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

To: SofaSpud who wrote (12896)	10/19/1998 9:52:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Westcoast Acquires 100 Percent Ownership of Island Cogeneration Project TSE, ME, VSE SYMBOL: W NYSE SYMBOL: WE OCTOBER 19, 1998 VANCOUVER, BRITISH COLUMBIA--Westcoast Energy Inc. (Westcoast) announced today that it has reached agreement with Fletcher Challenge Energy (FCE) to purchase FCE's 60 percent interest in the Island Cogeneration Project. Upon completion of the transfer, which is subject to the satisfaction of closing terms and conditions, Westcoast will have 100 percent ownership of the Project. The Island Cogeneration Project is a 250-megawatt (MW) gas fired combined cycle cogeneration facility to be located at the Fletcher Challenge Canada Ltd. Elk Falls Pulp and Paper Mill near Campbell River on Vancouver Island. "Our full ownership of the project is a clear indication of our commitment to strengthen our overall presence in British Columbia in the cogeneration business. With approximately $3 billion invested in British Columbia during the last five years, this purchase further reaffirms Westcoast's role as one of the most significant participants in the province's economic growth," said Michael Phelps, Chairman and CEO of Westcoast. Hal Kvisle, President of Fletcher Challenge Energy Canada, said, "It has been our intention to reduce our role in the Island Cogeneration Project once the Project was certain to proceed. With all agreements and contracts in place, and construction about to commence, this is the right time to turn the Project over to Westcoast. We have worked closely with Westcoast over the past four years and we are confident that Westcoast is the right operator to take the Project forward." With full ownership of the Island Cogeneration Project, Westcoast will have interests in more than 1700 MW of generation capacity in operation or under construction. "Westcoast is growing rapidly," said Michael Phelps. "With this project and our recently announced repowering project at Courtenay Bay, New Brunswick, Westcoast will be building plants on both the Pacific and Atlantic coasts. At the same time, we have power plants under development with partners in China and Mexico." Together, all of these projects make Westcoast Canada's largest independent power producer. The Island Cogeneration Project began as a co-development project between Westcoast and Fletcher Challenge Energy. The existing project management team, drawn from both companies, will remain intact for the engineering, construction and commercial start-up of this project. All major project agreements have been signed and ABB has been given full notice to proceed with the engineering, procurement and construction contract. Westcoast Energy Inc. (TSE:W; NYSE:WE) headquartered in Vancouver, British Columbia, has assets of about $10 billion. The Company's interests include natural gas gathering and processing facilities, gas transportation and storage facilities, gas distribution companies as well as power generation, international and energy services businesses. Westcoast Energy Inc. Backgrounder - Generating Capacity IN OPERATION - 117 MW McMahon Cogeneration Plant - Taylor, British Columbia (50 percent ownership interest) - 388 MW P.T. Puncakjaya Power Plant - Irian Jaya, Indonesia (42.86 percent) - 110 MW Fort Frances Cogeneration Plant - Fort Frances, Ontario (100 percent) - 110 MW Lake Superior Power Cogeneration Plant - Sault Ste. Marie, Ontario (50 percent) - 50 MW Whitby Cogeneration Plant - Whitby, Ontario (50 percent) - 35 MW Ford Steam Turbine Generator - Windsor, Ontario (100 percent) UNDER CONSTRUCTION/DEVELOPMENT - 250 MW Island Cogeneration Plant - Campbell River, British Columbia (100 percent) - 240 MW Bayside Repowering Project - Courtenay Bay, New Brunswick (100 percent) - 520 MW Cantarell Power Project - near Ciudad del Carmen, Campeche, Mexico (20 percent) - 50 MW Power Plant - Shanghai, China (32.5 percent)

To: SofaSpud who wrote (12896)	10/19/1998 9:59:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Invader Announces Texas Development Well ASE SYMBOL: INX OCTOBER 19, 1998 CALGARY, ALBERTA--Invader Exploration Inc. (ASE-INX) is pleased to announce that the initial prospect within the Company's new South Texas exploration area will be a high potential, low risk natural gas development play. The Company has agreed to participate for a minimum 15 percent working interest in the drilling of an 8,500 foot test well. The initial well will be located within one half mile of two recently drilled multi-zone discovery wells that are currently each producing at restricted rates of over 6 million cubic feet per day. The potential of this play is illustrated by the nearest off setting well which has 125 feet of net pay at a depth of 7,500 feet and has estimated reserves of over 20 billion cubic feet. The prospect lands are being leased and drilling is anticipated to commence before year end 1998. Natural gas exploration within the southern United States is Invader's primary focus. Invader's initial exploration area is in the Arkoma Basin within Oklahoma and Arkansas where the Company owns a 25 percent working interest in approximately 73,000 gross acres of prospect specific lands. Two of the Company's first 3 wells drilled are on stream and the Company has 38 additional prospects under development; 14 of which are ready for drilling. The Company is actively pursuing major joint venture participation in the drilling of wells and is currently involved in negotiations with several groups. It is anticipated that drilling of a number of Arkoma prospects will commence prior to year end.

