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

To: Kerm Yerman who wrote (12692)	10/8/1998 3:40:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Kismet Energy Corp Drilling Update KISMET ENERGY CORPORATION REPORTS ON DRILLING PROGRESS ON JV WITH NYSE-LISTED PARTNER: DRILLING IS NOW TO A DEPTH OF 15,460 FT. ON WAY TO LICENSED TOTAL DEPTH OF 18,000 FT. AT PHELPS ANTICLINE PROSPECT Date: 10/5/98 8:15:36 PM Dateline: BAKERSFIELD, CALIFORNIA Stock Symbol: KISS Kismet Energy Corporation (the "Company") is pleased to announce that the drilling to deepen the Cree Fee 1A well on the Phelps Anticline Prospect is progressing well and has reached a depth of 15,460 feet. The JV partners are deepening the Cree Fee 1A well at a rate of approximately 100 feet per day of drilling time towards the main target--the Point of Rocks sands formation. Although the target licensed depth is 18,000 feet, the Point of Rocks formation is anticipated to be encountered substantially prior to this depth. The JV partners are waiting for the rig for a second major well, Cree Fee 1-30, located approximately 4,500 feet northwest from the present well location, and plan to start drilling within 30 days. Both Cree Fee 1A and Cree Fee 1-30 wells are being drilled in the San Joaquin Valley, which is one of the most prolific oil and gas producing regions in the U.S. accounting for over 60% of California's annual production of about 400 million barrels of oil equivalent per year. An independent engineering report conducted by Dale Hankins estimates the Phelps Anticline Prospect could contain reserves of up to 9 trillion cubic feet of gas and 240 million barrels of oil in the Point of Rocks sands if the structure contains hydrocarbons to 18,000 ft.. Richard J. Churchill, the President, visited the site for a week and "is very excited about the prospects of Cree Fee 1A well and expects that additional wells will be drilled to explore the full extent and potential of Phelps Anticline Prospect". The Company Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California, Kismet Energy Corporation has a 20% working interest in this project with the operator, an NYSE-listed energy company. Further information can be obtained from the company's website: kismetenergy.com.

To: Kerm Yerman who wrote (12692)	10/8/1998 3:46:00 AM
From: Kerm Yerman	Respond to of 15196

CORP. NOTICE / Kismet Energy Corp Unaware Of Reason For Stock Decline KISMET ENERGY CORPORATION IS UNAWARE OF ANY FUNDAMENTAL REASON FOR TODAY'S DECLINE IN SHARE PRICE Date: 10/6/98 5:24:58 PM Dateline: BAKERSFIELD, CALIFORNIA Stock Symbol: KISS Kismet Energy Corporation is unaware of any fundamental reason for today's decline in share price. Drilling at Cree Fee 1A well is progressing satisfactorily and in line with initial geological expectations. BAKERSFIELD, CALIFORNIA--Kismet Energy Corporation (the "Company") is unaware of any fundamental reason for today's decline in share price, The company is pleased to announce that the drilling to deepen the Cree Fee 1A well on the Phelps Anticline Prospect is progressing well and in line with initial geological expectations. The Cree Fee 1A well has reached a depth of 15,570 ft. on way to licensed total depth of 18,000 ft.. The JV partners are deepening the Cree Fee 1A well at a rate of approximately 100 feet per day of drilling time towards the main target--the Point of Rocks sands formation. Although the target licensed depth is 18,000 feet, the Point of Rocks formation is anticipated to be encountered substantially prior to this depth. The JV partners are waiting for the rig for a second major well, Cree Fee 1-30, located approximately 4,500 feet northwest from the present well location, and plan to start drilling within 30 days. Both Cree Fee 1A and Cree Fee 1-30 wells are being drilled in the San Joaquin Valley, which is one of the most prolific oil and gas producing regions in the U.S. accounting for over 60% of California's annual production of about 400 million barrels of oil equivalent per year. An independent engineering report conducted by Dale Hankins estimates the Phelps Anticline Prospect could contain reserves of up to 9 trillion cubic feet of gas and 240 million barrels of oil in the Point of Rocks sands if the structure contains hydrocarbons to 18,000 ft.. Richard J. Churchill, the President, said "I am looking forward to reaching our targeted horizon within the next 15 days at the Cree Fee 1A well at Phelps Anticline Prospect". The Company Kismet Energy Corporation is an oil and gas exploration and development company with offices in Alberta, Canada and Bakersfield, California. Kismet Energy Corporation has a 20% working interest in this project with the operator, an NYSE-listed energy company. Further information can be obtained from the company's website: kismetenergy.com. This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. While the Company's expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, actual results may differ materially. Important factors that could cause actual results to differ materially from those in the forward-looking statements include federal and state regulatory actions and developments, the timing and extent of changes in commodity prices and the timing and extent of success in discovering, developing and producing or acquiring oil and gas reserves.

