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

To: Kerm Yerman who wrote (13438)	11/11/1998 7:42:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Coho Energy Updates Status of Proposed Equity Issue TSE SYMBOL: CEE NASDAQ SYMBOL: COHO NOVEMBER 11, 1998 DALLAS, TEXAS--Coho Energy Inc. today announced that the Company has filed a definitive proxy statement with the Securities and Exchange Commission relating to the proposed issuance of $250 million of common equity to HM4 Coho L.P., a limited partnership managed by Hicks, Muse, Tate & Furst Incorporated. A shareholders meeting to vote on the transaction has been scheduled for December 4, 1998, and proxy material is expected to be mailed on or about November 10, 1998. In August 1998 HM4 Coho L.P. and the Company entered into an agreement providing for the common equity issuance in two stages. On November 4, 1998, the agreement with Hicks, Muse was amended and restated to provide for a single equity transaction rather than the two-stage transaction as proposed in the original agreement. This change was made in response to a Nasdaq Stock Exchange objection to the two stage structure without first obtaining shareholder approval. In all other aspects, the terms of the transaction, which were summarized in the Company's August 24, 1998, press release, are essentially unchanged. As part of the transaction, HM4 Coho L.P. will acquire 41,666,666 common shares at $6.00 per share and own approximately 62% of Coho's outstanding shares. Jeffrey Clarke, Coho's Chairman and Chief Executive Officer, stated, "The Hicks, Muse equity investment should allow Coho to substantially strengthen its balance sheet and continue its track record of increasing reserves, production and shareholder value, despite the current difficult environment for the oil and gas industry. Moreover, the transaction should position Coho to capitalize on these weak industry conditions, by giving it the financial flexibility to acquire producing properties at very attractive and, in some cases, distressed prices. We believe that the industry is entering a unique 'window of opportunity' to make sizable acquisitions of quality producing properties that the Company would expect to generate strong rates of return to well financed buyers like Coho. In addition, the Company believes many of these properties will have exploitation and exploration potential that could be acquired at little or no additional cost." Coho Energy Inc. is a Dallas-based independent oil and gas producer focusing on exploitation of underdeveloped oil properties and exploration in Oklahoma and Mississippi.

To: Kerm Yerman who wrote (13438)	11/11/1998 7:45:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Diversified Income Trust (NCD.UN) Normal Course Issuer Bid TSE, ME SYMBOL: NCD.UN NOVEMBER 11, 1998 TORONTO, ONTARIO-- Trust unit purchase NCE Diversified Income Trust ("the Trust") announced that, subject to regulatory approval, it intends to purchase up to 5 percent (1,123,338 trust units) of its currently outstanding trust units for cancellation. TSE / ME The normal course issuer bid will be made through the facilities of The Toronto Stock Exchange and Montreal Exchange from time to time during the one-year period commencing on November 13, 1998. End date The bid will end on the earlier of the close of business on November 12, 1999 or the date upon which the Trust completes its purchases under the bid or such date on which the Trust gives notice of the termination of the bid. Units undervalued The board of directors of NCE Diversified Management Inc., the manager of the Trust, believes the trust units, which are currently trading at a significant discount to net asset value, are under-valued. Previous purchases Pursuant to normal course issuer bid, which began November 13, 1997, the Trust acquired 709,500 units at an average price of $3.764 by the close of business on November 6, 1998.

