Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Kerm Yerman who wrote (13316)	11/7/1998 6:48:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Abacan Resource Corporation - Update TSE SYMBOL: ABC NASDAQ SYMBOL: ABACF NOVEMBER 6, 1998 CALGARY, ALBERTA--The Corporation (TSE:ABC;NASDAQ:ABACF) at the request of The Toronto Stock Exchange, announces that there are no material changes in the affairs of the Corporation. As previously announced, the Corporation is continuing to advance negotiations with both Enron Power Benin Limited and the government of Benin in respect of its previously announced electrical generation power plant to be located in Cotonou, Benin and is also continuing to pursue opportunities to exploit its large land holdings in the Benin Basin.

To: Kerm Yerman who wrote (13316)	11/7/1998 6:51:00 AM
From: Herb Duncan	Respond to of 15196

PROPERTY DISPOSITION / Wolverine Energy Announces Sale of Ghost River Unit Interest ASE SYMBOL: WVE NOVEMBER 6, 1998 CALGARY, ALBERTA--Wolverine Energy Corp. (WVE - ASE) announced today that it has entered into a letter agreement with 764026 Alberta Ltd. to sell its entire working interest in the Ghost River Gas Unit. In addition to the cash consideration, 764026 Alberta Ltd. has agreed to transfer on closing all of its gross overriding royalty on the Company's West Ghost River property (100 percent working interest). The sale agreement also provides for the two companies to negotiate a transportation agreement (subject to the other working interest owners approval) that would allow Wolverine Energy to move up to 10 MMscf/d in the Ghost River Unit pipeline. The proceeds from the sale will be used to pay down bank debt, which will be approximately $8 million after the completion of the sale. In a separate transaction, the Company divested its interest in the Royce Montag area in northwestern Alberta. After the completion of these transactions, the Company's production will be 550 BOEPD of which 40 percent is natural gas. Wolverine Energy has engaged Kobayashi & Associates to maximize value from the West Ghost River property now that the transportation issues and encumbrances have been addressed. In addition to optimizing the present portfolio of assets through acquisitions and divestitures, the Company is reducing its general and administrative expenses by over fifty percent through already completed staff reductions and optimization of overhead charges. Proceeds from this sale will be used to reduce bank debt and fund future acquisition activities. This divestiture of high quality non-producing assets is consistent with the management's objective of reducing debt. The Company is slightly over its current bank lines however Wolverine Energy's banking institution is supportive of the Company as it retools its asset portfolio to support future growth plans.

To: Kerm Yerman who wrote (13316)	11/7/1998 6:53:00 AM
From: Herb Duncan	Respond to of 15196

FINANCING / Ionic Energy Inc. Announces Flowthrough Common Share Financing ASE SYMBOL: IOI NOVEMBER 6, 1998 CALGARY, ALBERTA-- NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Ionic Energy Inc. ASE ("IOI") announces that it has entered into an agency agreement with Peters & Co. Limited in respect to a private placement of up to 1,621,622 flowthrough common shares at a price of $1.85 per Share. Ionic will renounce to the holders of flowthrough common shares Canadian Exploration Expenses effective in 1998 equal to the proceeds of the offering. Closing is scheduled for late November 1998. The net proceeds from the issue will be used to accelerate Ionic's 1999 seismic and exploration drilling program. This offer is subject to regulatory approval. Ionic Energy Inc. is a Calgary, Alberta based oil and natural gas exploration, development and production company focusing operations within West Central Alberta. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

To: Kerm Yerman who wrote (13316)	11/7/1998 6:55:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FINANCING / PanAtlas Raising Funds TSE SYMBOL: PA NOVEMBER 6, 1998 CALGARY, ALBERTA--PanAtlas has undertaken to raise $3.0 million in funds from the sale of non-core properties and equity. The equity funds will be utilized to expand the Company's drilling plans over the next few months and the property sales will be applied to the Company's line of credit. Property sales in the amount of $900,000 have been negotiated with the final closing scheduled for the end of November, 1998. The Company has reserved and received regulatory approval to issue 5,000,000 flow through shares at $0.40 per share to be issued under private placement guidelines. Subscription agreements and funds totalling $1.0 million have been received and executed with two arm's length investors. The remaining flow through shares may be subscribed for and issued on or before December 21, 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".

To: Kerm Yerman who wrote (13316)	11/7/1998 6:57:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Despite Pull Out by Petrodrill, Davie Might Continue to Build Platforms FOR: DAVIE INDUSTRIES NOVEMBER 6, 1998 MONTREAL, QUEBEC--Petrodrill Offshore Inc. ("Petrodrill") announced today that it will cease to build one or several Amethyst platforms for Davie Industries. Davie Industries has however pointed out that the activity on the site has not stopped : renovation of the Iroquois ship and renovation of the Spirit of Columbus platform will continue. Both projects will be completed according to schedule. Despite the pull out by Petrodrill, it is still possible for Davie Industries to evolve in the platform construction and maintenance market. Representatives of the company are exploring other contractual arrangements to ensure construction of platforms for Petrobas, the Brazilian Petroleum Corporation.

