date of the Offer to 5:00 p.m. (Calgary Time) on October 5, 1998 (the ''Extension Period''). WestCastle Unitholders who tender their shares during the Extension Period will not be OPTUS Unitholders of record on the record date and therefore will not be eligible for the October distribution. All WestCastle Unitholders who tender their units to the OPTUS bid will receive the November distribution of $0.25 per unit reflecting the recently announced increased annual distribution to $3.00 per OPTUS unit. WestCastle Unitholders who have tendered their units pursuant to the initial offer will receive, in the case of the cash election, $5.70 per unit and in the case of the OPTUS unit election a combination of $0.859 cash per WestCastle unit and 0.262 of an OPTUS unit per WestCastle unit. Any fractions of OPTUS units will be paid in cash using an $18.45 OPTUS price. The allocation ratio of cash and OPTUS units for WestCastle Unitholders who will tender their units pursuant to the extension to October 5, 1998 will be determined at that time. OPTUS is an income trust which through DEML is Canada's largest independent natural gas marketing company, currently distributing natural gas to approximately 500,000 residential and small business customers in Ontario, Manitoba and Quebec. DEML supplies approximately 750 million cubic feet of natural gas per day to industrial, institutional and utility customers in North America. After completion of the WestCastle acquisition and the issuance of trust units pursuant to the subscription receipts, OPTUS will have a market capitalization of approximately $400 million. -30- For further information: OPTUS Natural Gas Distribution Income Fund, c/o Direct Energy Marketing Limited, Gary J. Drummond, Louis R. Dufresne, (403) 266-6393, Fax: (403) 266-6684

To: Kerm Yerman who wrote (12422)	9/23/1998 7:07:00 PM
From: SofaSpud	Respond to of 15196

PROPERTY ACQUISITIONS / Cavell CAVELL ENERGY CORPORATION ANNOUNCES PROPERTY AND PRODUCTION ACQUISITION CALGARY, Sept. 23 /CNW/ - Cavell Energy Corporation (KVL:TSE) is pleased to announce that it has acquired from Newport Petroleum Corporation all of Newport's assets in South East Saskatchewan. The purchase price was $1.9 million and Cavell has funded the transaction from existing bank lines. Current production attributable to the acquisition is 130 boed. The acquired assets are high working interest operated properties and include 1,500 net acres of developed lands at an average working interest of 95%. The undeveloped lands included in the assets are in excess of 70,000 net acres with an average working interest of 88%. The majority of the undeveloped land is in the Rocanville-Wapella area where the Jurassic Formation yields shallow light oil reserves. The major producing property is the West Hastings pool located in Twp. 3 Rge. 4 W2M. Cavell acquired a 100% interest in a new production facility and in four producing wells. Cavell's immediate plans for the area are to re-complete an existing vertical well, drill a new horizontal leg on a currently unproductive horizontal well and to add a water disposal facility. The addition of the water disposal facility will result in a significant drop in field operating costs and improve the netbacks and cash flow arising from this project. In 1999 the company is planning further drilling on the West Hastings property and on other acquired Newport properties. This acquisition is an excellent fit for Cavell's strategy to acquire value properties within its core area of S.E. Saskatchewan. NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION TN THE UNITED STATES -30- For further information: Murray McCartney, President and Chief Executive Officer, or Arthur Madden, Vice-President Finance and Chief Financial Officer, (403) 269-8337, Fax: (403) 264-1627

To: Kerm Yerman who wrote (12422)	9/23/1998 7:08:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Profco begins Nigeria production PROFCO RESOURCES LTD. CALGARY, Sept. 23 /CNW/ - Profco Resources Ltd. (''PSO'' - TSE) announced today that oil production has commenced from its Ejulebe field offshore Nigeria. Currently one well is on production to facilitate final testing of the production facilities. The remaining three high-capacity production wells will be placed on stream during the next several weeks increasing production to between 10,000 to 13,000 barrels of oil per day. The fabrication, delivery, installation and commissioning of the production facilities and pipelines were accomplished ahead of schedule enabling first oil on September 19, 1998. Profco's share of production is 60% before recovery of its costs and 22.5% thereafter. The balance of the production is owned by Profco's Nigerian partner, Atlas Petroleum International Ltd. Profco is a public company, which trades on The Toronto Stock Exchange, whose primary focus is the exploration, development and production of crude oil in West Africa -30- For further information: Richard K. Jaggard, Vice President Finance, Profco Resources Ltd., (403) 262-5600