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

To: SofaSpud who wrote (12443)	9/23/1998 8:55:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

EARNINGS / Grace Resources First Quarter Report CALGARY, Sept. 23 /CNW/ - GRACE RESOURCES INC. (''GRI'') reports that for the three-month period ended July 31, 1998, its loss was $18,955 ($0.005 per share) as compared to a loss of $8,666 ($0.001 per share) for the same period in 1997. This increase was caused by expenditures incurred to facilitate the company's acquisition of oil and gas properties as its Major Transaction. The transaction was completed and announced in August, subsequent to the quarter end. Grace intends to add shareholder value by pursuing advantageous oil and gas asset acquisitions. Grace Resources Inc. (''GRI'') is a publicly traded company on The Alberta Stock Exchange. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

To: SofaSpud who wrote (12443)	9/23/1998 8:59:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Husky Oil - Sour Gas Release In Nordegg Area CALGARY, Sept. 23 /CNW/ - There was a sour gas release at 12:30 p.m. today at a Husky Oil drilling site in the Blackstone area, about 50 km north east of the town of Nordegg. The specific well location is 10-22-45-16 W5M. The flow has been stopped. It lasted approximately two hours. The gas release of about 30,000 cubic feet has been dispersed. The gas is estimated to contain 18 percent hydrogen sulphide (H(2)S). Husky has deployed its emergency response team, including well control specialists, to manage this situation. No one has been hurt as a result of this release. Although the gas flow has been stopped, the situation remains serious. Husky personnel are taking further action to fully secure the well. Until this situation is under control, the public is advised to stay away from the affected area. Road blocks have been established to keep people a minimum of 10 km away from the area. Husky has stationed advisory personnel at two key road intersections in the area. These intersections are: - the Elk River Road west of the Wolf Lake intersection, and - just east of the Pembina Forks Road (Forestry Trunk Road/Elk River Road). These personnel will be advising any traffic of the incident, and recommending alternative routes. These road blocks and personnel will be maintained until further notice. The nearest residence is about 20 km from the well site, and a helicopter was dispatched earlier in the day to advise any recreational users to leave the area. The Alberta Energy and Utilities Board has been notified of this incident, as well as the RCMP detachments of Drayton Valley and Edson, Municipal District of Yellowhead and any other industrial users in the area. Husky Oil is a Canadian-based privately held integrated oil and gas company headquartered in Calgary, Alberta. The company's operations include the exploration for and the development of crude oil and natural gas, as well as the production, purchase, transportation, upgrading, refining and marketing of crude oil, natural gas, natural gas liquids, sulphur and petroleum coke, and the marketing of refined petroleum products, including gasoline, alternative fuels and asphalt.

To: SofaSpud who wrote (12443)	9/23/1998 9:06:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / Alliance Pipeline Accepts FERC Certificate CALGARY, Sept. 23 /CNW/ - Alliance Pipeline today announces that it will accept the Certificate of Public Convenience and Necessity (CPCN) offered to it by the U.S. Federal Energy Regulatory Commission (FERC) on September 17, 1998. ''This truly is a momentous day for Alliance! After detailed internal review, I am delighted to announce that Alliance will accept its FERC Certificate'', says Dennis Cornelson, Alliance President and Chief Executive Officer. ''At its regularly scheduled meeting today, the Alliance Board of Directors strongly endorsed accepting the Certificate and moving forward aggressively with our construction plans. All our partners remain enthusiastic about and fully committed to the Alliance project schedule which will see western Canadian natural gas flowing through our system at the beginning of the fourth quarter of 2000 as previously announced.'' Cornelson continues, ''This heralds the dawning of a new day for the natural gas pipeline transportation industry in North America. After more than 2 years of hard work we have been rewarded with American approval of the Alliance concept to introduce pipeline competition and choice for western Canadian gas producers and to provide an additional secure source of supply for midwestern U.S. and eastern Canadian consumers. ''As well, construction of the Alliance system will generate a wide-ranging variety of economic benefits in both the United States and Canada through employment and entrepreneurial opportunities at the local, regional and national levels. And, as has been stated in both the FERC's final Environmental Impact Statement and in the Canadian National Energy Board's draft Comprehensive Study Report on environmental issues, this can all be accomplished without significant adverse environmental effects.'' Cornelson concludes, ''One last key item for us now is Canadian regulatory approval, and their process is nearing completion. We are very optimistic that the National Energy Board will approve our application later this fall. If so, this means that the construction start of the Alliance system is a definite go for 1999 and that we'll be in operation in 2000 as planned. We are continuing to take all actions to ensure that we have the material and personnel in place to achieve this schedule.'' The Alliance Pipeline system is designed to carry natural gas from western Canada to the Chicago-area market center for distribution throughout North America. Investors in the Alliance Pipeline Limited Partnerships currently include affiliates of: - Coastal Corporation (NYSE:CGP) - 14.4% - Duke Energy Corporation (NYSE:DUK) - 9.8% - Fort Chicago Energy Partners LP (TSE:FCE.UN) - 26.0% - IPL Energy Inc. (TSE:IPL) - 21.4% - The Williams Companies, Inc. (NYSE:WMB) - 4.8% - Unocal Corporation (NYSE:UCL) - 9.1 % - Westcoast Energy Inc. (TSE:W) - 14.5% ATTENTION: Alliance will hold a dial-in conference call on September 24, 1998 at 12:00 noon EDT, 11:00 am CDT, 10:00 am MDT, 9:00 am PDT to respond to questions regarding this release. Dennis Cornelson (Alliance President and Chief Executive Officer) and Jack Crawford (Vice-President, Public, Government and Regulatory Affairs) will be available. The telephone number to access the teleconference is 1.800.997.8544. The conference operator will provide instructions on how to participate. The registration process will begin 15 minutes prior to the scheduled conference. For those wishing to review the call post-teleconference, dial 416.626.4100 and use the reservation number 996079 to gain access. The replay will be available for 24 hours following the teleconference. No additional calls will be taken today. Thank you for your cooperation.

