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

To: SofaSpud who wrote (12825)	10/14/1998 8:40:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITIONS / Redeco - Letter of Intent Signed ASE SYMBOL: RE OCTOBER 14, 1998 CALGARY, ALBERTA--Redeco Energy Inc. today announced that it has entered into a Letter of Intent with Costilla Energy Inc. of Midland, Texas whereby Costilla will acquire the operating assets of Redeco in exchange for cash and two non-cost bearing net profits interests. Included in the sale to Costilla will be Redeco Petroleum Company Limited, a wholly owned subsidiary of Redeco, which is awaiting final government approval of three concessions awarded to it in Romania. Also to be transferred by Redeco is a 3.5 percent royalty interest in the revenues from the concession in the Republic of Moldova held by a subsidiary of Costilla. In addition to cash, Redeco will receive a 12.5 percent net profits interest in the Romanian and Moldovan concessions after Costilla recovers certain costs. William C. Liedtke, Chief Executive Officer of Redeco said that the Costilla transaction represented the best opportunity for the Company to participate in the future potential of Romania and Moldova. "The deterioration of the capital markets for high risk, high reward exploration companies such as Redeco, made it imperative that we exchange some of the upside in the Company's current projects for a carried or non-cost position," said Liedtke. "Although this transaction may decrease the short term activity and asset base of the Company, management believes that, given the current situation and the intense capital requirements of these projects, over the long term this transaction gives us the best potential to share in future success." The final agreement contemplated by the Letter of Intent will be subject to due diligence by Costilla and to Redeco shareholder approval, since it deals with substantially all of the assets of Redeco. Redeco is listed on the Alberta Stock Exchange under the symbol "RE".

To: SofaSpud who wrote (12825)	10/14/1998 8:43:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Murphy Oil Announces Conference Call TSE SYMBOL: MUR.U NYSE SYMBOL: MUR OCTOBER 14, 1998 EL DORADO, ARKANSAS--Murphy Oil Corporation will hold a conference call at 10:00 a.m. (CDT) on Wednesday, October 21 to review third quarter 1998 earnings which will be announced the preceding afternoon. Arrangements are being handled by Frontier ConferTech. Interested parties may participate in the call by dialing 1-800-633-8581. The reservation number is 4722314. For those unable to participate, a recording of the call will be available until 5:00 p.m. (CDT) October 22, by dialing 1-800-633-8284.

To: SofaSpud who wrote (12825)	10/14/1998 8:45:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITIONS / Abstract Enterprises: Update - Oil and Gas Acquisition VSE SYMBOL: AEP OCTOBER 14, 1998 VANCOUVER, BRITISH COLUMBIA--On March 30, 1998, the Company announced the signing of a Letter of Intent to enter into a definitive agreement with Alterra Resources Inc. (ALRI:CDN) to earn a 50 percent working interest in Alterra's 2,000 acre South Erin oil and gas acreage in Trinidad. The agreement requires Abstract to drill four (4) vertical wells on the property on the basis of paying 100 percent to earn a 100 percent interest in the net revenue before payout, and a 75 percent interest therein after payout. Completion of the four well program will earn Abstract a 50 percent working interest in the entire acreage, at which point all future participation will be on a 50/50 basis with Alterra. A performance bond of $US100,000 required by the Petrotrin (Trinidad's national oil company) must be posted by the Company. A finder's fee will be paid within the parameters allowed by the VSE. Alterra holds its interest in the property through a sub-licence agreement with Petrotrin which was signed on May 21, 1998. The first year's requirement under this agreement, which commenced June 1, 1998, calls for the drilling of two vertical wells to a depth of 6,000 feet and the processing of existing 2D seismic information. The Company now reports that the performance bond required under Alterra's sub-licence agreement with Petrotrin was posted in June, 1998, and after some delay, the geological and other data required for the preparation of a geological report on the property has now been released by Petrotrin. Accordingly, the Company has engaged M L Geotechnical Consultants Limited (Mr. David Lutchman) of Trinidad to prepare the geological report to assist the Company in planning its initial drill targets and for regulatory filing purposes. The report should be available to the Company prior to October 30, 1998, therefore the filing of all major transaction documentation with the Vancouver Stock Exchange will proceed immediately. The Company expects to be in a position to commence the drilling of its first well within 60 days following receipt of the geological report. A previous report on the property entitled "Geotechnical Overview, Potential Reserves and Development Drilling for Four Farmout Areas in Trinidad" prepared in February, 1997 by Mr. Lutchman stated that estimated recoverable reserves, classified as probable and possible reserves, total 4,847,000 barrels of oil. All of the above matters are subject to the approval of the Vancouver Stock Exchange. ON BEHALF OF THE BOARD Michael W. Kinley, President