To: Kerm Yerman who wrote (13316)	11/7/1998 6:59:00 AM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Founders Announces Drilling Success in Pouce Coupe TSE SYMBOL: FDE NOVEMBER 6, 1998 CALGARY, ALBERTA--("FDE" - TSE) Founders Energy Ltd. is pleased to announce that it has recently drilled two successful gas wells in the Pouce Coupe area of northwest Alberta. The initial discovery well, operated by Founders (55 percent WI), is a new pool gas well that has production tested gas from three separate zones. Founders expects to tie-in this well prior to year end at an initial production rate of 2.0 to 3.0 mmcfd (net 1.1 to 1.65 mmcfd) from one zone. An Independent Engineering evaluation has assigned recoverable reserves of 9.1 BCF net to Founders from the discovery well. A second well was drilled and cased under a farmin agreement (Founders 67 percent BPO) and recovered gas in three separate zones on drill stem tests. This well will be completed later this month. A third well, offsetting the initial discovery will commence drilling in two weeks. Founders has acquired approximately thirty sections of land in the Pouce Coupe area and has budgeted to drill four to six wells in the area in 1999. Founders along with its partner Talon Petroleums Ltd. has acquired extensive proprietary and trade seismic data in the area.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:02:00 AM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Devon Energy and Northstar Energy Mail Final Proxy Materials for Merger TSE, ME, ASE SYMBOL: NEN AND DEVON ENERGY CORPORATION AMEX SYMBOL: DVN NOVEMBER 6, 1998 OKLAHOMA CITY, OKLAHOMA--U.S.-based Devon Energy Corporation and Canadian-based Northstar Energy Corporation today revealed additional progress in their proposed merger. The merger plan was previously announced on June 29, 1998. Devon and Northstar have now filed definitive proxy materials with the U.S. Securities and Exchange Commission and the Canadian securities commissions, respectively. Distribution to shareholders of the printed proxy materials will begin immediately. Electronic versions of the proxy materials will be accessible via the U.S. Securities and Exchange Commission's "EDGAR" system and the Canadian Depository for Securities "SEDAR" system. A copy of the proxy materials is also available on Devon's website at www.devonenergy.com. Each company will hold a special meeting of its shareholders to vote upon the merger. Devon and Northstar have finalized December 9 and 10, respectively, as the dates of the meetings. The proposed merger is expected to be consummated shortly thereafter. The record date for both meetings is October 27, 1998. Northstar Energy Corporation is a Canadian company engaged in petroleum and natural gas exploration and production. Northstar's oil and gas properties are concentrated in Alberta and northeastern British Columbia. Northstar's common shares are listed on the Toronto, Montreal and Alberta stock exchanges under the trading symbol NEN. Devon Energy Corporation is an independent energy company engaged in oil and gas property acquisition, exploration and production. It is one of the top 20 public independent oil and gas companies in the United States, as measured by oil and gas reserves. Devon's common shares trade on the American Stock Exchange under the symbol DVN.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:04:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / CORRECTION FROM SOURCE: RE - Despite Pull Out by Petrodrill, Davie Might Continue to Build Platforms FOR: DAVIE INDUSTRIES NOVEMBER 6, 1998 MONTREAL, QUEBEC--Petrodrill Offshore Inc. ("Petrodrill") announced today that it renounces to have Davie Industries construct one or several Amethyst platforms. Davie Industries has however pointed out that the activity on the site has not stopped: renovation of the Iroquois ship and renovation of the Spirit of Columbus platform will continue. Both projects will be completed according to schedule. Despite the pull out by Petrodrill, it is still possible for Davie Industries to evolve in the platform construction and maintenance market. Representatives of the company are exploring other contractual arrangements to ensure construction of platforms for Petrobas, the Brazilian Petroleum Corporation.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:05:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Odyssey Reports Third Quarter Results NASDAQ SYMBOL: OILYF NOVEMBER 6, 1998 CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF) ("Odyssey" or the "Company") reports a net loss of $1,259,727 or $0.10 per share, for the nine months ended September 30, 1998, compared with a net loss of $5,021,655 or $0.50 per share, for the same period in 1997. (All figures in US Dollars). During the quarter, work plans and budgets were approved by the contractor parties and by the Egyptian General Petroleum Company. Seismic interpretation work on the Qantara and El Mansoura concessions has started. A static pressure test of the Qantara #1 well has also commenced. Tenders have been let for the acquisition of a 3-D seismic program and work is anticipated to begin shortly following the signing of contracts. The Wyoming Ethanol operations returned to profitable operations in the third quarter recording a net profit for the 3 months of $201,065 compared to a loss for the corresponding three month period in 1997 of $901,393. For the nine months ended September 30, 1998 the ethanol operations has recorded a net loss of $84,891 compared with a net loss of $721,899 in the corresponding nine month period in 1997. The plant is expected to maintain its return to profitability during the fourth quarter and record a net profit for the year. During the quarter the company made the decision to sell the ethanol operations. An agent has been engaged to assist in this process and a number of interested parties are currently conducting their due diligence reviews. Odyssey is a Canadian-based energy resource company with a 50 percent working interest in three onshore exploration blocks in Egypt - Qantara, El Mansoura and Siwa. Odyssey is also engaged in the production and distribution of ethanol in the western United States. This release contains "forward looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important facts that may cause actual results to differ (the "Cautionary Statements") include but are not necessarily limited to, political and economic stability of the countries in which the Company intends to operate, the availability of commercially viable projects in which the Company may participate, or the Company's ability to obtain adequate financing. All subsequent written and oral forward looking statements attributed to the Company or persons acting on its behalf regarding the subject matter hereof are expressly qualified in their entirety by the Cautionary Statements.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:07:00 AM
From: Herb Duncan	Respond to of 15196