To: SofaSpud who wrote (12443)	9/23/1998 9:10:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / Fort Chicago Energy Partners Announces Alliance Pipeline Will Accept FERC Certificate CALGARY, Sept. 23 /CNW/ - Fort Chicago Energy Partners L.P. announces that Alliance Pipeline earlier today reported that it will accept the Certificate of Public Convenience and Necessity (CPCN) offered to it by the U.S. Federal Energy Regulatory Commission (FERC) on September 17,1998. ''After detailed internal review, I am delighted to announce that Alliance will accept the FERC Certificate with the conditions attached'', says Dennis Cornelson, Alliance President and Chief Executive Officer. ''This truly is a momentous day for Alliance! This heralds the dawning of a new day for the natural gas pipeline transportation industry in North America.'' The Alliance Pipeline system includes a 3,000 kilometre mainline natural gas pipeline designed to carry natural gas from Northeastern British Columbia to the Chicago-area market centre for distribution throughout North America. Fort Chicago and its affiliates own a 26% interest in the Alliance Pipeline limited partnerships and related entities.

To: SofaSpud who wrote (12443)	9/23/1998 9:16:00 PM
From: Kerm Yerman	Read Replies (5) \| Respond to of 15196

CORP. ACTIVITIES / Mobil Canada Opens In Atlantic Canada NEW BUSINESS UNITS PLAN TO INVEST $4 BILLION IN EAST COAST OFFSHORE ST. JOHN'S, Nfld., Sept. 23 /CNW/ - Mobil Canada, the largest interest holder in the East Coast offshore oil and gas industry, stepped up its leadership role Wednesday by announcing the opening of two Atlantic Canada offices in St. John's, Nfld., and Halifax, Nova Scotia. The two new business units in Newfoundland and Nova Scotia plan to invest about $4 billion (Cdn.) in Atlantic Canada over the next five years. ''We're excited about the long-term potential of our business here,'' said Ken Miller, Mobil's Senior Vice President for Eastern Canada. ''The East Coast of Canada is one of Mobil's major areas of growth in the world. We're encouraged by the business environment in both Nova Scotia and Newfoundland and will continue to work to ensure the area's competitiveness on a global basis.'' The Newfoundland office was opened today by Premier Brian Tobin and Mobil Canada executives. The Nova Scotia office will officially open tomorrow at a ceremony to be attended by Premier Russell MacLellan. Mobil is the only oil company to open offices in both Newfoundland and Nova Scotia to lead exploration and production activity on the Atlantic offshore. Mobil has the largest energy portfolio in the Eastern Canada offshore oil and gas industry, and leads in significant discoveries, reserves, production and active developments. The company is a major owner in the Hibernia oil development, which began producing last November, and Terra Nova, which is scheduled to begin producing oil by 2001. Mobil is also the largest shareholder in the Sable Offshore Energy Project. Off Newfoundland, the company holds interests in 13 significant discoveries and in 14 exploration permits. Further drilling is planned to commence later this year on the Hebron discovery (approximately 40 percent Mobil interest) which lies between the Hibernia and Terra Nova developments. Off Nova Scotia, Mobil holds interests in 13 significant discoveries, and in exploration licenses and permits covering 3.4 million acres. ''It gives me great pleasure for Mobil to be taking such a strong leadership role in the development of this important new resource industry for Atlantic Canada,'' said Jerry Anderson, President of Mobil Canada. ''With our existing infrastructure and knowledge of the basins, we are looking for continued strong growth in production from the region and realizing operational synergies to maximize the returns to our shareholders.'' Said Newfoundland Premier Brian Tobin: ''Mobil has already played a tremendous role in the development of the oil industry in Eastern Canada. The company's perseverance and leadership was a major contributor to Hibernia's success and I'm sure that with the new Business Unit in the province, Mobil will play an even bigger part in Newfoundland's future.'' Russell MacLellan, Premier of Nova Scotia, was enthusiastic about Mobil Canada's new Nova Scotia Business Unit and its office in Halifax. ''Mobil played a leading role in getting the Sable Offshore Energy Project restarted. Opening this new office in downtown Halifax confirms Mobil's commitment to the development of Nova Scotia's oil and gas resources.'' Mobil Canada is a wholly owned subsidiary of Mobil Corporation headquartered in Fairfax, Virginia. Mobil Canada's headquarters is in Calgary. Mobil Canada's Newfoundland exploration and production business unit is led by Vice-President Andrew Adams, a native of St. John's, Nfld. The new offices in St. John's are located at 235 Water Street. The Nova Scotia business unit is headed by Vice-President Paul Bennett, a native of Toronto who has worked on Scotian Shelf projects for more than 20 years. Mobil's office in Halifax is at Founders' Square, 1701 Hollis Street.