To: Kerm Yerman who wrote (13438)	11/11/1998 7:46:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Summit Resources - Joint Venture - Northeastern British Columbia TSE SYMBOL: SUI NOVEMBER 11, 1998 CALGARY, ALBERTA--Summit Resources Limited announced today that it has concluded two transactions relative to its core natural gas operating area in northeastern British Columbia. Summit has been active in northeastern B.C. for the past five years, particularly in the Gunnel area, where it has been exploring for natural gas in the Jean Marie formation. Summit recently increased its position in Gunnel through an acquisition, which added 34,619 net acres to its land holdings and incremental production of 5.4 million cubic feet per day. Including the effect of this transaction, Summit has total land holdings of 192,437 gross acres (112,966 net) in the area and a production base of 12 million cubic feet per day of natural gas at Gunnel. To further strengthen the Company's position and to increase its opportunities for exploration and development in this area, Summit has entered into a joint venture agreement with Westminster Resources Ltd. This joint venture covers all of Summit's acreage in northeastern B.C. prospective for the Jean Marie formation and includes the disposition of a portion of Summit's interests in production and reserves in the Gunnel area. Under the terms of the agreement, Summit will receive an initial cash consideration in exchange for Westminster assuming a 50 per cent working interest in all of Summit's acreage, reserves and production in this core exploitation area, effective August 1, 1998. This will allow Summit, as operator, to accelerate its drilling program in 1999 and beyond with Westminster participating as to a 50 per cent interest in all future activities and operations. Drilling for 1999 will include three development wells, all of which can be tied-in to Summit's existing compression and dehydration facilities at Gunnel. In addition, three exploratory wells will be drilled in 1999. Proceeds from the disposition will be applied against outstanding debt. With estimated 1998 cash flow of $35 million, Summit expects its long-term debt to be in the range of $90 to $95 million at December 31, 1998. The common shares of Summit are listed for trading on The Toronto Stock Exchange under the symbol "SUI".

To: Kerm Yerman who wrote (13438)	11/11/1998 7:48:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Northstar Energy - Q3 Results - Closing Of Devon Merger To Occur December 10 TSE, ME, ASE SYMBOL: NEN NOVEMBER 11, 1998 CALGARY, ALBERTA--Northstar Energy Corporation today announced its financial and operating results for the nine months ended September 30, 1998. For the period, cash flow was $87.4 million, or $1.28 per share, while earnings were $29.5 million, or $0.43 per share. John Hagg, chief executive officer, stated that "reduced cash flow and earnings for the year-to-date reflect the first quarter sale of 3,800 barrels of oil equivalent per day of non-core production and continued weakness in world oil prices." The planned merger with Oklahoma-based Devon Energy Corporation is proceeding with the closing of the transaction scheduled to occur in early December. Mr. Hagg indicated that "a shareholders' meeting has been scheduled for December 10, 1998 in Calgary to approve the proposed business combination between Northstar and Devon and materials have been mailed to shareholders in connection with that meeting. We continue to be delighted with