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

To: Kerm Yerman who wrote (13241)	11/4/1998 3:34:00 PM
From: SofaSpud	Respond to of 15196

CORP. / Shells sells Sable Island gas to NS Power Nova Scotia Power and Shell Canada Finalize Gas Agreement HALIFAX, NS, Nov. 4 /CNW/ - Shell Canada Limited and Nova Scotia Power Inc. (NSPI) today marked the signing of the first contract for the use of Sable natural gas in Nova Scotia. Shell will supply NSPI with 60 million cubic feet of natural gas per day from its Sable gas production for a 10-year period. Over the life of the contract, sales will total about 220 billion cubic feet of natural gas. The gas is intended for use at Nova Scotia Power's Tufts Cove power generating station. The contract between NSPI and Shell was finalized in July, 1998 and follows a memorandum of understanding reached by the two companies in 1997. The signing was celebrated today at a breakfast hosted by the Greater Halifax Partnership. ''This contract was the first formal commitment to use Sable natural gas in Nova Scotia to benefit Nova Scotians. First, as an affordable generating fuel, it will help us to manage the price of electricity for our customers. Second, using Sable natural gas at Tufts Cove brings natural gas to Metro and makes it available as an energy option for homes and businesses in the area. Third, the availability of a new energy choice will help drive economic development and create jobs,'' said David Mann, President and CEO of Nova Scotia Power Inc. ''We've been working hard to make sure Nova Scotians benefit from natural gas to the greatest extent possible. The contract we are celebrating today is a strong step forward in that regard,'' he said. ''This agreement with NSPI represents more than ten per cent of the expected production from the Sable Offshore Energy Project and constitutes the largest sale of Sable gas to Nova Scotia to date,'' said Ray Woods, Senior Operating Officer, Resources, Shell Canada Limited. ''We are pleased to be part of these exciting times in Nova Scotia. Over the next several years Shell Canada plans to spend more than $1 billion in Atlantic Canada. This includes our commitment to the Sable project as well as additional offshore exploration activities,'' he added. The Sable project is expected to begin producing natural gas and natural gas liquids for market by the end of 1999. Shell has a 31.3 per cent interest in the project. Financial details, terms and conditions of the Shell-NSPI agreement were not released. -30- For further information: Stephanie Ryan, Nova Scotia Power Inc., Halifax, (902) 428-6682 or Adrienne Lamb, Shell Canada Limited, Calgary, (403) 691-4978; Visit Shell's Internet web site: www.shell.ca

To: Kerm Yerman who wrote (13241)	11/4/1998 3:39:00 PM
From: SofaSpud	Read Replies (12) \| Respond to of 15196

PROPERTY ACQUISITIONS / Sawtooth buys Redwater production Sawtooth Acquires Operators Interest at Redwater CALGARY, Nov. 4 /CNW/ - Sawtooth International Resources Inc. has purchased an additional 60 BOPD of light Crude production at Redwater effective September 1, 1998. The Company will use its current line of credit with the Alberta Treasury Branches to finance this $900,000 property acquisition. Sawtooth will now hold a 100 percent working interest in 100 BOPD of oil production from 4 producing wells complete with associated battery and disposal facilities. Total Company production, with this acquisition will increase to 225 BOED. This purchase has added 180,000 BOE of proved producing reserves to the Company. Total land holdings in the area will increase to 7,500 net acres. Sawtooth will take over as operator at Redwater, pending regulatory approval on November 1, 1998. The Company is undertaking immediate plans to bring on stream additional production through drilling, re-completions, tie-ins and the testing of 3 shut-in gas wells. Redwater, along with Spirit River and Lessard, are the primary areas of focus for the Company. Sawtooth continues to gain strength, momentum and additional profitability with key acquisitions in these core areas. ''The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein'' Sawtooth International Resources Inc. is an emerging junior oil and gas exploration and production company with its reserve and production base in Western Canada. Sawtooth International Resources Inc. trades on the Alberta Stock Exchange under the symbol ''SAW'' -30- For further information: Gary Waters, President, Terry Morey, Vice-President Land (403) 263-5800, Fax: (403) 234-7597, Email: sawtooth@cadvision.com

To: Kerm Yerman who wrote (13241)	11/4/1998 3:48:00 PM
From: SofaSpud	Respond to of 15196

CORP. / New Energy West new auditor NEW ENERGY WEST CORPORATION ANNOUNCES CHANGE OF AUDITORS CALGARY, ALBERTA-- New Energy West Corporation (ASE: NEC) Announces a Change of Auditors. Having received the resignation of Arthur Andersen & Co. Chartered Accountants, as auditors of the Corporation, the Board of Directors has deemed it advisable and in the best interests of the Corporation to fill the vacancy by appointing Werner Haag, Chartered Accountants, as auditors of the Corporation to hold office until the next annual general meeting of the Corporation. For further information please contact Paul Hamilton, President at (403) 228 0025. The Alberta Stock Exchange has neither approved or disapproved of the information contained herein. (signed) Paul Hamilton, President

