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

To: Kerm Yerman who wrote (13155)	11/1/1998 9:19:00 PM
From: J.P.Campbell	Read Replies (1) \| Respond to of 15196

Kerm, a question re oil exploration in Ecuador A few months back Grantham Rs had a change of control and a news release that their subsidiary Grantmining S.A had a 22% interest in a consortium that won a bid for oil field development in Ecuador from the state company,Petroecuador. Grantham says the JV participants include "a Canadian oil and gas producer" and some Ecuador firms but didn't name same. I've emailed Grantham for a DD package but have not received a response yet. Would you have any knowledge of who is the "Canadian producer" and/or any links to research on the status of state oil fields privatization in Ecuador? Any South American energy news services I've found on the Web have large subscriber fees. Any comments will be appreciated, TIA, J.P.Campbell

To: Kerm Yerman who wrote (13155)	11/2/1998 5:01:00 PM
From: SofaSpud	Read Replies (2) \| Respond to of 15196

MERGERS & ACQUISITIONS / Poco goes for Pan East Poco Petroleums Ltd. launches friendly bid for Pan East Petroleum Corp. and $171,000,000 common share issue CALGARY, Nov. 2 /CNW/ - Poco Petroleums Ltd. (''Poco'') and Pan East Petroleum Corp. (''Pan East'') jointly announced today that Poco has agreed to make an offer to acquire all of the issued and outstanding shares of Pan East. The offer will provide that Pan East shareholders will receive $2.65 cash or, at the election of each Pan East shareholder, 0.1797 of a Poco common share, or a combination thereof, for each Pan East common share tendered, subject to a maximum of four million Poco common shares to be offered. The Pan East closing price on October 30, 1998 was $2.38 per share. The offer represents an approximate 23 percent premium to the weighted average closing price of the Pan East common shares for the 20 days prior to the announcement of the offer. If all Pan East common shares are tendered, the value of the offer will be approximately $163 million. Lehman Brothers Canada Inc. and RBC Dominion Securities Inc. acted as financial advisors to Poco. The offer has the unanimous support of the Independent Committee and the Board of Directors of Pan East. Peters & Co. Limited provided exclusive financial advice to the Independent Committee of Pan East and has provided an opinion that the offer is fair from a financial point of view to the shareholders of Pan East. The offer is subject to all necessary regulatory approvals and to customary conditions, including that a minimum of 66 2/3 per cent of the outstanding Pan East common shares, calculated on a fully diluted basis, be tendered. Poco has entered into an agreement with Pan East pursuant to which, among other things, the Board of Directors of Pan East has agreed not to solicit competing bids and to recommend acceptance of the offer to holders of Pan East shares. Pan East has agreed to pay Poco a break fee of $5 million in certain circumstances. Poco has also entered into agreements with certain Pan East shareholders, representing 28 percent of the outstanding common shares, to tender to the offer. These shareholders have agreed not to withdraw their shares from Poco's offer and tender to a competing bid for Pan East, except in certain circumstances and under particular terms. It is anticipated a take-over bid circular containing the details of the offer will be mailed to all registered shareholders of Pan East on November 6, 1998. To fund the Pan East purchase, Poco announced that it has reached agreement to issue from treasury, on a bought deal basis, 12,000,000 common shares at $14.25 per share, for gross proceeds of $171,000,000. The syndicate will be led by RBC Dominion Securities Inc. and includes FirstEnergy Capital Corp., Nesbitt Burns Inc., Bunting Warburg Inc., ScotiaMcLeod Inc., CIBC Wood Gundy Securities Inc., Lehman Brothers Canada Inc., TD Securities Inc. and Newcrest Capital Inc. Pan East has entered into an agreement with Chesapeake Energy Corporation and Chesapeake Canada Corporation (collectively ''Chesapeake'') whereby Pan East has the option to terminate its existing joint venture with Chesapeake and to acquire certain oil and gas interests of Chesapeake earned pursuant to its joint venture with Pan East. Under the option, the joint venture interests held by Chesapeake may be exchanged for interests of Pan East in the Midwinter area of British Columbia and a cash payment to Chesapeake of $8 million. Pan East's current production is 3,100 barrels of oil equivalent per day composed of 28 million cubic feet per day of natural gas and 300 barrels per day of liquids. Proven and probable reserves consist of 2.16 million barrels of crude oil and natural gas liquids and 202.5 billion cubic feet of natural gas. Pan East also has 130,000 net acres of undeveloped land and an extensive seismic database which Poco values at an aggregate of $25.6 million. The Pan East transaction is consistent with Poco's business plan, which continues to focus on the exploration, development and acquisition of natural gas assets in the deeper, more prolific portion of the western Canadian sedimentary basin. Poco's exploration program is focused on its Western Region in west-central Alberta. The Pan East assets are either within this Western Region or adjacent thereto. Of particular interest are the assets located at Berland River, Edson, Lator and Ram Strachan. Pan East also holds strategic interests in several processing and transportation facilities in these areas. These facility interests will assist Poco in bringing on production quickly and at lower costs. Poco sees significant exploration potential in the Pan East assets and believes that this acquisition gives it a strategic advantage in expanding Poco's core area further west to a deeper, less explored part of the basin. The offer will also allow Pan East shareholders an opportunity to participate in the future growth potential of Poco shares. Poco will be conducting a conference call to discuss the transaction beginning at 7:15 a.m. Mountain Standard Time on November 2, 1998. The call can be joined in progress by dialing 1-888-209-3769 or interested parties may listen to a taped recording after 9:15 a.m. Mountain Standard Time by dialing 1-800-558-5253 and entering reservation number 1783702. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The common shares offered will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration, or an applicable exemption from the registration requirements of such Act. -30- For further information: Craig Stewart, President and Chief Executive Officer, Poco Petroleums Ltd. (403) 260-8017; John Ferguson, Vice President and Chief Financial Officer, Poco Petroleums Ltd. (403) 260-8059; Richard Walls, President and Chief Executive Officer, Pan East Petroleum Corp. (403) 234-7477; Robert Maitland, Vice President, Finance and Chief Financial Officer, Pan East Petroleum Corp. (403) 234-7477; E-mail: ir@pocopete.ca; Website: www.pocopete.ca

