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

To: Herb Duncan who wrote (13253)	11/5/1998 2:31:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

JCP - MAJOR TRANSACTION / Powermax Announces Closing of Initial Public Offering and Acquisition of Oil & Gas Interests CALGARY, ALBERTA--Powermax Energy Inc. announces that, on September 3, 1998, it completed its initial public offering, being 1,000,000 treasury shares at $0.20 per share for gross proceeds of $200,000. The Corporation will be listed November 5, 1998. Powermax further announces that, on October 23, 1998, it entered into two letters of intent to acquire oil and gas interests. The first letter of intent is to acquire the shares of 756453 Alberta Ltd. (a privately owned oil & gas corporation) whereby Powermax will acquire an interest in approximately 1,440 gross acres (1,040 net) of oil and gas producing, exploration and development lands in the Morrinville and Pembina areas of Alberta. The company's share of reserves is 90,000 BOEs of gas and light oil (proven and probable). The consideration for the transaction will be 1,000,000 shares of Powermax (at a deemed value of $0.35/share) and Powermax will assume bank debt of approximately $60,000 associated with the assets. Robin Luetke, a director of Powermax, holds shares in 756453 and, as such, will receive Powermax shares on closing. The second letter of intent is to acquire certain working interests from Cephalon Resources Corporation and certain debenture holders of Cephalon who must convert their debentures into working interests of certain Cephalon properties prior to completion of the major transaction. The working interests are in the Fenn West area of Alberta contain estimated reserves of 51,000 BOEs of oil (proven and probable). Wytze Kingma and Robin Luetke, two of the directors of Powermax, are beneficial debenture holders and, as such, will receive Powermax shares on closing. The consideration for this transaction is also 1,000,000 shares of Powermax (at a deemed value of $0.35/share). In addition, Cephalon will be allowed to nominate one director to the Powermax board. As Powermax is a new junior capital pool corporation, these two transactions will constitute its Major Transaction as defined under the Alberta Securities Commission Rule 46-501. Such transaction is subject to regulatory and shareholder approval. Powermax intends to call a shareholders meeting shortly to seek the necessary minority shareholder approval as well as approval for private or public placements to finance working capital and equipment needs. The acquisitions are conditional on valuations establishing minimum threshold values of $350,000 per transaction. Both transactions are scheduled to close prior to January 31, 1999. Powermax is committed to building a Canadian corporation seeking opportunities in the energy fields.

To: Herb Duncan who wrote (13253)	11/5/1998 2:34:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Enterprise Development Appoints New Director Relief; Operations Underway in Guatemala CALGARY, ALBERTA--ENTERPRISE DEVELOPMENT CORPORATION (ED-ASE) announced today that Mr. Robert K. Wallace, F.C.A., of Vancouver, British Columbia, has accepted an appointment to the Board of Directors, effective immediately. Mr. Wallace is a chartered accountant and has extensive experience in general management and financial matters. His expertise is welcomed by the Corporation. In respect to its activities in Guatemala, the Corporation's operations at Las Casas, in the South Peten Basin of Guatemala, have not been adversely affected by the recent major rainstorms that hit Central America in the aftermath of Hurricane Mitch. All equipment is located on high ground, and is safely intact. Guatemala received over 24 inches of rain in a two day period, causing significant flooding and mud slides throughout the country. A large number of major bridges were washed out between Guatemala City and Puerto Barrios, on Guatemala's Caribbean coast. The Corporation expects that access to the Las Casas area will be restored by week's end. The new equipment required to put the Las Casas well on production has been obtained and is ready to be delivered to the Las Casas site upon the reopening of the highways. President Alvaro Arzu declared a state of emergency in the country, closing businesses, schools and government institutions in order to provide for the safety of all Guatemala residents, and maximum mobility for the emergency clean up crews and utility workers who commenced emergency operations on Sunday to restore roads, power and telephone service. Relief and rebuilding efforts are proceeding at a rapid rate, with the full cooperation of the Guatemalan population. "The administration of President Arzu, and the people of Guatemala, must be commended for their swift and coordinated efforts in recovering from the adverse effects of this major storm so quickly", said Willy Olyslager, Sr., President of Cadex Petroleos Guatemala Inc., the Corporation's subsidiary, in Guatemala City.