To: SofaSpud who wrote (12825)	10/14/1998 8:48:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Thunder Energy Inc. Issues 700,000 Flow-Through Shares TSE SYMBOL: THY OCTOBER 14, 1998 CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSE) today advises that it has issued 700,000 flow-through shares at an issue price of $2.00 per share for gross proceeds of $1,400,000. The shares were issued as a partial closing to its previously announced best efforts private placement of 1,500,000 flow-through shares. The Company also advises it has signed a non-binding letter of intent with Petrovest V Flow-through Share Limited Partnership whereby it has agreed, subject to certain conditions, to subscribe for up to 500,000 flow-through shares. Closing of this transaction is anticipated to occur in December. The remaining 300,000 flow-through shares available under this offering are expected to be sold prior to the end of October. Anticipated gross proceeds of $3,000,000 will be used to fund Thunder's 1998/1999 drilling programs. Thunder has commenced its fourth quarter drilling program by spudding the first of 4 wells (2 net) to be drilled at its Matziwin property. These wells will target natural gas with initial production rates of 750 mcfpd per well. In November Thunder will drill 2 (1 net) oil wells at Rosalind. The first well, a vertical/horizontal well, will test a potential new oil pool similar to Thunder's 1997 Ellerslie discovery that has an estimated 4 million proved and probable barrels of oil. The second well will delineate its Belly River oil discovery drilled in the second quarter. In December Thunder will drill 2 (1 net) exploratory gas wells at its Manola property. Thunder Energy is a Calgary-based oil and gas exploration company operating in Alberta. Current production is estimated at 1,000 bopd and 10 mmcfpd. Thunder's shares are traded on the Toronto Stock Exchange under the trading symbol "THY". The flow-through common shares have not been and will not be registered under the United States Securities Act of 1933 and, as a result, these securities may not be offered or sold within the United States.

To: SofaSpud who wrote (12825)	10/14/1998 8:51:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

PROPERTY DISPOSITION / Maxx Petroleum Ltd Drilling and Divestment Program Update TSE SYMBOL: MXP AMEX SYMBOL: MMX OCTOBER 14, 1998 CALGARY, ALBERTA--Maxx Petroleum Ltd. recently divested itself of four non-core properties realizing net proceeds of $24.74 million. Production and proven reserves associated with the divestiture were 805 BOEPD and 3,568 MBOE, respectively. All transactions are effective July 1, 1998. Proceeds from the divestment will be applied to reduce debt to $44.5 million compared to the previous level of $70 million. Current and 1999 cash flow estimates of $18.3 and $23.5 million respectively place 1998 and 1999 debt to cash flow ratios at 2.4 and 1.9, respectively. Cash flow estimates are based on pricing assumptions of $15 US per barrel and $17 US per barrel for current and 1999. Production during 1998 should average 7,550 BOEPD (net of property dispositions); an 11 percent increase over the 1997 average of 6,813 BOEPD. Previous estimates projected a 1998 average of 8,200 BOEPD but did not contemplate property dispositions nor reductions to heavy oil production. In the fourth quarter Maxx plans to drill up to 11 wells which should significantly impact natural gas and light crude oil reserve additions, production additions and development opportunities for 1999. At Willesden Green, Maxx plans to drill a well to test the Cretaceous and Jurassic potential in the area. Offset operators have drilled seven wells and licensed eight additional locations. The Cretaceous is oil bearing while the Jurassic is gas prone. A newly drilled direct offset to Maxx's location is producing approximately 400 BOPD of light sweet crude, while a nearby Jurassic completion is delivering gas at 4 MMCFD with natural gas liquids. Maxx has a 100 percent interest in 2,720 acres of undeveloped land. Assuming success, up to an additional 16 development wells will be required to access the reserves. The initial well is to be drilled in November. At Cow Lake (Ferrier), Maxx has licensed 15-9-38-7W5M, as a Mississippian gas test, to a total depth of 2,800 metres and will test the hydrocarbon potential in the Basal Quartz, Elkton and Shunda formations. Currently, Maxx operates two producing gas wells at 9-9 and 3-16. Additional drilling is required to further delineate gas reserves within the Basal Quartz and Mississippian horizons. Maxx has a 50 percent interest in the wells and is operator. The well is scheduled to spud in October. At South Simonette, the Company has completed a 49 square kilometre 3-D seismic survey to image Devonian structures. Currently, the data is being processed and interpreted with a location to follow. The drilling of a 4,300 metre Devonian test is slated to spud in December. Pool target size is in the range of 20 to 50 MMBOE per pool. Maxx is a participant in a 26,240 gross acre farm-in and will earn a net ten percent working interest in 7,680 acres by paying 16.667 percent of the drilling cost for each Devonian test drilled during the earning phase. Additionally, Maxx has acquired 1,624 net acres (13,920 gross) on the play and has access to extensive 3-D and 2-D seismic coverage. Work is in progress to select drilling targets for 1999 in this multi-zone area. In S.E. Saskatchewan the Company will drill six horizontal development wells prior to year-end. The wells will be drilled in the Company's greater producing areas of Ingoldsby and Silverton to access light Mississippian crude oil reserves and production. Incremental production of 800 BOPD (net) should be captured through the drilling of six wells. A wellhead netback of $15 per barrel will be realized given a WTI price of $15 US per barrel taking into account current foreign exchange levels, oil quality and pipeline tariff adjustments, operating costs of $3/BBL and royalty incentive programs. Maxx has 105,000 net undeveloped acres that should provide a platform for exploration in the future. Maxx is actively pursuing property and corporate acquisitions within our focus areas of W5 Alberta and S.E. Saskatchewan. Target size ranges from 3,000 to 8,000 BOEPD, which could double the Company's size. Maxx Petroleum Ltd. is a junior oil and gas exploration and development company based in Calgary, Alberta. Maxx shares trade on The Toronto Stock Exchange under the symbol "MXP" and on the American Stock Exchange under the symbol "MMX".

