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

To: SofaSpud who wrote (12795)	10/13/1998 4:51:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / High Plains blowout fire extinguished High Plains Energy Inc. CALGARY, Oct. 13 /CNW/ - HIGH PLAINS ENERGY INC. THROUGH ITS WHOLLY OWNED AMERICAN SUBSIDIARY, GRIFFON PETROLEUM INC., ANNOUNCED FURTHER DETAILS TO THAT ISSUED EARLIER REGARDING THE BLOWOUT AND FIRE IN ITS HOEFELDT 4-33N-17E, HILL COUNTY, MONTANA, DRILLING WELL. THE FIRE HAS BEEN EXTINGUISHED, BLOWOUT PREVENTERS HAVE BEEN INSTALLED, THE GAS HAS BEEN DIVERTED TO A RELIEF LINE AND THAT THE WELL IS FLOWING AT A RATE NOW ESTIMATED AT 7,500,000 CFD. REHABILITATION OF THE WELL IS CONTINUING AND DRILLING OPERATIONS MAY BE RESUMED TO A TARGET DEPTH NOW SET AT 1,250 FEET WHEN THE WELL WILL BE COMPLETED FOR PRODUCTION. GRIFFON PETROLEUM INC. IS A NON-OPERATOR IN THE WELL AND HAS A 37.48535% WORKING INTEREST. THE WELL WAS INTENDED AS A DEVELOPMENT WELL IN THE TIGER RIDGE GAS FIELD OF MONTANA. GRIFFON PETROLEUM INC. HAS INTERESTS IN MORE THAN 14,000 NET ACRES IN THE AREA. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN. -30- For further information: Mr. Harold Bowman, President of High Plains Energy Inc., (403) 290-0078

To: SofaSpud who wrote (12795)	10/13/1998 4:57:00 PM
From: SofaSpud	Read Replies (4) \| Respond to of 15196