our proposed merger which will significantly strengthen Northstar's financial position as part of a larger entity. The combined company will be well positioned to pursue the many opportunities emerging in Canada and the United States as a result of the low oil price environment and continued volatility in the capital markets." Average natural gas production for the nine month period was down slightly year-over-year at 199 million cubic feet per day, while oil and natural gas liquids production averaged 18,900 barrels per day. In commenting on the production levels, John Hagg indicated that "natural gas volumes continued to be adversely affected during the third quarter by ongoing modifications to the Coleman gas plant and maintenance operations at a number of the company's other production facilities. Looking ahead, new well tie-ins and an active winter drilling program will increase gas production levels to well above 200 million cubic feet per day early in 1999. In the third quarter, natural gas prices averaged $1.78 per thousand cubic feet resulting in a nine month average price of $1.92. Crude oil and natural gas liquids prices for the third quarter averaged $18.05 per barrel which included $2.49 per barrel from hedging gains during the period. Natural gas spot prices have increased sharply in recent weeks such that the historical differential between Canadian and U.S. prices has substantially disappeared. Operating costs for the nine month period were $4.14 per barrel of oil equivalent, somewhat higher than in 1997, due principally to major maintenance activities at various Northstar operated facilities. In relation to those costs, Mr. Hagg indicated that "higher than expected costs for the Coleman plant modifications and other scheduled maintenance activities have affected operating costs, however, the benefits of those modifications and maintenance activities will continue to be realized in the future." Long-term debt at the end of the period was $463 million, higher than originally anticipated, primarily as a result of the postponement of the company's planned non-core disposition program, low commodity prices and the negative effects of the slide in the Canadian dollar on our $225 million U.S. denominated debt. During the quarter, Northstar drilled 26 wells, mainly in the central and southern areas of Alberta, bringing the total number of wells drilled to 206 for the nine month period. The 1998 program has resulted in 105 gas wells and 45 oil wells for a 73 percent success rate. Mr. Hagg added that "advanced planning is underway for an active gas drilling program in our winter-only access areas in northern Alberta. In northeastern B.C., we have added two new wells on our deep gas drilling program as a result of encouraging results in the Ojay area." /T/ FINANCIAL For the periods ended September 30 Three Months Nine Months ($ millions, except per share amounts) 1998 1997 1998 1997 REVENUE (net of royalties) 51.7 65.3 166.2 194.6 CASH FLOW FROM OPERATIONS 25.1 39.2 87.4 125.3 CASH FLOW PER SHARE - BASIC 0.37 0.57 1.28 1.66 - FULLY DILUTED 0.35 0.55 1.22 1.59 NET EARNINGS (loss) (3.2) 5.1 29.5 46.1 EARNINGS PER SHARE - BASIC (0.05) 0.09 0.43 0.61 - FULLY DILUTED (0.05) 0.09 0.41 0.59 CAPITAL EXPENDITURES (net) 65.5 61.9 110.8 184.7 LONG-TERM DEBT 463.1 460.1 463.1 460.1 OPERATING For the periods ended September 30 Three Months Nine Months 1998 1997 1998 1997 NATURAL GAS PRODUCTION (mmcf/d) 192 214 199 201 - AVERAGE PRICE ($/mcf) 1.78 1.70 1.92 1.84 - WELLHEAD NETBACK ($/mcf) 1.22 1.14 1.30 1.27 OIL AND LIQUIDS PRODUCTION (bbls/d) 17,000 21,000 18,900 21,800 - AVERAGE PRICE ($/bbl) 18.05 22.07 16.44 22.21 - WELLHEAD NETBACK ($/bbl) 10.47 14.50 9.35 13.29 OPERATING COSTS ($/boe) 4.42 3.40 4.14 3.31 WELLS DRILLED 26 52 206 202 - NATURAL GAS 10 7 105 75 - OIL 9 33 45 61 - DRY AND OTHER 7 12 56 66 CONSOLIDATED STATEMENT OF EARNINGS For the periods ended September 30 Three Months Nine Months Unaudited ($ thousands) 1998 1997 1998 1997 REVENUES OIL AND GAS SALES $59,688 $75,984 $189,132 $233,228 NET ROYALTIES (6,923) (12,335) (26,100) (46,716) INTEREST AND OTHER (1,030) (497) 3,174 1,985 GAIN (LOSS) ON SALE OF ASSETS 292 (19) 40,241 40,677 EQUITY EARNINGS - 2,103 - 6,102 $52,027 $65,236 $206,447 $235,276 EXPENSES OPERATING $14,744 $13,269 $ 43,854 $ 37,854 GENERAL AND ADMINISTRATIVE 4,372 3,625 11,248 10,847 INTEREST 8,140 6,513 23,742 15,684 DEPLETION AND DEPRECIATION 29,196 30,307 90,549 86,698 INCOME TAXES (1,263) 6,431 7,511 38,120 55,189 60,145 176,904 189,203 NET EARNINGS (LOSS) $ (3,162) $ 5,091 $ 29,543 $ 46,073 CONSOLIDATED STATEMENT OF CASH FLOW For the nine months ended September 30 Nine Months Unaudited ($ thousands) 1998 1997 PROVIDED BY OPERATING ACTIVITIES CASH FLOW FROM OPERATIONS $87,448 $125,255 CHANGE IN NON-CASH TRADE ACCOUNTS (8,097) (21,422) 79,351 103,833 PROVIDED BY (USED IN) FINANCING ACTIVITIES LONG TERM DEBT, NET (64,944) 108,183 COMMON SHARES ISSUED FOR CASH 3,585 16,582 COMMON SHARES REPURCHASED - (300,387) DEFERRED REVEUNE (2,553) (3,789) MERGER COSTS - (17,370) (63,912) (196,781) PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES PETROLEUM AND NATURAL GAS PROPERTIES (110,799) (184,687) PROCEEDS ON SALE OF INVESTMENTS AND OTHER ASSETS 97,030 243,776 SITE RESTORATION (1,670) - (15,439) 59,089 INCREASE (DECREASE) IN CASH POSITION - (33,859) CASH POSITION, BEGINNING OF PERIOD - 33,859 CASH POSITION, END OF PERIOD $ - $ - CONSOLIDATED BALANCE SHEET Unaudited ($ thousands) September 30, December 31, 1998 1997 ASSETS CURRENT ASSETS $ 97,184 $ 134,521 OIL AND GAS PROPERTY AND EQUIPMENT 1,061,727 1,037,350 INVESTMENTS AND OTHER ASSETS 29,063 6,291 $1,187,974 $1,178,162 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES $ 95,842 $ 152,753 LONG-TERM DEBT 463,102 435,141 DEFERRED REVENUE 9,487 12,040 PROVISION FOR SITE RESTORATION 19,829 17,372 DEFERRED INCOME TAXES 174,491 168,761 762,751 786,067 SHAREHOLDERS' EQUITY 425,223 392,095 $1,187,974 $1,178,162 HEAD OFFICE Northstar Energy Corporation 3000, 400 - 3rd Avenue S.W. Calgary, Alberta T2P 4H2 Tel: (403) 213-8000 Fax: (403) 213-8100 REGISTRAR AND TRANSFER AGENT The CIBC Mellon Trust Company 600, 333 - 7 Avenue S.W. Calgary, Alberta T2P 2Z1 Tel: (403) 232-2400 Fax: (403) 264-2100 TRADING SUMMARY For the nine months ended September 30, 1998 High $11.65 Low $ 8.05 Close $10.65 Volume 89.3 million shares CORPORATE EXECUTIVES Nick H. Antonenko Vice President, Production Operations Greg N. Baum Vice President, Exploitation Paul F. Brereton Vice President, Finance Don A. Garner Executive Vice President and Chief Operating Officer John A. Hagg President and Chief Executive Officer Robert D. Jones Vice President, Exploration John Richels Executive Vice President and Chief Financial Officer Jerry L. Rochon Vice President, Land /T/ NORTHSTAR ENERGY CORPORATION IS A CANADIAN COMPANY ENGAGED IN PETROLEUM AND NATURAL GAS EXPLORATION AND PRODUCTION. THE COMPANY'S COMMON SHARES ARE LISTED ON THE TORONTO, MONTREAL AND ALBERTA STOCK EXCHANGES UNDER THE TRADING SYMBOL "NEN".

