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

To: Kerm Yerman who wrote (13306)	11/6/1998 7:52:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS-ACQUISITIONS / Braegan Energy Ltd. Makes Friendly Bid to Acquire Greyhawk Oil & Gas Inc. CALGARY, Nov. 6 /CNW/ - BRAEGAN ENERGY LTD. (''BRAEGAN'') and GREYHAWK OIL & GAS INC. (''GREYHAWK'') today jointly announce that BRAEGAN has agreed to acquire all of GREYHAWK's issued and outstanding common shares. The offer has the approval of the Boards of Directors and Management of both companies. GREYHAWK's board has recommended that its shareholders tender their shares into the bid. Under the terms of the agreement, GREYHAWK shareholders will receive 0.27548 of a BRAEGAN common share for each GREYHAWK common share. The offer will be conditional upon not less than 75% of the outstanding GREYHAWK shares being tendered under and not withdrawn from the offer. To date, 68.4% of the shareholders of GREYHAWK have agreed to tender their shares pursuant to the bid. Under the agreement announced today, GREYHAWK has agreed not to solicit or encourage any competing transaction proposals. GREYHAWK has also granted certain other rights and agreed to pay BRAEGAN a break fee of up to a maximum of $85,000 in the event a superior proposal is recommended to GREYHAWK's shareholders. GREYHAWK increases production, cash flow and adds a significant land position. The combined entity will have combined production of approximately 500 mcf/d and 40 BOPD and estimated net operating cash flow of $30,000 per month. BRAEGAN will experience a much stronger cash flow providing additional leverage to capture additional working interests in several prospects that are being pursued. This transaction will move BRAEGAN closer to its target of a production portfolio of approximately 70% natural gas and 30% light gravity oil. BRAEGAN intends to mail a take-over bid circular to GREYHAWK shareholders on or before Friday, November 20, 1998. The offer will expire 21 days after mailing.

To: Kerm Yerman who wrote (13306)	11/6/1998 7:55:00 PM
From: Kerm Yerman	Respond to of 15196

Hurricane Hydrocarbons Ltd. CALGARY, Nov. 6 /CNW/ - As previously released, Hurricane is currently attempting to resolve outstanding issues with the Shymkent refinery. Hurricane is confident that the judicial process in Kazakhstan, and the government's support for an open market economy, will result in an equitable resolution of the outstanding issues between Hurricane and Shymkent. Hurricane is committed to Kazakhstan and believes in the vision of President Nazarbayev and the government of Kazakhstan, and in their plan for the year 2030. In October 1998, the Hurricane Board of Directors appointed Donaldson, Lufkin & Jenrette (DLJ) as financial advisor to the Company. The objective of the Board in appointing DLJ was to pursue strategic, long-term alternatives which will maximize shareholder value. The Company's preferred outcome is to identify a strategic investor who will assist the Company in pursuing its long-term commitment to growth and expansion in Kazakhstan. Hurricane is an independent international energy corporation engaged in the acquisition, exploration and production of oil, principally in the Republic of Kazakhstan. Shares are listed on the Alberta (ASE) and Toronto (TSE) stock exchanges under the trading symbol HHL.A and on Nasdaq under the symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 composite indices. The company's website can be accessed at www.hurricane-hhl.com.