FIELD ACTIVITIES / Stampede Oils update Stampede Oils Inc. News Release CALGARY, Oct. 13 /CNW/ - Stampede Bcat et al TV 7-25-20-3 W5M Stampede Oils Inc., operator of the Stampede Bcat et al TV 7-25-20-3 W5M well, advises that the Regional Devonian Crossfield zone was encountered 337 feet structurally higher in the recent deepening/drilling operation than in the down dip Stampede Bcat et al TV 6-23 well 1 1/4 miles to the west. The results of an initial test in the base of the Crossfield zone, coupled with well log interpretation, has determined the presence of a 45 foot gas zone in the top of the Crossfield. The 7-25 well operation has now been suspended and the drilling rig released. Subsequent to incorporating the newly acquired data into an updated exploitation assessment, a service rig will be moved onto the 7-25 site to commence a finalized testing program. Tangible subsurface data supported by seismic indicates that a minimum of 3,200 acres of P&NG leases, in which the Company and its partners hold interests, are located significantly up structure from this well. Proven recoverable gas reserves in excess of 400 billion cubic feet (BCF) should underlie these leases. Interests earned in this well spacing unit with the final completion of this well are as follows: << Bearcat Explorations Ltd. 56.70% Stampede Oils Inc. 28.30% Panda Petroleums Ltd. 15.00% Curlew Lake Resources Inc. .450% Non Convertible Override Marnell Resources Ltd. 2.275% Non Convertible Override Xerex Exploration Ltd. 2.275% Non Convertible Override >> Stampede Fortune et al Hartell 11-12-19-2 W5M It is intended to move the drilling rig from the 7-25 well, in the immediate future, to deepen an existing suspended well located at 11-12-19-2 W5M immediately across the highway from the Stampede Beat et al Hartell 4-13-19-2 W5M Crossfield gas discovery well. The Farmor of the 4-13 Crossfield discovery gas well initiated a meeting of working interest partners on Thursday, October 1, to expedite the deepening of the currently suspended 11-12 well from its current total depth in the base of the Regional Turner Valley/Elkton formation, down into the Crossfield gas zone, with a view to having both the 11-12 and 4-13 wells placed on production as soon as possible. This deepening operation will entail the drilling/deepening of only approximately 1,200 feet. The completion of the 11-12 well as a Crossfield gas well, coupled with the currently suspended 4-13 Crossfield gas discovery well, will enable gas production from this pool to be tied in by pipeline to the nearest gas plant for processing. The two wells are expected to be on production in early 1999 and with effective pre-production stimulation, should be able to produce a combined 15-20 million cubic feet (mmcf) of gas per day. Total proven recoverable gas reserves attributable to both wells are calculated to be approximately 100 BCF. The interests in the two well leases are as follows: << Lsd. 4 Sec. 13 Twp. 19 Rge. 2 W5M (Earning Well) ------------------------------------------------ BPO(x) APO(xx) ------ ------- Bearcat Explorations Ltd. 38.250% 21.250% Stampede Oils Inc. 21.250% 10.625% Fortune Energy Inc. 20.000% 10.000% Panda Petroleums Ltd. 10.500% 5.625% Curlew Lake Resources Inc. 10.000% 2.500% Mobil Oil Canada (FARMOR) GORR 50.000% (x) BPO - Before Pay Out (xx) APO - After Pay Out Lsd. 11 Sec. 12 Twp. 19 Rge. 2 W5M ---------------------------------- Bearcat Explorations Ltd. 21.250% Stampede Oils Inc. 10.625% Fortune Energy Inc. 10.000% Panda Petroleums Lid. 5.625% Curlew Lake Resources Inc. 2.500% Mobil Oil Canada 50.000% >> Stampede et al TV 11-15-21-3 W5M An application for a drilling license for the planned Stampede et al TV 11-15-21-3 W5M offset follow-up well to the IMP Berkley Turner Valley 2-21-21-3 W5M Regional Turner Valley gas discovery well, should be submitted in mid October. While the surface location is one mile west of the 2-21 well, the bottom hole locations are only approximately one-half mile apart. The application submission has been delayed to date by objections from certain area residents, the apparent organizer of which is the President of a fairly significant public gas exploration company. In accordance with AEUB regulations Stampede, as operator, has responded in an attempt to alleviate all objections prior to applying for a drilling license. The drilling of this well should be able to commence by mid November and gas production could be underway in the first quarter of 1999. Recoverable gas reserves related to the 11-15 well spacing unit are calculated to be a minimum of 40 BCF. The well is expected to be able to produce anywhere from 5 to 15 mmcf of gas per day. Interests held in the Section 15 P&NG lease, upon successful completion of this offset well, will be: << Bearcat Explorations Ltd. 53.10% Stampede Oils Inc. 26.65% Panda Petroleums Ltd. 14.00% Curlew Lake Resources Inc. 6.25% >> Stampede Raptor et al 6-8-22-3 W5M The Company and its working interest partners intend to apply for a drilling license for a Regional Turner Valley test in Section 8 Township 22 Range 3 W5M, approximately four miles north of the IMP Berkley 2-21 discovery well. The geological structural interpretation for this location indicates it to be an excellent target for major commercial oil production. If successful, the well is expected to produce in excess of 1,000 barrels of 39.6 degree A.P.I. gravity oil per day. Recoverable reserves attributable to the Section 8 lease are estimated at approximately eight million barrels of oil. Earned interests in the Section 8 lease, after drilling and successfully completing the test well for production, will be: << Stampede Oils Inc. 18.585% Bearcat Explorations Ltd. 37.200% Raptor Capital Corporation 30.000% Panda Petroleums Ltd. 9.840% Curlew Lake Resources Inc. 4.375% >> The Company plans to submit an application for a drilling license prior to the end of November. This well should be on production in early 1999. IMP Berkley Turner Valley 2-21-21-3 W5M The operator of the IMP Berkley Turner Valley 2-21-21-3 W5M well has advised recently that progress is being made regarding the eventual commencement of gas production from this well into the Quirk Creek gas plant and that the drilling of a follow-up well is expected. Interests in the 2-21 well P&NG lease for gas production are as follows: << BPO APO ----- ----- Bearcat Explorations Ltd. GORR 11.125% Stampede Oils Inc. GORR 5.562% Imperial Oil Resources Limited 50.00% 39.500% Panda Petroleums Ltd. GORR 3.000% Curlew Lake Resources Inc. GORR 1.313% Berkley Petroleum Corp. 50.00% 39.500% >> The total proven recoverable gas reserves to be determined for the spacing units of the above five wells (excluding 6-8) should be in excess of 200 BCF of which the Stampede and Bearcat share will be 31 BCF and 80 BCF respectively. At a proven minimum discounted value of $1.00/mcf the total reserves value will equate to $200 million (Cdn.). Both Stampede and Bearcat are expecting to generate very significant gas production revenue commencing early next year initially from three wells and possibly as many as six wells, such revenue expected to be in excess of $250,000.00 per month for Stampede and more than $500,000.00 per month for Bearcat. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. STAMPEDE OILS INC. is listed on The Alberta Stock Exchange under the symbol STF. WEBSITE: stampede.ab.ca -30- For further information: P. de Bruycker, Stampede Oils Inc., (403) 265-6166

To: SofaSpud who wrote (12795)	10/13/1998 8:38:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Stellarton Energy Corporation Announces Closing of Major Resource Property Acquisition CALGARY, Oct. 13 /CNW/ - Stellarton Energy Corporation has completed the closing of the transaction announced on September 30, 1998 for the acquisition of the petroleum and natural gas assets of the SGS Limited Partnership. Prior to this transaction Stellarton owned a 45% interest in the partnership assets. Former partners in the SGS Limited Partnership were Gulf Canada Resources Limited and Sequoia Exploration & Development Ltd. The total purchase price for the Gulf and Sequoia interests is $41.5 million. The acquisition closed on October 9, 1998 and has been financed by bank debt. Stellarton had operated all of the assets for the SGS Partnership since its formation in June, 1997. This transaction is expected to more than double current production volumes for the company to approximately 4,000 barrels of oil equivalent per day without the need for any staff increases in either field operations or administration. This asset base is well known to the company and there will be no interruption in the ongoing operation and management of the properties. Stellarton continues to see significant future upside production potential from the core group of properties that the company operates. Stellarton Energy Corporation combines two distinct yet synergistic divisions: an oil and gas exploitation and production division, and a tool manufacturing and sales division called Secure Oil Tools. Stellarton is listed on the Toronto Stock Exchange under the symbol SRT.A