To: Kerm Yerman who wrote (13438)	11/11/1998 7:53:00 PM
From: Herb Duncan	Read Replies (2) \| Respond to of 15196

PROPERTY ACQUISITION / Westminster Acquires Gas Production And Lands In Northeast British Columbia TSE SYMBOL: WML NOVEMBER 11, 1998 CALGARY, ALBERTA--Westminster Resources Ltd. is pleased to announce that it has entered into an agreement to acquire significant natural gas production, lands and facilities in the Gunnel/Petitot areas of northeast British Columbia from Summit Resources Ltd.. In the agreement, Westminster is acquiring an interest in 192,437 acres (56,483 net) of land, approximately 7 mmcf/d of net natural gas production and net proved plus probable reserves estimated at 36 bcf. A six well drilling program (3 net) is planned by the operator beginning in December. New gas production will be tied into existing compression/dehydration facilities capable of up to 26 mmcf/d of throughput. The acquisition is scheduled to close on or about November 30, 1998. Westminster plans to participate in the drilling of up to 58 exploration and development wells (27.5 net) this winter of which 28 wells (14 net) are targeted for the exploration and development of Jean Marie and Slave Point gas reserves in northeast British Columbia. Westminster Resources Ltd. is a Canadian company engaged in the exploration, development and production of natural gas and crude oil. Westminster's common shares are listed on The Toronto Stock Exchange under the trading symbol "WML". Westminster Resources's News Releases can be accessed electronically through Canadian Corporate News website at www.cdn-news.com.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:33:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Crispin Energy Third Quarter Results CRISPIN ENERGY INC. REPORTS THIRD QUARTER 1998 RESULTS AND MANAGEMENT APPOINTMENT CALGARY, ALBERTA-- CRISPIN ENERGY INC. today announces its financial and operating results for the nine months ended September 30, 1998. For the nine months ended September 30, 1998, gross revenue totaled $1,194,085 compared to $824,301 for the first nine months of 1997. Net income to the end of the 3rd quarter of 1998 was $137,132, down 30% from the net income of $197,126 for the comparative period of 1997. Cash flow for the nine-month period was up 65% to $433,630 from $263,516 for the same period in 1997. Production for the first nine months averaged 242 boe per day, up 140% over the same period in 1997. Despite improved production rates, revenues and cash flow, earnings for the first nine months were negatively impacted by the prolonged weakness in crude oil prices. The average field-selling price for the period was $16.69 per boe compared with $24.83 for the same period in 1997. Operating costs averaged $4.75 per bbl for the first nine months of 1998, down 53% from $10.11 per bbl for the same period in 1997. Crispin is pleased to announce that William V. Bradley has joined the company, effective October 1, 1998, in the capacity of Director, President & CEO. Mr. Bradley has spent the previous 13 years in various engineering and management positions at a growth oriented, intermediate size oil and gas company in Calgary. In collaboration with the Board of Directors, Mr. Bradley will be responsible for the overall strategic direction and growth of Crispin. Donald C. Munro will continue with Crispin in the capacity of Vice-President, Engineering and COO. Crispin Energy Inc. is an exploration, development and production company listed on the Alberta Stock Exchange under the trading symbol "CEY" For further information please contact William V. Bradley, President & CEO, Donald C. Munro Vice-President, Engineering & COO, or Murray D. Graham, Vice-President, Finance & CFO at (403)234-7407, Fax (403)265-5993, by e-mail at crispin@cadvision or visit our website at www.crispinenergy.com The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:36:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. ANNOUNCEMEMT / Cirque Energy Corp. To Trade On ASE CIRQUE ENERGY CORP. TO TRADE ON THE TORONTO STOCK EXCHANGE TORONTO, ONTARIO-- The common shares of Cirque Energy Corp. will begin trading on the Toronto Stock Exchange on Thursday, November 12, 1998. Stock Symbol: "CQU" -- 10,510,778 common shares are issued and outstanding. The company is involved in the exploration for and the acquisition, development and production of oil and natural gas reserves throughout western Canada. The Company is also currently engaged in exploration for oil reserves in the United Kingdom.