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

To: Kerm Yerman who wrote (12600)	10/1/1998 11:05:00 AM
From: SofaSpud	Respond to of 15196

STAFF APPOINTMENT / Marathon APPOINTMENT IN MARATHON CANADA LIMITED ANNOUNCED HOUSTON, Sept. 30 /CNW/ -- William Watson has been appointed President, Marathon Canada Limited, effective October 1, 1998. Watson succeeds Edward Chwyl, President and Chief Executive Officer, Marathon Canada Limited, who is leaving the company to pursue outside interests at year end. In the interim period, Mr. Chwyl will retain his Chief Executive Officer responsibilities to assist with transitional issues. In his new position, Watson will also succeed Kevin A. Bennett, who has resigned. Bill Watson joined Marathon in 1982 at Aberdeen, Scotland. In 1985, he was named Production Manager for Marathon's Brae Field operations, which encompassed the management of very large offshore facilities, pipelines, and power generation equipment. In 1990, Watson moved to Anchorage as Region Manager for Marathon's Alaskan operations consisting of seven offshore platforms and related production facilities as well as Marathon onshore gas production. Three years later, he became Project Director for the company's Sakhalin Island project in Russia, and, in 1995, was named to his current position of President, Marathon Power Company. Marathon Power is a wholly owned subsidiary of Marathon Oil Company, and is responsible for the development, ownership, and operation of international power projects. Watson has a mechanical engineering degree from Napier University, Edinburgh, Scotland. After completing his degree and prior to joining Marathon, he worked 15 years in various operations and maintenance management positions within the nuclear power and petroleum industries in the United Kingdom. Marathon Canada Limited is a wholly owned subsidiary of Marathon Oil Canada Limited (Toronto: M), which is an indirect subsidiary of Marathon Oil Company. Marathon Oil Company is part of the USX Marathon Group (NYSE: MRO), a unit of USX Corporation. For additional information about Marathon, see their websites at www.marathon.com or www.usx.com USX Corporation press releases are available through Company News On-Call by fax, 800-758-5804, ext. 929150, or at prnewswire.com. -30- For further information: William P. Ryder of USX, 713-296-3912

To: Kerm Yerman who wrote (12600)	10/1/1998 11:06:00 AM
From: SofaSpud	Respond to of 15196

FINANCING / Player Pete. PLAYER PETROLEUM CORPORATION CALGARY, Sept. 30 /CNW/ - Player Petroleum Corporation (the ''Corporation'') announced today that its Board of Directors has agreed, subject to regulatory approval, to issue 160,000 ''flow through'' common shares of the Corporation on a private placement basis at a price of $1.32 per share. The Corporation intends to use the proceeds of this offering to continue its ongoing exploration program. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -30- For further information: Player Petroleum Corporation, Steven Johnson, President, CEO, (403) 215-3970

To: Kerm Yerman who wrote (12600)	10/1/1998 11:07:00 AM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES - ENERGY TRUSTS / Westrock II strike WESTROCK II ANNOUNCES SUCCESSFUL 200 BBL/DAY OIL WELL AT SYLVAN LAKE CALGARY, Sept. 30 /CNW/ - Westrock Energy Income Fund II is pleased to announce that it has recently drilled and completed another successful Pekisko oil well on its 100% working interest Sylvan Lake property in Alberta. This successful well at 8-23-37-3W5 encountered a 21 metre thick producing oil formation, known as the Pekisko zone and is capable of producing in excess of 200 barrels of oil per day. The well was placed on production August 8, 1998, and has recovered 10,500 barrels of oil to date with no water. This is the fourth successful oil well drilled by the Fund in this area over the past two years. Through its successful development drilling program, the Fund has more than doubled the production from the Sylvan Lake property with current production being approximately 1,200 BOE/day. Westrock Energy Income Fund II is finalizing plans to drill one additional infill well in 1998. Eric Tremblay Vice-President, Corporate Development -30- For further information: Investor Relations at 1-800-319-6462 or e-mail investorrelations@enerplus.com