FINANCING / NCE Flow-Through (98) Limited Partnership Raises A Total Of $36 Million FOR: NCE RESOURCES GROUP NOVEMBER 6, 1998 TORONTO, ONTARIO--John F. Driscoll, President of NCE Resources Group, announced today that NCE Flow-Through (98) Limited Partnership has raised total gross proceeds of $36 million. The Partnership completed its final close on November 5, 1998, with subscriptions totaling 314,075 units raising gross proceeds of $7,851,875. Flow-through shares The Partnership has been organized to invest in flow-through shares of public resource companies listed on a Canadian stock exchange with the objective of achieving capital appreciation for limited partners.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:09:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / American Eco Terminates Amethyst Project FOR: AMERICAN ECO CORPORATION TSE SYMBOL: ECX NASDAQ SYMBOL: ECGOF NOVEMBER 6, 1998 HOUSTON, TEXAS--AMERICAN ECO CORPORATION, through its subsidiary MM Industra, announced it has invoked a clause in its contract with Petrodrill Offshore International which rescinds its project associated with the construction of Amethyst II and III, based on default for nonpayment. Petrodrill is a joint venture between Pride International of Houston and Maritima of Brazil. The fabrication order for two semi-submersible oil rigs called for payment to American Eco of a total $162 million when completed. Further negotiations to acquire Davie Industries from Dominion Bridge Corp. have been suspended pending a resolution of the Petrodrill contract and its funding. American Eco's President, Frank Fradella, stated, "We understand Petrodrill's problem, and we are hopeful that we will be able to negotiate a mutually acceptable financial resolution with Petrodrill that would protect American Eco's interests. It is our goal to resolve these negotiations equitably and quickly." This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward looking statements made herein include the ability of the company to continue to expand through acquisitions, the availability of capital to fund the company's expansion program, the ability of the company to manage its expansion effectively, economic conditions that could affect demand for the company's services, the ability of the company to complete projects profitably and severe weather conditions that could delay projects. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date on which such statements are made. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.

To: Kerm Yerman who wrote (13316)	11/7/1998 7:15:00 AM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Newalta Announces Third Quarter Results TSE SYMBOL: NAL NOVEMBER 6, 1998 CALGARY, ALBERTA--NEWALTA CORPORATION (NAL - TSE) announces its consolidated financial and operating results for the third quarter ended September 30, 1998. /T/ Financial ($000) -------------------------------------------------------------- Third Quarter Nine Months Ended Ended September 30 September 30 -------------------------------------------- Percent Percent Increase Increase 1998 1997(Decrease) 1998 1997(Decrease) -------------------------------------------- Revenue Oilfield 8,655 12,115 (29) 25,687 32,726 (22) Industrial 6,381 6,146 4 15,780 14,372 10 ----------------------------------------------- 15,036 18,261 (18) 41,467 47,098 (12) Operating income 696 4,773 (85) 1,668 11,057 (85) Earnings 307 2,889 (89) 861 6,645 (87) Earnings per share (cents) 1.1 10.3 (89) 3.1 24.3 (87) Fully diluted (cents) 1.1 10.1 (89) 3.0 23.5 (87) Cash flow 2,033 6,075 (67) 5,806 14,853 (61) Capital expenditures, net 23,123 9,832 135 45,521 24,949 82 Average shares outstanding (000's) -- -- 28,126 27,395 3 Total shares outstanding (000's) -- -- 28,196 28,063 0 -------------------------------------------------------------- /T/ The depressed demand for the Company's services in the heavy oil market continued in the third quarter. Prices obtained for the products that the Company recovers from waste, including crude oil, fuel oil and diesel fuel are 30 percent below 1997 levels. In the third quarter, action was taken to improve the productivity and profitability of the existing operations consistent with the current and foreseeable market realities. The major capital investment program started in 1997 was completed in the third quarter with the commissioning of several facility expansions, including projects at Airdrie, Calgary, Redwater, Edmonton and Grande Prairie and two new facilities at Valleyview and Elk Point. Two oilfield waste management facilities were also acquired and integrated in the third quarter. The assets are in place to increase revenues and earnings and until suitable returns have been realized on these investments, capital expenditures will be substantially reduced. The Company is well positioned at the start of the fourth quarter to deliver improved performance and we will focus on the disciplined management of the business and on the aggressive pursuit of opportunities to maximize the performance of the existing operations. Newalta is a western Canadian waste management company.