To: Kerm Yerman who wrote (13155)	11/2/1998 5:03:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / New Cache Update New Cache Well Positioned Entering 1999 CALGARY, Oct. 29 /CNW/ - New Cache continues to be well positioned to enter the 1999 winter season by having approximately 65% of its production coming from gas sales. During the fourth quarter, the Company participated in six gross (1.5 net) wells resulting in four (0.65 net) gas wells and two (0.85 net) abandoned wells. This gives the Company a 62% success rate year-to-date while drilling a total of 29 (13.37 net) wells. The Doris property continues to perform well, averaging 20.5 mmcfd and 152 bpd of liquids during the three months ending August 31, 1998, despite a week-long plant turnaround at the Doris I processing facility. Effective July 1, 1998, New Cache increased its ownership in the Doris I plant from 13.5% to 22.91%, thereby reducing its processing fees for the area. The Company plans to drill up to seven development wells and three exploration wells during the upcoming winter. Each of the exploration plays provides New Cache the opportunity to duplicate the success of the initial Doris pool. At Bronson, the 10-20-57-17 W5M (50% W.I.) well drilled during the second quarter was placed on production in August and has been producing at approximately 6.5 mmcfd from the Wabamun formation. Gross recoverable reserves of 18.0 Bcf and 386 mbbls of liquids have been assigned to this well. A step-out well (50% W.I.) was drilled four miles to the north of the existing production during the third quarter. The targeted zones were encountered but were not well enough developed to justify economic completion. Subsequent to the third quarter, New Cache participated in a successful gas well (14% W.I.) which, when completed, should be capable of the same production rates as the 10-20 producer. The Company has defined three lower risk development locations that will be drilled in the next six months and, depending on the results, New Cache could drill up to five additional development locations on the seven undrilled surrounding sections. At Mink Lake, New Cache has a 100% working interest in five prospective shallow gas sections where five surrounding wells were tied-in last year. An initial well is planned for early winter and, if successful, up to four additional locations are identified on seismic. The production rate associated with each well is expected to be 2 to 3 mmcfd with reserves of 2 to 4 Bcf. Cash flow from operations for the nine month period ended August 31, 1998 remained 23% ahead of the same period last year, despite a 32% drop in oil prices, with $8.644 million ($0.61 per share) being recorded in 1998 and $7.002 million ($0.73 per share) in 1997. For the three months ended August 31, 1998, cash flow from operations totalled $2.395 million ($0.17 per share), compared to $1.936 million ($0.17 per share) in the third quarter of 1997. Gas production for the nine months ended August 31, 1998, at 28.588 mmcfd, is 241% higher than the 8.387 mmcfd achieved during the same period in 1997. Gas prices are 17% higher for this period in 1998, $1.89 per mcf compared to $1.62 per mcf in 1997, and the prices are strengthening even more as we approach the winter heating season. Oil and liquids production was down marginally at 1,693 bpd for the nine months ended August 31, 1998, 4% lower than the 1,761 bpd for the same period in 1997. Oil prices continued to remain low, with an average price received for oil and liquids of $17.28 per bbl for the first three quarters of 1998 compared to $25.60 per bbl for the same period in 1997. On a year-to-date basis, production expenses averaged $5.63 per boe to August 31, 1998 compared to $5.21 per boe in 1997. General and administrative expenses, on a per unit basis, were down to $1.59 per boe in 1998 from $2.22 per boe in the same period of 1997. For the nine months ended August 31, 1998, New Cache incurred a net loss of $2.423 million ($0.17 per share) as compared to a net income of $0.458 million ($0.05 per share) for the first nine months in 1997. The Company has invested $21.893 million in the first nine months of 1998, compared to $40.629 million during the same period in 1997. At August 31, 1998, New Cache had debt, net of working capital, of $35.312 million, compared to $25.532 million at August 31, 1997. New Cache currently has approximately 14.185 million shares outstanding with 15.407 million on a fully diluted basis. THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. -30- For further information: Raymond G. Smith, President and CEO or Keith E. Macdonald, Vice President, Finance, (403) 263-3447, Website: www.newcache.com, New E-mail Address: investor.relations@newcache.com