To: Kerm Yerman who wrote (12600)	10/1/1998 11:10:00 AM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITES / Petrolex releases well results PETROLEX ENERGY CORPORATION ANNOUNCES COMPAE 2 WELL DRILLING RESULTS VANCOUVER, Sept. 30 /CNW/ - Petrolex Energy Corporation Trading Symbol: PXV - TV Petrolex Energy Corporation (the ''Company''), in conjunction with its joint operating partners, Texican Oil PLC and Quadra Resources Corp is pleased to announce the drilling and testing results of the Compae No.2 well. This well is the step-out evaluation well of the Compae No.1 discovery well on the Maracas Association Contract in northern Colombia, which was completed in September 1997. The Compae No.1 well was drilled to a total depth of 5173 feet and cased. Electric logs indicated four major zones of interest containing approximately 500 feet of net hydrocarbon pay. Lagunitas, the lowest zone, tested at limited flow rates of 400 bopd of 34degrees API crude oil and 1.1 million cubic feet of gas from a 140 feet net pay section. The Maracas zone indicated 130 feet of hydrocarbon pay from logs. The top two zones, Socuy and La Luna, with net pay of 225 feet tested gas flows of 10 million cubic feet per day on a 44/64'' choke with a calculated Absolute Open Flow (''AOF'') of 36 million cubic feet per day. The Compae No.2 well was spudded on August 24, 1998, drilled to a total depth of 2912 feet subsurface, and completed as an open hole natural gas well. Electric logs indicated 298 feet of gross gas pay in both the Socuy and La Luna formations. The well tested gas flow of 7.9 million cubic feet per day on a 43/64'' choke with a calculated AOF of 20 million cubic feet per day. The well was tested during four separate flow periods of approximately 4 hours duration each. The results of the flow tests were as follows: Tubing Pressure Choke size Stabilized Flow Rate (psi) (million cubic ft per day) 750 1/4'' choke 1.04 775 3/8'' choke 2.44 725 1/2'' choke 4.80 710 5/8'' choke 5.20 610 43/64'' choke 7.86 The rig has moved to the Compae No.3 well location, which is approximately 1 km northeast of Compae No.1. The well is programmed to spud during the next few days, and programmed to reach a total depth of approximately 2300 feet in the La Luna formation. A 40 km gas pipeline tie-in is currently being evaluated. Petrolex has a 15% interest in the 224,000-acre Maracas Association Contract fully carried through to commerciality. On behalf of the Board of Directors PETROLEX ENERGY CORPORATION ''Stephen S. James'' -------------------- Stephen S. James Director The Vancouver Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Stephen S. James, Senior Vice President Corporate Counsel, (604) 689-4498, Fax: (604) 684-4473, E-mail: pxv@petrolex.com; Keith R. Fellowes, President & C.E.O., (713) 782-7799, Fax: (713) 782-2626

To: Kerm Yerman who wrote (12600)	10/1/1998 11:11:00 AM
From: SofaSpud	Respond to of 15196

MERGERS & ACQUISITIONS / GHP announces Profco exchange ratio GHP EXPLORATION CORPORATION; PROFCO RESOURCES LTD. CALGARY, Sept. 30 /CNW/ - GHP Exploration Corporation (''GHP.U'' - TSE) and Profco Resources Ltd. (''PSO'' - TSE) are pleased to announce the share exchange ratio of the previously announced share exchange merger transaction. Management of both companies have agreed to a share exchange ratio such that each Profco shareholder will own 1.15 common shares of the combined company for each Profco share currently held, and each GHP shareholder will own one common share of the combined company for each GHP share currently held. Based on the closing price of U.S. $0.70 per share for GHP, the transaction represents for Profco shareholders an approximate 52% premium to Profco's trading value on September 29, 1998, of Cdn. $0.78 per share (U.S. $0.53 equivalent using a currency exchange conversion of $1.4870) and a Profco market value of approximately U.S. $28 million. The transaction is subject to various conditions, including finalization of the corporate procedure to complete the merger, satisfactory completion of due diligence, execution of definitive agreements, approval of the Board of Directors of both companies, shareholder approvals as necessary and obtaining all necessary regulatory approvals. Profco currently has approximately 34.5 million common shares outstanding, which trade in Canadian dollars, and GHP currently has approximately 21.8 million common shares outstanding, which trade in United States dollars. The combined company will have a diverse asset base of oil and gas properties located in Texas, the Gulf of Mexico, Nigeria, Egypt and Tunisia. As previously announced, it has been agreed that Barry D. Lasker, President and CEO of GHP, will be the President and CEO of the merged company. The combined company's corporate headquarters will be in Houston, Texas. The Toronto Stock Exchange has neither approved nor disapproved the text of this news release. -30- For further information: John J. Fleming, Chairman, President and Chief Executive Officer, Profco Resources Ltd., Tel. (403) 262-5600; Barry D. Lasker, President and Chief Executive Officer, GHP Exploration Corporation, Tel. (713) 626-9373

