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

To: Kerm Yerman who wrote (12803)	10/13/1998 9:06:00 PM
From: Kerm Yerman	Respond to of 15196

FIANCING / Canada Dominion Resources Limited Partnership Acquires Shares Of Remington Energy And Highridge Exploration CANADA DOMINION INVESTS IN REMINGTON ENERGY LTD. AND HIGHRIDGE EXPLORATION LTD. Date: 10/13/98 5:53:50 PM Dateline: VANCOUVER, B.C. Stock Symbol: Canada Dominion Resources Limited Partnership is pleased to announce the acquisition of two flow-through share investments. Tuscarora Capital Inc., agents for Canada Dominion, acquired 125,000 flow-through shares at $10 per share ($1,250,000) of Remington Energy Ltd. (TSE: REL) and 175,000 flow-through shares at $4 per share ($700,000) of Highridge Exploration Ltd. (TSE: HRE) Remington Energy, with a market capitalization in excess of $250 million, produces primarily natural gas and natural gas liquids from West Stoddart, Red Creek and Rigel in Northeast B.C. Norm Lamarche, Managing Partner of Tuscarora Capital Inc., added: "With Remington's current production base of 20,000 barrels of oil equivalent per day ("boe per day") and expected exit rate of around 23,000 boe per day in 1998, Remington is well on its way to achieve our targeted average production rate of 24,000 boe per day for 1999." This forecast production rate would amount to a 37% increase over the 1998 expected average and a three-year average growth rate of 230% from the 3,018 boe per day rate in 1996. Highridge Exploration is a junior oil and gas company focused in the McLeod, Redwater and Rowley areas of Central Alberta. Mr. Lamarche stated that, "Highridge is a very well run company with a market cap of just under $50 million. Its cash flow per share has grown rapidly from $0.31 per share in 1996 to $0.58 per share in 1997 to an expected $0.80 per share in 1998, on its way to over $1.40 per share in 1999 (expected). To achieve 1999 numbers, it is expected to average 4,300 barrels of oil equivalent per day. With current productive capability at about 4,000 barrels per day, the 1999 numbers are definitely achievable." In reviewing general market conditions for Canada Dominion, Mr. Lamarche commented, "The quality of the flow-through issuers coming to market is very impressive and we continue to expect quality and quantity of issuers to come forward in 1998 as capital markets provide them with no alternative resources of equity".