To: Kerm Yerman who wrote (13155)	11/2/1998 5:10:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Player FY 1998 results Player Petroleum Corporation - Fiscal 1998 Audited Financial Results CALGARY, Nov. 2 /CNW/ - Player Petroleum Corporation is pleased to present audited financial results for the year ended July 31, 1998. << ------------------------------------------------------------------------- Years ended July 31 1998 1997 Years ended July 31 1998 1997 ------------------------------------------------------------------------- Oil and Gas Revenue Daily Production ($'000) 2,962 188 (boepd) 406 27 Cash Flow ($'000) 1,966 (6) Net Wells Drilled 5.5 1.5 Per Share (Basic) 0.28 - Success Rate 100% 67% Net Earnings ($'000) 1,305 (106) Net Undeveloped Land 12,160 1,920 Per Share (Basic) 0.19 (0.02) (acres) Capital Expenditures Shares Outstanding ($'000) 4,040 1,343 (mm) 7.4 6.4 ------------------------------------------------------------------------- >> Player Petroleum Corporation continues to turn ongoing operational success into solid financial gains. Production gains and a strong gas price environment increased cash flow for the year to $1,965,666 or $0.28 per share, from a negative cash flow of $6,168 for the year ended July 31, 1997. Net income for the year reached $1,305,473 or $0.19 per share, compared to a loss of $105,557 or ($0.02) per share for 1997. The Company had working capital of $280,000 and no debt at year end. Capital expenditures totalled $4.0 million for the year compared to $1.3 million for the prior reporting period. Production for fiscal 1998 averaged 406 boepd with an exit rate of 700 boepd at July 31, 1998. Current production is 850 boepd. Player's 1999 capital expenditure budget is $6.5 million for exploration and drilling in its core area of east central Alberta. Player Petroleum Corporation is a gas producer, trading on the Vancouver Stock Exchange under the symbol PYP. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. -30- For further information: Player Petroleum Corporation, Steven Johnson, President & CEO, (403) 215-3970, or JoAnne Dorval, Controller & Corporate Secretary, (403) 215-3973