To: SofaSpud who wrote (12896)	10/19/1998 10:02:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / Vector Pipeline Receives Preliminary FERC Approval TSE, ME SYMBOL: ENB NASDAQ SYMBOL: ENBRF OCTOBER 19, 1998 CALGARY, ALBERTA--October 19, 1998-The Vector Pipeline project today received a Preliminary Determination from the U.S. Federal Energy Regulatory Commission (FERC). The Preliminary Determination indicates that, with the exception of the environmental aspects still under review, issuance of a Certificate of Public Convenience and Necessity to construct the pipeline is justified. This part of FERC's review concludes the project is in the public's convenience and necessity. Combined with FERC's issuance of a Draft Environmental Impact Statement on September 1, 1998, FERC's Preliminary Determination clearly establishes Vector as the most advanced project for transporting gas from the Chicago area to growing markets in the United States and Eastern Canada. In December 1997, Vector filed an application with FERC to construct, lease and operate the 329-mile (529-kilometre) U.S. portion of the proposed pipeline. The project, a joint venture of Calgary-based Enbridge Inc. (formerly IPL Energy Inc.) and Detroit-based MCN Energy Group Inc. (MCN), is targeted for an in-service date of late 1999. The application for the Canadian portion of the pipeline was filed with the National Energy Board of Canada (NEB) on July 6, 1998, with the hearing before the NEB set for January 18, 1999. Upon completion, Vector will provide a new strategic transportation link for up to one billion cubic feet of natural gas per day from Western Canada and the United States to growing markets in the upper Midwest United States, Eastern Canada and northeastern regions of the United States. The Vector Pipeline project will originate in the rapidly expanding Chicago hub and includes interconnections with Northern Border Pipeline's extension, currently under construction, and the Alliance Pipeline project recently approved by FERC. Vector will extend to U.S Midwest markets and on to the hub at Dawn, Ontario. Canadian and Eastern U.S. markets will be accessed through existing and proposed gas transmission systems. Enbridge Inc., formerly known as IPL Energy Inc., is a leader in energy transportation, distribution and services. As a transporter of energy, Enbridge operates, in Canada and the U.S., the world's longest crude oil and liquids pipeline system. The company also is involved in liquids marketing and international energy projects, and has a growing involvement in natural gas transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company, which provides gas and retail services in Ontario, Quebec and New York State; and is involved in the generation and distribution of electricity. In addition, Enbridge provides retail energy products and services to a growing number of Canadian and U.S. markets. The company employs more than 5,000 people, primarily in Canada, the U.S. and South America. Enbridge common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "ENB" and on The NASDAQ National Market in the U.S. under the symbol "ENBRF". Information about Enbridge is available on the World Wide Web at enbridge.com. MCN Energy Group Inc. is a diversified energy holding company with more than $4 billion of assets, and markets and investments throughout North America and in Asia. The company operates through two major business groups. One group, Diversified Energy, operating through MCN Investment Corporation, is involved in oil and gas exploration and production, natural gas gathering, transmission, processing and storage, energy marketing, electric power generation and distribution, and other energy-related businesses. The second group, Gas Distribution, consists principally of Michigan Consolidated Gas Company, a natural gas distribution and transmission company serving 1.2 million customers in more than 500 communities throughout Michigan. Information about MCN Energy Group is available on the World Wide Web at mcnenergy.com.

To: SofaSpud who wrote (12896)	10/19/1998 10:04:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Petrobank Announces Intention to Purchase Shares TSE SYMBOL: PBG OCTOBER 19, 1998 CALGARY, ALBERTA--Petrobank announced today that, subject to regulatory approval, it intends to purchase up to 643,000 of its Common Shares, representing approximately 2 per cent of Petrobank's 32,265,486 issued and outstanding common shares as at October 15, 1998. The purchases will commence, subject to the receipt of all required regulatory approvals, two days following acceptance of Petrobank's notice of intention to make a normal course issuer bid by The Toronto Stock Exchange, and will terminate one year from the date on which purchases may begin, or on such earlier date as Petrobank may complete its purchases pursuant to the notice of intention bid filed with the Toronto Stock Exchange. Purchases will be made on the open market by Petrobank through the facilities of The Toronto Stock Exchange in accordance with its rules and by-laws. The price which Petrobank will pay for any such shares will be the market price of such shares at the time of acquisition. Petrobank has not purchased any of its Common Shares within the past 12 months. Petrobank believes that the market price of its Common Shares could be such that their purchase may be an attractive and appropriate use for corporate funds in light of potential benefits to remaining shareholders.