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:40:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Symmetry Resources Third Quarter Report SYMMETRY RESOURCES INC. - FINANCIAL AND OPERATING RESULTS CALGARY, ALBERTA-- SYMMETRY RESOURCES INC. today announces financial and operating results for the nine months ended September 30, 1998. Nine Months Ended September 30, September 30, 1998 1997 %Change Financial Oil and Gas Revenue $8,900,925 $5,729,876 +55 Cash Flow from Operations $4,578,016 $2,552,050 +79 Per Common Share (Basic) $0.18 $0.15 +20 Net Income $813,941 $520,931 +56 Per Common Share (Basic) $0.03 $0.03 - Total Assets at Book Value $25,016,409 $18,035,545 +39 Long Term Debt $1,755,617 $2,313,000 -24 Weighted Average Common Shares 26,023,965 16,560,559 +57 Operating Daily Production: Oil and NGL (BBL/d) 1,693 742 +128 Natural Gas (MCF/d) 1,434 1,603 -11 Average Daily Production (BOE/d) 1,836 902 +104 Wellhead Prices: Oil and NGL ($/BBL) $17.74 $24.63 -28 Natural Gas ($/MCF) $1.79 $1.70 +5 Comparative Net Backs ($/BOE) Nine Months Ended September 30, September 30, 1998 1997 Wellhead price $17.75 $23.26 Royalties, net of ARTC ($2.41) ($4.92) Operating Costs ($4.15) ($4.98) Field Net Back $11.19 $13.36 Administrative Costs ($1.83) ($2.56) Interest Expense ($0.19) ($0.44) Large Corporations Tax ($0.04) ($0.00) Cash Flow per BOE $9.13 $10.36 Financial and Operating For the nine months ended September 30, 1998, oil production volumes have increased 128% from the comparative period of 1997. Production volumes averaged 1,693 BBL/d and 1,434 MCF/d (1,836 BOE/d) for the first nine months of 1998 compared to 742 BBL/d and 1,603 MCF/d (902 BOE/d) last year. Although oil prices declined 28%, cash flow from operations for the first nine months was $4,578,016 ($0.18 per share), an increase of 79% from the corresponding period of 1997.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:43:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Edge Energy Inc. Special Warrant Offering EDGE ENERGY INC. ANNOUNCES AN OFFERING OF SPECIAL WARRANTS ON AN AGENCY BASIS CALGARY, ALBERTA-- Edge Energy Inc. Announces an Offering of Special Warrants on an Agency Basis. Edge Energy Inc. is pleased to announces that it has agreed to issue 3.5 million Special Warrants from treasury, on an agency basis and subject to regulatory approval, at a price of $3.00 per Special Warrant. The syndicate of agents for the deal will be led by FirstEnergy Capital Corp., and will also include RBC Dominion Securities Inc. and CIBC Wood Gundy Securities Inc. Closing is expected to occur on November 26, 1998. Edge will use the net proceeds from the share issue to fund its ongoing program of acquisitions, development and exploration. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Special Warrants 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. Edge Energy Inc. is a Canadian company engaged in the exploration, development and production of natural gas and crude oil. Edge common shares trade on the Alberta Stock Exchange under the trading symbol "EDG".

To: Kerm Yerman who wrote (13438)	11/11/1998 11:46:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Bonterra Energy Corp. To Acquire Oil Properties CALGARY, Nov. 11 /CNW/ - BONTERRA ENERGY CORP., Calgary, Alberta, (Alberta Stock Exchange Symbol: BON) is pleased to advise that it has entered into a letter of intent dated November 10, 1998, to make a major acquisition of producing oil properties from WestCastle Acquisition Corp. (WestCastle), a wholly-owned subsidiary of Optus Natural Gas Distribution Income Fund (Optus), which trades on The Toronto Stock Exchange as OPT.UN. Optus recently acquired WestCastle for its natural gas properties and is disposing of other non-strategic assets which it acquired through this transaction. The total daily production is approximately 1,700 barrels of oil equivalent (BOE) per day consisting mainly of light sweet gravity oil produced in the Provinces of Alberta and Saskatchewan. Approximately 1,250 BOE of the production is from the Cardium formation in the Pembina area of Alberta. The balance of the production is mainly from the Viking zone in the Dodsland area of southwest Saskatchewan and the Midale zone in the Pinto area of southeast Saskatchewan. The Company's estimate of proven reserves acquired are 7,850,000 BOE's. The total purchase price is $20,200,000. The acquisition is anticipated to close it late November. Financing for this acquisition will come from cash on hand, loans mainly from the Company's principal banker and a minor portion from private sources. Bonterra is also considering an equity financing to finance a portion of this acquisition and to raise funds for its exploration and development drilling programs.