To: Kerm Yerman who wrote (13155)	11/2/1998 5:10:00 PM
From: SofaSpud	Respond to of 15196

DIVIDENDS / Gulf Gulf Confirms September 1998 Dividend Rate for Series 1 Preference Shares DENVER, Sept. 30 /CNW/ - Gulf Canada Resources Limited today announced that the dividend rate for the month of September 1998 for Gulf Canada Resources Limited's Fixed/Adjustable Rate Senior Preference Shares, Series 1, has been calculated at $0.025 per share. The dividend is payable October 13, 1998 to shareholders of record at the close of business on September 30, 1998. -30- For further information: Investor Relations/Public Affairs, (303) 813-3800 or 888-345-4853 (GULF)

To: Kerm Yerman who wrote (13155)	11/2/1998 5:12:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Jet Energy Q3 results Jet Energy Corp. Announces Third Quarter Financial and Operating Results CALGARY, Nov. 2 /CNW/ - ----------------------------------------------------------------------- TSE Symbol: JEC Listed Standard & Poor's Manual OTC Bulletin Brd. Symbol: JECXF Issued and Outstanding Shares: 22,374,576 ----------------------------------------------------------------------- Jet Energy Corp. (''Jet Energy'') is pleased to report 3rd Quarter Results: << Highlights Three Months Nine Months Ended August 31 Ended August 31 1998 1997 1998 1997 ----------------------------------------------------------------------- Financial ($M CDN.) Revenue (net of royalties) 1,518 1,515 4,880 2,903 Cash flow 642 849 2,200 1,620 Per share - basic $ 0.03 $ 0.04 $ 0.10 $ 0.08 Net earnings 67 400 585 888 Per share - basic $ 0.01 $ 0.02 $ 0.03 $ 0.04 Average shares outstanding (millions) 22.2 20.7 21.8 20.4 ----------------------------------------------------------------------- Production Gas (MCF/D) 3,773 3,213 4,045 1,999 Average price ($/MCF) 2.11 2.00 2.10 2.30 Oil and NGL's (BBL/D) 478 363 482 226 Average price ($/BBL) 19.93 26.90 21.96 28.38 Total production (BOE/D) 855 684 887 426 ----------------------------------------------------------------------- >> The Company recorded cash flow of $642,000 ($0.03 per share) for the third quarter ended August 31, 1998 on average production of 855 BOE/d. This brings cash flow for the nine months ended August 31, 1998 to $2.2 million ($0.10 per share) reflecting a 36% increase over the comparable nine month period in the prior year. Production for the first nine months of fiscal 1998 averaged 887 BOE/d representing an increase of over 200% from the prior year nine-month rate of 426 BOE/d Operating costs and general and administrative expenses for the current year nine-month period were up over the same period in fiscal 1997 reflecting increased activity. However, on a per BOE basis, operating costs in 1998 declined by $0.70 to average $5.73 per BOE. General and administrative expenses on a BOE basis averaged $3.45 in 1998 compared to $2.74 in the prior year. The Company continues to strive for optimization in both of these cost areas. Interest expense was significantly higher in the current period reflecting the increased use of debt financing to fund the Company's ongoing capital expenditure program. During July, the Company issued a $5.0 million convertible debenture with a 5 year maturity date, bearing interest at 4.5% and convertible into common shares at a conversion price of $2.15 per share. Proceeds from the issue will be used to fund the Company's ongoing capital expenditure program in the core areas of Kaybob, Sand Creek, Fort St. John and Virginia Hills. The Company's average third quarter production was below expectations due to the longer than anticipated plant upgrade at the West Whitecourt gas plant during June and July. As a result, all production from the Kaybob area (which approximated 80% of total Company production prior to the upgrade) was shut in for a five-week period. This shut-in production lead to a significant decline in overall corporate production rates to 521 BOE/d in June and 748 BOE/d in July. Full production levels were finally attained in the month of August with output averaging 1,286 BOE/d overall. During 1998, the Company has succeeded in the continued development of its four core areas of Kaybob, Sand Creek, Virginia Hills and Fort St. John. Anticipated year-end exit production rates should meet targeted rates of 1,900 BOE's/d and position the Company for continued significant growth in 1999. Jet Energy Corp., headquartered in Calgary, is an active oil and gas producer growing through exploration activities. On Behalf of the Board of Directors of Jet Energy Corp. --------------------- Scott C. Watson VP Land and Secretary The Toronto Stock Exchange does not approve nor disapprove the contents of this news release -30- For further information: Mr. Bill MacDonald or Mr. Scott Watson, (403) 244-0440, Fax: (403) 228-9490