To: Kerm Yerman who wrote (13241)	11/4/1998 3:51:00 PM
From: SofaSpud	Read Replies (3) \| Respond to of 15196

PROPERTY ACQUISITION / Quadra granted Colombia concession Quadra Resources Awarded Large Exploration Concession in Colombia Offsetting Discovery CALGARY, Nov. 4 /CNW/ - Quadra Resources Corp (QDRA.U, CDN), is pleased to announce it has been awarded the Iraca Norte Association Contract. Quadra received from Ecopetrol, the Colombian state-owned oil and gas company, written confirmation that all terms and conditions concerning this Contract have now been fully agreed to. Quadra has a 100 percent working interest in the 256,030 acre (103,610 hectares) area which comprise this Contract. Throughout the year Quadra undertook extensive negotiations with Ecopetrol regarding the size, and the configuration of the Contract and the work commitment covering the first and subsequent exploration phases. During the initial 18 month exploration period Quadra is required to reprocess 200 kilometres of existing two-dimensional seismic and drill one exploration well to a depth that will test the first prospective horizon. The estimated cost for this initial work program is US$2 million. Quadra is one of the largest acreage holders in the Cesar Basin. Quadra believes this Contract represents a very significant opportunity for the Company. Based on current seismic review, the Iraca Norte Association Contract contains seven distinct geophysical structures that are prospective drilling locations. The main structure is the continuation of the Compae structure that was tested in the offsetting Maracas Block and which has proven the existence of significant oil and gas reserves (Quadra has a 10% working interest). As much as half of the structure lies on the Iraca Norte Contract. Based on an independent petroleum consultant analysis, the Iraca Norte Association Contract contains 18,648 acres of the Compae structure, with potential reserves of 150 million barrels of oil plus 500 billion cubic feet of natural gas in the Lagunitas and La Luna zones. In addition, this structure contains three additional prospective deeper formations. Quadra's common shares are quoted for trading on the Canadian Dealing Network under the symbol ''QDRA.U''. As of November 4, 1998 there are 22,043,400 shares issued and outstanding. -30- For further information: Michael B. Nugent, Chairman and Chief Executive Officer, Quadra Resources Corp., (403) 263-2789, Fax: (403) 269-9719

To: Kerm Yerman who wrote (13241)	11/4/1998 3:53:00 PM
From: SofaSpud	Read Replies (2) \| Respond to of 15196

MERGERS & ACQUISITIONS / Ohio extends Catalina deadline Ohio Resources Extends Deadline for Catalina Acquisition CALGARY, ALBERTA--Ohio Resources Corporation ("Ohio") (VSE-OHO) advises that it has extended the termination time in respect of its offer to acquire the outstanding securities of Catalina Energy Corporation until 4 p.m. Calgary time on November 16, 1998. All other terms and conditions remain unchanged. To date, approximately 94 percent of the common shares have been tendered, with the extended time Ohio hopes to acquire 100 percent of the outstanding securities. At the company's annual and special meeting held on October 27, 1998, the Shareholders of Ohio approved the takeover of Catalina Energy Corporation. In addition, the Shareholders also approved a name change from Ohio to Causeway Energy Corporation. The company expects to commence trading on the Vancouver Stock Exchange under the symbol CUW within the next two weeks. At the Turin area, Catalina and Ohio have secured rights in an additional 8 sections (5,120 acres) adjacent to their recent successful drilling program. A twenty-five square km 3-D seismic program to fully evaluate these lands is in the planning stage and will commence prior to year end. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Ohio Resources Corporation Donald Foulkes President (403) 262-8833 or Ohio Resources Corporation Jim Reid CFO (403) 262-8833 or Catalina Energy Corporation John Salopek Vice President, Exploration (403) 265-1200 or Catalina Energy Corporation Wade McGowan President (403) 265-1200 The Vancouver Stock Exchange has neither approved nor disapproved the contents of this press release.

To: Kerm Yerman who wrote (13241)	11/4/1998 3:58:00 PM
From: SofaSpud	Respond to of 15196

PENDING NEWS / Vermilion Resources The Toronto Stock Exchange - Trading Halt - Vermilion Resources - VRM TORONTO, Nov. 4 /CNW/ - The Toronto Stock Exchange has issued the following trading halt: Issuer Name: Vermilion Resources TSE Ticker Symbol: VRM Time of Halt: 11:57 Reason for Halt: Pending News -30- For further information: Steve Kee, Manager, Media Services, The Toronto Stock Exchange, PHONE (416) 947-4682, FAX (416) 947-4662, Internet: skee@tse.com