To: Kerm Yerman who wrote (13306)	11/6/1998 7:57:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Blue Range Resource Corporation Announces Changes to Bank Lines of Credit and Issuance of Flow-Through Shares CALGARY, Nov. 6 /CNW/ - Mr. J. Gordon Ironside, President and CEO of Blue Range Resource Corporation (''Blue Range'') is pleased to announce that the Company has finalized certain changes to its syndicated credit facilities. Three separate facilities initially totaling $115 million will replace the previous $113 million facility. The three facilities include a $100 million revolving production loan, a $10 million non-revolving reducing demand loan, and a $5 million non-revolving development demand loan. The $100 million revolving production loan is based on a borrowing base calculation which will be reviewed on an interim basis on or before January 31, 1999. The $10 million non-revolving reducing demand loan is to be repaid, subject to results of the above Interim Review, at the rate of $2 million per month, commencing November 30, 1998. The $5 million non-revolving development demand loan, which was contingent on the Company raising an equal amount of equity capital, is repayable over an estimated three-year period from production proceeds of the properties being developed. As a direct result of the requirements of the Company's new credit arrangement and the desire to aggressively pursue exploration projects, the Company has decided to sell 1,950,000 flow-through shares. In that regard, Blue Range has concluded the sale of 1,917,000 flow-through shares at prices ranging from $5.05 to $5.25 for gross proceeds of $9,934,250. In addition, a further 33,000 shares at $5.25 is expected to close today, bringing total gross proceeds to $10,107,500. These proceeds will be used to fund the Company's ongoing exploration and development program. Blue Range is a natural gas exploration, development and production company based in Calgary, Alberta. The Company concentrates its activities on liquid-rich natural gas prospects in Central Alberta, Northwest Alberta and Northeast British Columbia. Blue Range's common shares are listed for trading on The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol BBR.A.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:00:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Serval Closes Sale on Aquon Bottled Water Division CALGARY, Nov. 6 /CNW/ - Serval Integrated Energy Services announces that it has closed the previously announced sale of the Aquon Bottled Water division to Suntory Water Group. Serval will receive cash proceeds of CAD $3 million plus the assumption by Suntory of Aquon customer liabilities. The Suntory Water Group is the parent of Sierra Spring Water Company of Alberta, which is committed to serving Aquon customers in Alberta and Saskatchewan. Serval Integrated Energy Services provides oilfield services in Canada and internationally through four operating groups - Well Services, Environmental Services, Construction Services and Production Services. Serval units are listed for trading on the Alberta Stock Exchange under the trading symbol SI.UN.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:02:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Emerald Bay Energy Acquisition EMERALD BAY ENERGY INC. ANNOUNCES NEGOTIATIONS TO ACQUIRE LATERAL DRAINHOLE DRILLING APPARATUS (LDD) CALGARY, ALBERTA-- Mr. Leonard D. Rice reports Emerald Bay Energy has entered into negotiations for the acquisition of rights, title, interests, and patent of a Lateral Drainhole Drilling Apparatus (LDD). Engineers have spent at least 10 years researching and developing the LDD. The tool is now ready for final development and field testing. Description of the Lateral Drainhole Drilling Apparatus (LDD). Development of the LDD represents a new technique and procedure for the drilling of lateral drain holes in previously completed or new wells, either oil or gas, to increase production. The LDD will use a drill string of tubing with the lower end being flexible for 10 to 30 feet or more. The LDD will enable the drill bit and flexible string to turn 90 degrees from the vertical; all within a 4 1/2 inch or larger casing (I.D.) and bore a hole through or below the casing (open hole) and continue with the drain hole into the formation. Lateral drain hole drilling is not to be confused with directional drilling, which consists of deflecting the main bore of the well to bottom at a predetermined point generally at some distance from the surface of entry. The LDD represents substantial savings over current methods of completing horizontal wells. This new technology, if successful, could replace the way that traditional vertical wells are completed, and could also replace fracturing the formation where applicable. Benefit of the LDD to the Oil Patch. This new technology could increase drainage and sweep efficiency, increase porosity and permeability connectivity within heterogeneous reservoirs, and most importantly access hydrocarbon reserves where the formation has been damaged by drilling fluids. In Alberta alone, many wells could be candidates for LDD completion. The LDD would be accessible from a service rig as opposed to a drilling rig, therefore reducing completion costs. Emerald Bay Seeking Partners. Once the negotiations are complete, and the rights have been, acquired and transferred to Emerald Bay, then Emerald Bay will seek partners for the final development, construction, and commercialization of the LDD.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:05:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Talon Petroleums Ltd. Drilling Update TALON PETROLEUMS LTD. - POUCE COUPE GAS DISCOVERY AND UPDATE CALGARY, ALBERTA-- Talon Petroleums Ltd., is pleased to announce that it has recently completed a new pool natural gas discovery where three separate zones have production tested gas and plans are being made to tie-in this well for production prior to year end. This discovery well (Talon 27.5%) is expected to initially produce 2.0 - 3.0 mmcfd from one zone (net 550 mcf to 825 mcf). A followup well has also been drilled under a farmin arrangement (Talon 33% before payout) and has been cased and final completion results are expected within the next month. An Independent engineering evaluation has been completed by Sproule Associates Limited on the discovery well and the offsetting well. For the discovery well, initial gas in place reserve estimates are approximately 17.8 BCF from the three zones with recoverable reserves of approximately 9.8 BCF (net to Talon 2.68 BCF). In the offset well, initial gas in place reserves are estimated at approximately 9 BCF from two zones and recoverable reserves of approximately 4.5 BCF (net to Talon 1.5 BCF). Additional completion information is required prior to reserves being assigned on an additional two zones in the offset well. A third well is planned to be drilled offsetting the discovery well during November, where gas reserves are possible from three or more zones. Talon holds a 50% interest in the third well. In January or February of 1999, a fourth well (Talon 50%) offsetting the discovery well is also planned. Following completion of the three followup wells to the discovery well, tie-in for production is expected to occur prior to Talon's March 31 year end. Talon has secured interests varying from 27.5% to 50% in 13 sections in the immediate area offsetting the discovery well and additional drilling activity is expected over the next year. Talon and it's partner, Founders Energy Ltd., have acquired approximately 150 miles of trade and proprietary seismic data in this area during the last year.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:07:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Gulf Canada Resources Announces Offering of US$200 Million 8.375%, 7-Year Notes DENVER, COLORADO, Nov. 6 /CNW/ - Gulf Canada Resources Limited announced today that it has agreed to sell US$200 million of 8.375 per cent senior notes, proceeds of which will be applied to reduce bank indebtedness. The offering was underwritten by Goldman, Sachs and Co. and is expected to close November 16, 1998. Net proceeds will be approximately US$194 million, approximately Cdn$298 million at current exchange rates. The notes will be senior and unsecured and rank pari passu with all other senior unsecured indebtedness of the company.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:10:00 PM
From: Kerm Yerman	Respond to of 15196