To: Kerm Yerman who wrote (13155)	11/2/1998 5:14:00 PM
From: SofaSpud	Respond to of 15196

FINANCING / Lundin credit facility Lundin Oil AB Signs USD $125 Million Bank Financing VANCOUVER, BRITISH COLUMBIA--Lundin Oil AB (the "Company") is pleased to announce the signing of a USD $125 million corporate bank financing with a group of international banks. The loan facility will be used to refinance existing debt and also under certain conditions to fund corporate expenditures including development costs relating to the PM-3 project offshore Malaysia/Vietnam. The loan facility was arranged by Barclays Bank and ABN AMRO Bank who were the lead banks. Other participating banks were Bank of Scotland, Christiania Bank and Royal Bank of Scotland. Lundin Oil AB is traded on the Stockholm Stock Exchange O list under the symbol LOIL B, the Toronto Stock Exchange under the symbol LOI and on NASDAQ under the symbol LOILY. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Lundin Oil AB Magnus Nordin Deputy Managing Director +46 8 440 54 50 or Lundin Oil AB Sophia Shane Investor Relations North America (604) 689-7842

To: Kerm Yerman who wrote (13155)	11/2/1998 5:15:00 PM
From: SofaSpud	Respond to of 15196

FINANCING / Sundance cancels issue SUNDANCE RESOURCES INC. - CANCELS OFFERING; COMPLETES NATURAL GAS PRE SALE AGREEMENT CALGARY, ALBERTA-- Due to market conditions, Sundance Resources Inc. (UDC-ASE) has cancelled its proposed common stock offering. Alternatively, Sundance has raised $1,400,000 by completing a natural gas pre-sale agreement at $2.44 per mcf with a major U.S. agricultural company. The financing will allow the company to pursue other natural gas drilling and acquisition opportunities. Current net production stands at approximately 350 BOE/day (80% natural gas; 20% oil). Sundance Resources Inc., with the cancellation of the stock offering, has 4,755,000 common shares outstanding. For more information, please contact: Mr. Michael Vandale President Sundance Resources Inc. 2850, 350 - 7th Avenue S.W. Calgary, Alberta T2P 3N9 (403) 266-8670 Fax: (403) 264-8163 The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release.