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:51:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY DISPOSITION / Optus Natural Gas Distribution Income Fund Enters Agreement to Sell Oil Properties of WestCastle Acquisition Corp. CALGARY, Nov. 11 /CNW/ - OPT.UN:TSE - OPTUS Natural Gas Distribution Income Fund (''OPTUS'') is pleased to advise that it has entered into a letter of intent dated November 10, 1998, with Bonterra Energy Corp. to sell the producing oil properties of WestCastle Acquisition Corp. (WestCastle), a wholly-owned subsidiary of OPTUS Natural Gas Distribution Fund (OPTUS). OPTUS recently acquired WestCastle for its natural gas properties and is disposing of the non-strategic assets which it acquired through this transaction. OPTUS is an income trust, which through DEML is Canada's largest independent natural gas marketing company, currently distributing natural gas to approximately 500,000 residential and small business customers in Ontario, Manitoba and Quebec. DEML supplies approximately 750 million cubic feet of natural gas per day to industrial, institutional and utility customers in North America. OPTUS has a market capitalization of approximately $480 million.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:53:00 PM
From: Kerm Yerman	Respond to of 15196

ASE BULLETIN / Granger Energy Corp. - GAS.A, GAS.B, & GAS.C CALGARY, Nov. 11 /CNW/ - BULLETIN NO.: 9811 - 673 AMALGAMATION AND DELISTING GRANGER ENERGY CORP. (GAS.A, GAS.B, & GAS.C) At a meeting held on October 29, 1998, the shareholders of Granger Energy Corp. (''Granger'') approved an amalgamation with 766720 Alberta Inc., a wholly owned subsidiary of Belair Energy Corporation (''Belair''). Holders of Class A shares in Granger received 2.06152 Belair common shares for each one (1) Class A common share held, holders of Class B shares in Granger received 1.85884 Belair common shares for each one (1) Class B common share held, and holders of Class C shares in Granger received 14.59401 Belair common shares for each one (1) Class C common share held. As a result of the amalgamation, Granger's Class A, Class B, and Class C shares will be delisted at the close of business FRIDAY, NOVEMBER 13, 1998. Belair's common shares will continue to be listed for trading on the ASE under the symbol ''BGY''.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:56:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Hurricane Hydrocarbons Resolves Issues with Refinery CALGARY, Nov. 11 /CNW/ - Hurricane Hydrocarbons Ltd. announced today that, following meetings with the Shymkent (ShNOS) refinery in Kazakhstan, it has reached an agreement that will allow Hurricane to begin processing crude immediately at the refinery and to ship refined products to its own customers. Due to a scheduled refinery shutdown on October 15, and an ongoing dispute with ShNOS, the refinery had not been processing crude from Hurricane since that date. As a result of the agreement reached with ShNOS, the company has recommenced processing. On November 10 the company produced approximately 5,000 tons (38,800 barrels of oil per day) and expects to increase daily production to approximately 8,000 tons (62,000 bopd) over the next few days. In addition, agreement was reached on the amount of the 1998 outstanding receivable owed by ShNOS in the amount of US$15.2 million. Repayment has commenced and is expected to be completed before year end. The company's results for the quarter ended September 30, 1998 are expected to be available during the week of November 23. As disclosed in the reforecast contained in the June 30, 1998 interim report, low sales prices and reduced volumes during the quarter had a severe impact on operating results. In addition, due to a reassessment of the company's accounts receivable and inventories arising from the passage of time and deteriorating economic and operating conditions during the third and fourth quarters, the company will be increasing its reserve for doubtful accounts and reducing the value of its inventory of equipment, supplies and spare parts. Operating costs for the quarter will be higher than anticipated due to a reduction in the number and scope of capital projects resulting in a higher proportion of costs being allocated to operations. The combination of these factors is expected to result in a substantial loss for the quarter and a pre tax loss for the nine months ended September 30, 1998. The company has embarked on a plan to reduce its cost of operations to respond to these changes in its economic environment. Hurricane is an independent international energy corporation engaged in the acquisition, exploration and production of oil, primarily in the Republic of Kazakhstan. The corporation's shares are listed on The Alberta Stock Exchange, The Toronto Stock Exchange (TSE) under the trading symbol HHL.A and are quoted for trading on The Nasdaq National Market under the symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 Composite Indexes.

