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

To: Kerm Yerman who wrote (12597)	10/1/1998 10:56:00 AM
From: SofaSpud	Respond to of 15196

SERVICE SECTOR / Serval announces cuts SERVAL CUTS COSTS AND REDUCES STAFF IN RESPONSE TO TOUGH ECONOMIC ENVIRONMENT CALGARY, Sept. 30 /CNW/ - Serval Integrated Energy Services of Calgary, Alberta announced today that it has taken action to cut costs in response to reduced revenues in a tougher economic environment. The combined effect of staff reductions and cuts to general and administrative expenses will produce an annualized saving to Serval of approximately $4 million. Serval has eliminated 32 staff positions out of a total permanent work force of 178. Cuts were made to executive salaries and budgets were trimmed in areas which will not negatively impact the quality of customer service. Serval is also exploring other cash generating economic initiatives, including the sale of non-core assets. These cuts do not impact Serval's plans to launch a new generation of high-penetration-rate coiled tubing drilling machines in October 1998. These units, which are already heavily booked, will add significant new operating revenues to Serval. Serval Integrated Energy Services is a major supplier of Well Services. Environmental Services, Construction Services and Production Services in Canada and internationally. Serval units are listed for trading on the Alberta Stock Exchange under the trading symbol SI.UN. There are currently 4,778,160 units outstanding. -30- For further information: Jay C. Lyons, President and C.E.O., (403) 531-0450, or Allan H. Stevens, Chief Financial Officer, (403) 531-8713

To: Kerm Yerman who wrote (12597)	10/1/1998 10:57:00 AM
From: SofaSpud	Respond to of 15196

CORP. / Imperial Oil tax ruling IMPERIAL OIL LIMITED TORONTO, Sept. 30 /CNW/ - Imperial Oil Limited today announced a final settlement with Revenue Canada for a refund related to the Federal Court of Appeal's 1992 decision in The Queen v. Gulf Canada Limited, and other issues related to its natural-resource business between 1974 and 1990. Imperial has for a number of years noted in its annual financial statements the potential recovery of prior overpayment of income taxes. Final settlements for related provincial tax refunds are still outstanding. The refund, totalling $140 million, includes about $100 million in taxable interest. The settlement will increase Imperial's 1998 earnings by about $60 million, after tax. That amount will be reflected in third-quarter earnings. -30- For further information: Investor Relations, Jean Cote, (416) 968-4262; Media Relations, Richard O'Farrell, (416) 968-4875

To: Kerm Yerman who wrote (12597)	10/1/1998 11:00:00 AM
From: SofaSpud	Respond to of 15196

PIPELINES / Industry association responds to AG report CANADIAN ENERGY PIPELINE ASSOCIATION CALGARY, Sept. 30 /CNW/ - The Canadian Energy Pipeline Association (CEPA) has been implementing pipeline safety and integrity measures that meet recommendations contained in the Auditor General's report. CEPA has worked closely with the National Energy Board (NEB) to: - refine risk assessment methods; - develop comprehensive databases for recording pipeline incidents; - establish industry practices for pipeline integrity management systems; - develop new pipeline inspection tools. ''While supporting the Auditor General's recommendations, CEPA believes that aging pipelines pose no greater safety and integrity risk,'' said CEPA President Myron Kanik. ''Experience has shown that a well-maintained pipeline can last indefinitely.'' Canadian pipeline companies are world leaders in safety and integrity. The Canadian transmission pipeline system is the safest and most cost-effective method of transporting the large volumes of crude oil and natural gas Canada produces each day. ''The number of major failures on federally regulated pipelines has been steadily declining since 1994,'' said CEPA Vice-President Technology and Operations Bob Hill. ''The number of incidents in 1998 to date is lower than in 1997. Less than 30 per cent of the incidents in 1997 occurred in areas which could affect the public.'' The industry's strong safety record is the result of government regulations and industry commitment to safety and reliability. Federal regulators and provincial agencies monitor the design, construction, operation and maintenance of Canadian pipelines. As well as the NEB regulations, Canadian pipelines must meet stringent standards set by the Canadian Standards Association, a multi-stakeholder organization involving government, industry, suppliers and consumers. This work is supported by the millions of dollars the pipeline industry spends each year on rigorous maintenance and inspection procedures to reduce the risk of pipeline failures. CEPA represents the interests of the Canadian transmission pipeline industry. CEPA member companies operate 90,000 kilometres of pipeline. These large-diameter lines transport 95 per cent of Canada's crude oil and natural gas production. -30- For further information: Mr. Robert Hill, Vice-President Technology and Operations, (403) 221-8777