To: Kerm Yerman who wrote (13155)	11/2/1998 5:15:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / PanAtlas update PanAtlas Updates Activities CALGARY, ALBERTA--PanAtlas expects 1998 oil and natural gas production to average 2,200 Boepd, an increase of 50 percent over 1997 volumes. 1998 natural gas production is expected to average 7.7 mmcf per day, 2.4 times 1997 natural gas production. The Company's focus in 1998 shifted into an exploration mode, developing and acquiring natural gas prospects for fourth quarter and 1999 drilling. The program has been successful as the Company has acquired 15,700 gross (8,600 net) acres of undeveloped land and established new W5 core areas at Niton, Carrot Creek and Barrhead. PanAtlas has a 50 percent working interest in an eight section block of new Alberta Crown lands at Niton and participated for a 50 percent working interest in a new pool natural gas discovery. The discovery well has been completed and is being production tested to evaluate reserve and productive capabilities. The Company expects to drill several exploration wells on its lands at Niton, Carrot Creek, Barrhead and Drumheller during the next six months. Ongoing development at Drumheller and Meekwap is also expected. PanAtlas is pleased to announce Mr. Glenn Dawson has been retained as an exploration consultant to oversee the Company's existing exploration activities and to develop strategies and prospects for the Company's 1999 exploration program. Mr. Dawson has over 18 years of domestic and international exploration experience and has been personally responsible for many significant new pool oil and gas discoveries. Mr. Dawson will assume the responsibilities of Douglas Hittel who resigned as Vice-President of Exploration effective November 2, 1998. PanAtlas is a public oil and gas company based in Calgary with common shares trading on The Toronto Stock Exchange under the Symbol "PA". -30- FOR FURTHER INFORMATION PLEASE CONTACT: PanAtlas Energy Inc. Allan E. Spurgeon President & C.E.O. (403) 232-5700 info@panatlas.com or PanAtlas Energy Inc. Jim N. McIndoe Senior Vice-President (403) 232-5700

To: Kerm Yerman who wrote (13155)	11/2/1998 5:16:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Tethys flo-thru issue and drilling update Tethys Announces Closing of Flow-Through Share Offering and Drilling Update CALGARY, ALBERTA--Tethys Energy Inc. (TET - TSE) today announced the closing of its previously announced flow-through share offering. 1,100,000 flow-through common shares were issued at $1.60 per share for proceeds of $1,760,000. Proceeds from the flow-through shares will be used to partially finance the Company's 1998/1999 drilling and seismic programs. Drilling Update --------------- During 1998 Tethys has drilled 17 (13.8 net) wells resulting in 10 (8.3 net) oil wells, 3 (2.0 net) gas wells and 4 (3.5 net) dry holes for an overall success rate of 75percent. Two new pool wildcat oil discoveries were made at Girouxville in northwest Alberta. The two wells are currently producing 315 barrels per day (gross) and have produced 68,000 barrels to date. Based on these positive results, Tethys has commenced drilling a third exploratory well on the prospect. Tethys has a 50percent interest in 16 sections of land including the existing wells and 100percent interest in an additional 11 sections of land. Eight horizontal wells were drilled in Saskatchewan resulting in 7 oil wells and one dry hole. The drilling program has exceeded the Company's initial expectations. Tethys has a current inventory of 25 horizontal wells in Saskatchewan. Tethys has deferred its drilling in Saskatchewan until oil prices improve. Three gas wells and one oil well were drilled in West Central Alberta. These wells will be placed on production prior to year-end. Tethys has accumulated 29 sections of land in the Corbett area of West Central Alberta where drilling will commence in the winter of 1998/1999 targeting natural gas. Current Company daily production is 2,100 barrels of oil equivalent consisting of 1,600 barrels of oil and natural gas liquids and 5 million cubic feet of natural gas. Tethys Energy is a Calgary-based oil and gas exploration company operating in Alberta and Southeastern Saskatchewan. Tethys shares are traded on the Toronto Stock Exchange under the trading symbol "TET". -30- FOR FURTHER INFORMATION PLEASE CONTACT: Tethys Energy Inc. Randell B. Pardy President and Chief Executive Officer (403) 294-3553 or Tethys Energy Inc. David Eastham Vice-President, Chief Financial Officer (403) 294-3556