To: SofaSpud who wrote (12825)	10/14/1998 8:53:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Highview Announces Third Quarter Results ASE SYMBOL: HVW OCTOBER 14, 1998 CALGARY, ALBERTA--Highview Resources Ltd. today reported revenue for the nine months ending August 31, 1998, of $70,317 compared with $138,903 for the same period in 1997. The company's revenue was significantly reduced by declining oil prices which averaged $10.72 per bbl during the nine months ended August 31, 1998 compared with $20.45 per bbl one year earlier. Oil production averaged 22 bbls per day for the period compared with 26 bbls per day in 1997. During the quarter, Humboldt Capital Corporation became the major shareholder of Highview and completed a private placement of 3,800,000 Highview shares for $380,000. As a result, Highview has working capital of $504,000 at the end of August, and is reviewing investment opportunities and searching for a qualified technical group to manage its growth in an emerging junior oil and gas company. /T/ FINANCIAL SUMMARY FOR THE SIX MONTHS ENDED AUGUST 31, 1998 1998 1997 ---- ---- Revenue $70,317 $138,903 Cash flow $11,410 $92,787 Cash flow per Share $0.00 $0.01 Earnings (loss) ($19,960) $52,287 Earnings (loss) per Share (0.00) $0.01 Working Capital $504,956 $97,721 Oil Production bbls/d 22 26 Shares outstanding at end of period 11,466,667 7,666,667

To: SofaSpud who wrote (12825)	10/14/1998 8:56:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Danoil Expects Significant Improvement in Third Quarter TSE, ASE SYMBOL: DAN OCTOBER 14, 1998 CALGARY, ALBERTA--Danoil Energy Ltd. announces that on July 15, 1998, it began to reactivate previously shut in production eventually increasing production by more than 500 barrels of oil per day to current production levels of 2,300 barrels of oil per day. In addition, increased volumes at Carson Creek and Judy Creek have increased natural gas production to 11 million cubic feet per day. Approximately 500 barrels per day of heavy oil remains shut-in. A combination of the reactivation and a narrowing of heavy oil price differentials boosted cash flow for the month of July to over $600,000 which exceeded cash flow for the entire second quarter. Exploration and development activities continue to be concentrated on increasing natural gas production. Danoil recently drilled and completed a 100 percent working interest well at Lloydminster. The well tested at a stabilized rate in excess of 2 million cubic feet per day. Danoil expects to have the well on stream by November 15, 1998. At Judy Creek, in addition to the two wells which were placed on stream in September adding a net 1.2 mmcf/day, four recent reentry candidates have yielded positive results with the best well testing more than 1 million cubic feet per day (20 percent working interest). Well tie-ins and the drilling of at least five additional wells (75-100 percent working interests) will continue into the second quarter of 1999. To date, the non-core property disposition program has resulted in the sale of four properties with total proceeds of $855,000. Offers have been received on an additional six properties for proceeds totaling more than $3 million. Danoil expects to reach its target of $5 million in sales prior to year-end.