TSE NOTICE / Amber Energy Inc. To Be Deleted TSE 300 COMPOSITE INDEX NOTICE TORONTO, ON-- Effective before the open on Monday, November 9, 1998, the common shares of Amber Energy Inc. (AMB) will be removed from the TSE 300 Composite Index. It has been announced that 99% of the outstanding common shares of Amber Energy were tendered to the Offer made by Alberta Energy Company Ltd. Please note the following changes to the TSE 300 Composite Index before the open on Monday, November 9, 1998: Stock to be added: Alliance Atlantis Communications Inc. Cl. B (AAC.B) Group/Subgroup - 11.02 (Cable & Entertainment) Stock to be removed: Amber Energy Inc. (AMB) Group/Subgroup - 3.02 (Oil and Gas Producers) Note: Alliance Atlantis Communications Inc. Cl. B (AAC.B) will also be added to and Amber Energy Inc. (AMB) will be removed from the TSE 200 Index effective before the open on Monday, November 9, 1998.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:14:00 PM
From: Kerm Yerman	Read Replies (8) \| Respond to of 15196

FIELD ACTIVITIES / High Plains Energy Non-Operated Drilling Update CALGARY, Nov. 6 /CNW/ - HIGH PLAINS ENERGY INC. THROUGH ITS WHOLLY OWNED AMERICAN SUBSIDIARY, GRIFFON PETROLEUM INC., ANNOUNCED THAT AS A NON- OPERATOR, AND WITH A 23.75% WORKING INTEREST, THAT THE WALLIN 21-18E 35N MPM, BLAINE COUNTY, MONTANA, WELL SPUDDED YESTERDAY. THE WELL IS A PROJECTED 1800 FT. EAGLE FORMATION TEST AND IS THE SECOND IN A DEVELOPMENT PROGRAM IN MONTANA. THE CORPORATION HAS MORE THAN 14,000 NET ACRES IN HILL AND BLAINE COUNTIES, MONTANA. PRODUCTION AND RESERVOIR PERFORMANCE TESTS ARE BEING CONDUCTED ON THE RECENTLY COMPLETED HOEFELDT 4-33N-17E, MONTANA, WELL. ESTIMATES SUGGEST THAT AS MUCH AS 40,000,000 CF OF GAS WAS LOST DURING THE FIVE DAYS THAT THE WELL WAS OUT OF CONTROL.

To: Kerm Yerman who wrote (13306)	11/6/1998 8:16:00 PM
From: Kerm Yerman	Read Replies (12) \| Respond to of 15196

CORP. NOTICE / Fox Energy Announces Normal Course Issuer Bid CALGARY, Nov. 6 /CNW/ - Fox Energy Corporation today announced that it has received conditional approval to undertake a Normal Course Issuer Bid through the facilities of The Alberta Stock Exchange. Under the issuer bid, the Company intends to repurchase up to 500,000 common shares over a one year period. Purchases and payments for the common shares will be made in accordance with the by-laws and rules of the Exchange. Purchases will be made by means of open market transactions.