To: Kerm Yerman who wrote (13155)	11/2/1998 5:17:00 PM
From: SofaSpud	Respond to of 15196

FIELD ACTIVITIES / Kroes update KROES ENERGY INC. - DRILLING UPDATE CALGARY, ALBERTA-- Kroes Energy Inc. announced that the exploratory well Ana Maria #2 located on Cuba offshore Block VII began drilling on October 30, 1998. The well is a follow-up to Ana Maria #1 which was suspended in July 1997 after failing to produce oil or gas on a drill stem test. The #1 well encountered oil and gas shows during drilling but penetrated the flank of the structure below the water contact. Ana Maria #2 is being drilled from the same island location but will be deviated 800 meters to the south to penetrate the crest of the structure. Projected well depth is 3580 meters and drilling is expected to take about 8 weeks. The Operator also is in the process of obtaining the necessary approvals to drill the nearby Bajo Corales structure when Ana Maria #2 is completed. Kroes Energy has a 4.875% carried interest in Blocks V, VI & VII located off the south coast of Cuba. In excess of 4,000 kilometers of seismic have been shot over the Blocks and some 25 prospects and leads have been identified. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. For more information please call Fred Callaway, President Tel: 403 265 7711 Fax: 403 265 7733

To: Kerm Yerman who wrote (13155)	11/2/1998 5:18:00 PM
From: SofaSpud	Respond to of 15196

STAFFING / Gopher appointments Gopher Oil & Gas Company Ltd. Announces New Appointments CALGARY, ALBERTA--Gopher Oil & Gas Company Ltd. (the "Corporation") is pleased to announce the following appointments effective November 1, 1998: /T/ Kevin Bennett - President, Chief Operating Officer and Director Jim Broughton - Vice-President, Engineering Jim Campbell - Vice-President, Exploration Hal Metcalfe - Vice-President, Finance and Administration Gordon Cormack - Vice-President, Operations Jim Artindale - Vice-President, Business Development /T/ The Corporation would also like to confirm that its acquisitions in the Trout-Kidney area of Alberta have closed and that a development and exploration program will begin on these properties immediately. The Corporation has also provided notice to the Alberta Stock Exchange of a proposed private placement of 571,428 common shares at $0.70 per share. The private placement will be subscribed for primarily by the new appointees. The Corporation is a junior oil and gas exploration and production company listed on the Alberta Stock Exchange under the symbol GOF. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Gopher Oil & Gas Company Ltd. Kevin Bennett President (403) 216-1570 (403) 216-1572 (FAX) The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (13155)	11/2/1998 5:19:00 PM
From: SofaSpud	Read Replies (7) \| Respond to of 15196

