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

To: SofaSpud who wrote (12613)	10/1/1998 8:59:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / Shiningbank Purchases West-Central Alberta Property - Hedges Gas Production TSE SYMBOL: SHN.UN OCTOBER 1, 1998 CALGARY, ALBERTA--Shiningbank Energy Income Fund today announced the purchase of additional producing properties in the Niton area of west-central Alberta for $8.5 million. The purchase brings the Fund's total acquisitions for the year to over $27 million and brings aggregate production to 4,500 barrels of oil equivalent (boe) per day. The acquired properties are in the heart of Shiningbank's core producing area. In addition to the purchased production, the Fund acquired an interest in two gas processing facilities and associated gathering systems as well as 1,500 net acres of prospective undeveloped lands. Production averages 390 boe per day consisting of 3.3 million cubic feet per day (mmcfd) of natural gas plus 60 barrels per day of oil and natural gas liquids. Established reserves have been independently assessed at 1.34 million boe, over 80 percent of which is natural gas. The transaction was effective August 1, 1998 and has been financed using the Fund's bank line of credit. In a separate transaction, Shiningbank has fixed the price on 2.0 mmcfd of the acquired gas production at $3.00 per mcf for the period from November 1, 1998 to March 31, 1999. Together with acquisitions made earlier in 1998, this purchase brings Shiningbank's reserve replacement ratio for the year to 325 percent of the originally forecasted 1998 production and results in a production mix of 62 percent natural gas and 38 percent light oil and natural gas liquids. Shiningbank Energy Income Fund is a conventional oil and gas royalty trust and its units are listed on The Toronto Stock Exchange under the symbol "SHN.UN".

To: SofaSpud who wrote (12613)	10/1/1998 9:02:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Richland Closes Acquisition, Announces Financing TSE SYMBOL: RLP OCTOBER 1, 1998 CALGARY, ALBERTA--Richland Petroleum Corporation today announced the closing of its previously-announced acquisition of gas properties, along with a $15 Million issue of Special Warrants and several changes to its Board of Directors. The Company acquired gas properties currently producing 810 BOEPD, as well as a 37 percent operated working interest in a sour gas plant in northwestern Alberta. Cash consideration paid by Richland was $17.5 million, along with a minor property swap. The Alberta gas properties acquired currently produce approximately 5.1 MMCF per day of natural gas and 300 BOPD of condensate and liquids. After giving effect to the property swap, Richland's external engineering consultants have assigned net reserve additions of 1.9 million barrels proven and 3.1 million barrels proven plus probable. Effective date for the transaction was June 1, 1998. Richland also announced the completion of an offering of 6,976,744 Special Warrants at $2.15 per warrant for gross proceeds of $15.0 million. Each Special Warrant entitles the holder to acquire one common share of Richland at no additional cost. Richland has agreed to file a prospectus to clear the distribution of the common shares issuable upon exercise of the special warrants by January 29, 1999. Goepel McDermid Inc. and Griffiths McBurney & Partners acted as agents for the issue. James Richardson & Sons, Limited of Winnipeg, Manitoba subscribed for 5,976,744 of the Special Warrants. Lastly, Richland announced the resignation of Mr. Peter Comber and the appointment of Mr. Hartley T. Richardson and Mr. Robert G. Puchniak as directors of the Company. Mr. Richardson is President and CEO of James Richardson & Sons, Limited. Mr. Puchniak is Vice President, Finance and Investment of James Richardson & Sons, Limited. Mr. Richard Todd, President and CEO commented "This acquisition and financing is a rebirth of Richland as a stronger, more diversified company with exciting potential for the future. With uncertainty surrounding oil prices, we were pleased to be able to strengthen our balance sheet without diluting our cash flow projections for 1999 and, at the same time, improve our net asset value per share. We are also very pleased to have James Richardson & Sons, Limited as a long term strategic equity partner. We are now well positioned to take advantage of other opportunities in this market." Mr. Kerry Lyons, Executive Vice President and COO, said "This is the largest sour gas plant within a thousand square miles in an under-explored multi-zone area. The plant is an 80 million cubic feet per day facility with over 30 million cubic feet per day of excess capacity. Richland also acquired an interest in approximately 48,000 gross acres of land surrounding the gas plant. We see tremendous upside potential from optimization, exploitation and exploration." Richland Petroleum Corporation is a public company involved in the exploration and development of crude oil and natural gas in western Canada and the United States. Its common shares trade on the Toronto Stock Exchange under the symbol "RLP".

To: SofaSpud who wrote (12613)	10/1/1998 9:06:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PIPELINES / TransAlta - Consortium Buys Goldfields Pipeline Interest TSE, ME, ASE SYMBOL: TA OCTOBER 1, 1998 CALGARY, ALBERTA--TransAlta Corporation, along with two partners, today announced they have won the bid in the sale of WMC Limited's 62.66 percent majority interest in the Goldfields Gas Transmission Pipeline in Australia. TransAlta is partnering with the Australian Gas Light Company (AGL) and CMS Energy Corporation (CMS). CMS will serve as commercial manager on behalf of the consortium. AGL is the current contract operator of the pipeline and will continue in this role. TransAlta is investing in a 10 per cent share in the consortium. "This acquisition is an important step as TransAlta continues to expand its presence in the gas-fired power generation business in Australia. It complements and adds synergy to our existing investment in the 110 megawatt Parkeston power station located at Kalgoorlie." said Dawn Farrell, executive vice president, Independent Power Projects for TransAlta. The natural gas pipeline, completed in 1996, is 1380 kilometers long and delivers natural gas from the Northwest Shelf producing area to the mineral rich regions of central Western Australia. The pipeline was originally owned by WMC Limited, Normandy Mining and BHP Limited through a joint venture. TransAlta is an energy company with over $5 billion in assets with headquarters in Calgary, Canada. The company is a leader in developing and operating cogeneration projects, most of which are fueled by natural gas. The company currently operates power facilities in Kalgoorlie, Western Australia, as well as Canada, New Zealand and Argentina. The Australian Gas Light Company is a publicly listed Australian energy company valued at approximately $3.0 billion. Wholly owned AGL companies sell and deliver energy to over one million gas and electricity customers in most Australian States and Territories. CMS Energy is a $5 billion (sales), $10 billion (assets) international energy company operating throughout the U.S. and in 20 countries around the world with businesses in electric and natural gas utility operations; natural gas pipelines and storage; oil and gas exploration and production; and energy marketing.