To: Kerm Yerman who wrote (13438)	11/11/1998 11:59:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / ENERTEC Resource Services Announces Unaudited Financial Results for 1998 and an Amendment to its Normal Course Issuer Bid CALGARY, Nov. 11 /CNW/ - ENERTEC RESOURCE SERVICES INC. (''ENERTEC'' or ''the Company'') announced today its unaudited financial results for 1998 and an amendment to its normal course issuer bid. UNAUDITED FINANCIAL RESULTS For the year ended September 30, 1998, the Company's unaudited net revenue is $68.0 million compared to $70.7 million for 1997. The 4% decline in revenue reflects the impact of constrained exploration and development by the Company's customers as a result of weak oil prices. Unaudited net earnings for the year are $5.8 million ($0.80 per share, basic) compared to $6.6 million ($0.99 per share, basic) in 1997. ENERTEC has maintained its operating margin percentage on net revenue between 1997 and 1998, however, net earnings were affected by higher depreciation and research and development charges, offset by lower general and administrative expenses. The higher depreciation charges arose primarily as a result of a significant upgrade of the Company's vibrator fleet. Unaudited cash flow for the year was $15.3 million ($2.11 per share, basic) compared to $16.3 million ($2.43 per share, basic) in 1997. Unaudited EBITDA for the year was $17.5 million compared to $17.8 million for 1997. The last ten months of ENERTEC's 1998 fiscal year took place in a low oil price environment caused by a global energy malaise, which resulted in relatively limited E&P activity. Largely as a result of the geographic and product line diversification achieved through strategic planning, ENERTEC has sustained very respectable financial performance. This is particularly so in that 1998 is being measured against 1997, which was a record-breaking year for the Company, set against a back-drop of strong oil prices and high levels of activity in the oil and gas industry. For the three months ended September 30, 1998 ENERTEC's unaudited net revenue is $14.6 million compared to $16.9 million for the same period last year. Unaudited net earnings for the fourth quarter are $0.4 million ($0.06 per share, basic) compared to $1.1 million ($0.15 per share, basic) for the fourth quarter last year. Unaudited cash flow for the fourth quarter is $3.1 million ($0.43 per share, basic) compared to $3.8 million ($0.51 per share, basic) for the same period last year. Unaudited EBITDA for the fourth quarter is $2.5 million, relative to $4.1 million for the fourth quarter last year. In the month of September 1998, ENERTEC's marine services operations in the Gulf of Mexico were severely curtailed by protracted adverse weather conditions which climaxed in the evacuation of New Orleans. The marine work interrupted during September was undertaken in October. In the upcoming quarters, ENERTEC expects to be meeting the needs of its financially stable and loyal E&P customers as they focus their exploration and development efforts on their natural gas properties in the United States and Canada. SHARE BUY-BACK PROGRAM The Company also announced today that it has amended its previously announced normal course issuer bid. Under this amendment, ENERTEC has increased the funds available to acquire its outstanding common shares from $2,500,000 to $2,900,000. To date, the Company has purchased 318,700 of its own shares at an average cost of $6.73 per share and continues to believe that the trading price of its common shares, at the current time, is below the value represented by its operations. The Company's purchase of its outstanding common shares pursuant to the bid will, however, not exceed 447,195 common shares, the maximum number permissible under the applicable rules of the Toronto Stock Exchange. ENERTEC's normal course issuer bid terminates on February 25, 1999, or such earlier time as the bid is completed or terminated at the option of the Company. ENERTEC Resource Services Inc. is a Calgary based company which operates throughout North America, providing land seismic data acquisition services, land and marine seismic data processing services and marine geophysical and navigation services.