SERVICE SECTOR - EARNINGS / Alpine Q3 results ALPINE OIL SERVICES ANNOUNCES NINE MONTH EARNINGS INCREASE 97% CALGARY, ALBERTA-- NINE MONTH EARNINGS INCREASE 97 Three months ended Nine months ended September 30 September 30 $000s Cdn. except per share amounts 1998 1997 % Change 1998 1997 % Change Revenue 9,577 8,065 +19 27,702 23,288 +19 Gross margin 36% 39% 37% 35% Net income 1,174 729 +61 3,101 1,574 +97 Per share 0.06 0.04 0.15 0.09 Cash flow from operations 2,124 1,790 +19 6,136 4,490 +37 Per share 0.11 0.10 +10 0.29 0.26 +12 Average shares outstanding 21,278,026 17,095,560 Alpine Oil Services Corporation is pleased to report on its financial performance for the nine months ended September 30, 1998. Consolidated revenue for the year to date increased 19% to $27.7 million. Consolidated net income for the year to date increased 97% to $3.1 million. Third quarter revenue and earnings increased 19% and 61% respectively, compared to last year. Cash flow from operations increased 37% compared to the first nine months of 1997. On a per share basis for the third quarter, Alpine earned $0.06 compared to $0.04, and generated cash flow from operations of $0.11 compared to $0.10 last year. Year to date earnings per share increased substantially to $0.15 from $0.09 during 1997. Year to date cash flow per share increased to $0.29 from $0.26 last year. Wireline, production and underbalanced drilling service revenue increased 33% to $16.1 million over the first nine months of 1997. Drill stem testing and telemetry service revenue remained stable at $5.5 million, a decrease of 3% compared to the same period last year. Equipment sales and services increased 11% to $5.9 million. Year to date gross profit margins increased to 37% from 35% last year. For the third quarter, profit margins decreased slightly due to prevailing market conditions. Selling, general and administrative expenses increased by 8% to $2.9 million, but fell as a percentage of revenue to 10.7% from 11.7% last year. Alpine's sale of its Argentina operations resulted in a net loss on disposition of approximately $334,000. Current and deferred income taxes have decreased to 32% from 45% of income due to a higher proportion of non-Canadian revenues. With an increasing equipment base, wireline, production testing and underbalanced drilling services continue to show strong gains, on the strength of domestic natural gas related activities. As expected, equipment sales and services experienced significant growth during the third quarter, due primarily to continuing market penetration for underbalanced drilling and other proprietary products for international markets. Alpine is of the opinion that its Canadian customers are well-positioned for an increase in their natural gas related activities due to the pending increase in Canada's gas export capacity over the next few years. It will be very difficult to fill this increased export capacity. The gap between transportation capacity and productive capacity will cause gas prices to increase. While natural gas drilling activities are affected by lower oil prices, a key issue will be the level of capital expenditures targeted at natural gas. Alpine's customer base has remained very active as far as its services are concerned. Although October produced somewhat lower financial results which were similar to that of 1997, November and December are historically the most active, and consequentially important months of Alpine's fourth quarter. Alpine Oil Services Corporation is an innovative, value-added energy services entity competing in the Canadian upstream oil and gas market. Alpine is the second largest provider of Underbalanced Drilling surface pressure control equipment complete with rotating blowout preventers, and largest provider of Real-Time Drill Stem Testing services, in North America. Alpine is the only company in North America that has developed and now offers a mechanical wireline-set and retrievable production telemetry tool. Internationally the Company is involved in the sale of its proprietary equipment into select markets. Alpine is a recognized leader in the research, development and application of innovative technologies related to the services it provides. Alpine uses this technological knowledge base to design and manufacture many of the downhole tools used in its services. To date, Alpine has developed and presently uses more than 65 types of proprietary tools and equipment in its three main service lines. Contact: Investor Relations: Jason Krueger Telephone: (403) 263-7800 Internet: www.alpineoil.com Email: invest@alpineoil.com

To: Kerm Yerman who wrote (13155)	11/3/1998 3:10:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Kroes Energy Inc. Drilling Update CALGARY, ALBERTA-- Kroes Energy Inc. announced that the exploratory well Ana Maria #2 located on Cuba offshore Block VII began drilling on October 30, 1998. The well is a follow-up to Ana Maria #1 which was suspended in July 1997 after failing to produce oil or gas on a drill stem test. The #1 well encountered oil and gas shows during drilling but penetrated the flank of the structure below the water contact. Ana Maria #2 is being drilled from the same island location but will be deviated 800 meters to the south to penetrate the crest of the structure. Projected well depth is 3580 meters and drilling is expected to take about 8 weeks. The Operator also is in the process of obtaining the necessary approvals to drill the nearby Bajo Corales structure when Ana Maria #2 is completed. Kroes Energy has a 4.875% carried interest in Blocks V, VI & VII located off the south coast of Cuba. In excess of 4,000 kilometers of seismic have been shot over the Blocks and some 25 prospects and leads have been identified.