To: Kerm Yerman who wrote (12600)	10/1/1998 11:13:00 AM
From: SofaSpud	Respond to of 15196

APPPOINTMENT / Kappa CEO KAPPA ENERGY COMPANY INC. CALGARY, Oct. 1 /CNW/ - The Board of Directors of Kappa Energy Company Inc. is pleased to announce that Grant. G. Emms has been appointed Chief Executive Officer of the company. Mr. Emms has served as the President of Kappa since March 1997 and has been instrumental in the acquisition of the current interests in Colombia and Egypt. Mr. Rick Orman, one of the founders of Kappa and Chief Executive Officer through the early formative years will remain as non-executive Chairman and Director of the Company. Kappa Energy Company Inc. is a Calgary based international oil and gas company with exploration in Colombia and Egypt. -30- For further information: Grant Emms, Chief Executive Officer and President, or Rob Carter, Vice President Finance, (403) 531-1700

To: Kerm Yerman who wrote (12600)	10/1/1998 11:15:00 AM
From: SofaSpud	Respond to of 15196

MERGERS & ACQUISITIONS / Big Horn & Ironwood BIG HORN RESOURCES LTD. TO ACQUIRE IRONWOOD PETROLEUM LTD. CALGARY, Oct. 1 /CNW/ - Big Horn Resources Ltd. (''Big Horn'') and Ironwood Petroleum Ltd. (''Ironwood'') are pleased to announce that they have entered into an agreement whereby Big Horn will offer to acquire by way of take-over bid all of the outstanding common shares of Ironwood for a price of $0.76 per share. Following the review of the offer by the board of directors of Ironwood, who were provided with financial advice by Jennings Capital Inc., the offer has received the unanimous support of the board of directors of Ironwood. The directors and officers of Ironwood, holding in aggregate approximately 45% of the outstanding Ironwood common shares, have agreed to tender their common shares to the offer. Big Horn intends to use the proceeds from its previously announced private placement to fund the majority of the acquisition cost of the Ironwood shares. Average production for the first half of 1998 for Big Horn and Ironwood was 566 boepd and 327 boepd respectively. Current production for the combined companies is approximately 900 boepd with approximately 50/50 gas to oil mix. Total proved and probable reserves acquired are in excess of 2,000,000 boe (or approximately 1,650,000 boe on proved plus half probable basis). The Ironwood acquisition also includes over 10,000 acres (gross) of undeveloped land (4,500 acres net). The combined companies will continue to operate with only minimal increases to its general and administrative costs. The offer will be conditional upon, among other things, a minimum condition of not less than 66 2/3% of the outstanding Ironwood common shares (on a fully-diluted basis and excluding, subject to regulatory relief, common shares tendered by the directors and officers of Ironwood pursuant to their agreements to tender) being tendered under and not withdrawn from the offer and upon obtaining all required regulatory and stock exchange approvals. Without regulatory relief, in order for the minimum condition to be satisfied, approximately 82% of the outstanding common shares of Ironwood would be required to be tendered under the offer. Big Horn expects to mail the offer on or before October 5, 1998, subject to extension to October 9, 1998 in certain circumstances. If the offer is successful, Big Horn intends to take such steps as may be advisable in order to acquire 100% of the outstanding Ironwood common shares. Ironwood has agreed to pay Big Horn a non-completion fee of $350,000 in certain circumstances and has agreed not to solicit other transaction proposals, subject to the fiduciary duty of the board of directors of Ironwood. Neither the Vancouver Stock Exchange or The Alberta Stock Exchange has reviewed nor accepts any responsibility for the adequacy or accuracy of the contents of the information contained herein. -30- For further information: Big Horn Resources Ltd.: Reginald J. Greenslade, President and Chief Executive Officer, Phone: (403) 263-0262, Fax: (403) 294-1197; Ironwood Petroleum Inc.: Randell J. Hammond, President and Chief Executive Officer, Phone: (403) 299-1285, Fax: (403) 299-1289