To: Kerm Yerman who wrote (12692)	10/8/1998 7:00:00 AM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Court Win Could Save Petro-Canada $100 Million The Financial Post Petro-Canada has won a legal round in a lawsuit launched years ago, possibly saving itself and investors at least $100 million in damages. But the fight isn't over as the loser, Imperial Oil Ltd., said yesterday it intends to appeal the decision. The case dragged on for so many years the original plaintiff, Texaco Canada Inc., has largely disappeared from Canada. Texaco was bought by Imperial in 1989. The case centred on the relationship between Texaco and Innotech Aviation Ltd. Texaco supplied Innotech with aviation fuel and lubricants for sale at six airports across Canada. In the mid-1980s, Innotech decided to leave the business by selling its supply centres to Hudson General Aviation Services Inc. At the same time, it profited by selling the supply rights to Petro-Can. Texaco cried foul and sued in 1985, saying Innotech violated a contract and the spirit of previous agreements. Petro-Can and Hudson General were named for interfering with the two firms' relationship and conspiring to injure Texaco. The judge disagreed. Justice John MacDonald, of Ontario Court, general division, said Texaco and Innotech signed a contract in 1982 that clearly spelled out the rights and obligations of the two sides. The supply and distribution arrangement did not imply Texaco was entitled to supply the buyer of Innotech's fuelling business, he ruled. He said there was no fiduciary relationship between Texaco and Innotech because there was no previous partnership or joint venture between the two firms. He also dismissed the conspiracy claim, saying Petro-Canada and Hudson General were legitimately trying to expand their businesses. "Innotech deliberately kept both Petro-Can and Hudson General in the dark about the other's identity to enable it to maximize its own profits."

To: Kerm Yerman who wrote (12692)	10/8/1998 7:08:00 AM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Amber Energy Running Out Of Time In Alberta Energy Corp. Fight The Financial Post Hostile takeover target Amber Energy Corp. said yesterday it has again deferred triggering its poison pill in its bitter battle to fend off a hostile takeover by Alberta Energy Co. But the Calgary-based oil and gas company, which is running out of time fighting the hostile takeover attempt, refused yesterday to provide any further details of its actions until it issues a statement today. Industry observers had anticipated a decision Tuesday by the Amber board on whether or not to trigger the plan. Yesterday, Amber refused to say it had made the decision by that deadline, but suggested the situation was under control. On Sept. 24, the company said it had deferred until the close of business Oct. 6, or a later time as determined by its board, the separation of rights from its common shares under its shareholders' rights plan. If the separation hadn't been deferred by the deadline, the rights would have started trading separately and potentially crushed AEC's offer, which is conditional on Amber removing its poison pill. The Amber poison pill provides that the rights, which now trade with its common shares, separate eight business days following the presentation of a hostile takeover offer. The rights allow shareholders to buy additional Amber shares at a discounted price, making an unwanted acquisition more expensive. The bid, which AEC president and chief executive officer Gwyn Morgan had hoped would turn into a friendly union, has instead been marked by procedural battles. Last week, AEC was forced to extend it by four days after Amber complained to the Alberta Securities Commission its option holders needed more time to consider the bid. It now expires at midnight, Oct. 13 (MST), instead of tomorrow. AEC, one of Canada's largest oil exploration and production companies, made an unsolicited cash bid Sept. 15 to take over Amber, a heavy oil and natural gas producer, for $750 million, including the assumption of $304 million in net debt. Amber is looking for a white knight or for a sale of assets that would allow it to continue to operate independently. Amber announced in late July it had adopted a poison pill so it could give its board additional time to evaluate offers and explore options, while allowing shareholders an equal opportunity to participate in any takeover bid. Soon after the plan's adoption, Amber's stock plummeted because the company lowered its production estimate for this year and next and lowered capital spending to preserve cash.