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

To: Kerm Yerman who wrote (13557)	11/17/1998 7:49:00 AM
From: Kerm Yerman	Respond to of 15196

CORP NOTICE / Fomack Energy Corp. Update Date: 11/16/98 12:48:46 PM Dateline: CALGARY, ALBERTA Stock Symbol: FMG In the Press Release dated November 6th, 1997, Fomack announced that it has obtained an Option to Purchase all the issued and outstanding shares of Frobisher Petroleums Ltd. which Option was open for exercise until November 30th, 1997 and was subject to the completion of further due diligence by Fomack. Because of an apparent change in the evaluation of the assets of Frobisher due to substantial down turn within the Oil and Gas Industry, Fomack requested and obtained from Frobisher a number of extensions, subject to the obtaining of an up-to-date engineering evaluation. Since the evaluation by Brusset Consultants did not support the agreed upon Purchase Price, the Option was eventually terminated. Also, due to personal reasons and the fact that he expects to be out of the Country for up to six months for each of the next few years, Keith G. Ford has resigned his position as President of Fomack and Stewart J. Carlson has temporarily assumed the duties as President. Fomack is currently pursuing the evaluation of producing properties both owned and available for acquisition. It is Fomack's present intention to strengthen its management base and is currently reviewing possible alternatives in this regard.

To: Kerm Yerman who wrote (13557)	11/17/1998 7:56:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Esker Resources Nine Month Report ESKER RESOURCES LTD. ANNOUNCES ACTIVITY AND RECORD FINANCIAL RESULTS Date: 11/16/98 10:24:38 AM Dateline: CALGARY, ALBERTA Stock Symbol: ESR Esker's third quarter and nine-month financial results show a significant improvement over the same period of last year despite lower product prices. For the first time, revenue, net of royalties was over the million-dollar mark at $1,055,987, up 149%. Cash flow (9 months) of $626,605 is up by 566% over the comparable period of last year. The company has shown a profit (after taxes) of $212,242 for the first nine months and is expecting to show a further improvement by year-end. Three quarters (unaudited) comparative financial information follows: 9 months ended Sept. 30 1998 1997 1998 3rd Quarter ---------------------------------------------------------------- Total Oil and Gas revenue (less royalties) $1,055,987 $ 424,330 $ 387,736 Income (loss) from Operations - before taxes $ 302,042 $( 9,470) $ 153,009 Cash Flow from Operations $ 626,605 $ 94,154 $ 252,260 Earnings per share $ 0.01 $ 0.00 $ 0.004 Cash Flow per share $ 0.04 $ 0.01 $ 0.015 Bank Loan Nil $ 123,442 --- Capital Expenditures $ 2,287,790 $ 960,381 $ 731,328 The extraordinary increase in revenue is the direct result of the two previously announced discovery wells drilled in the first quarter of 1998 at Cherry and Wild River (see January 1 and March 12, 1998 press releases). Both wells have been on production for two complete quarters (second and third) resulting in an overall increase of 132% to our average calendar day production rate for nine months. The first three-quarters of the year, Esker's production rate has averaged 241 Boe/d as compared to 104 Boe/d during the same period of 1997. During the month of September, the average calendar day rate was 268 Boe/d up by 150% from September of 1997. Further increases before year-end are expected as new wells at Cherry and Wild River are soon to be tied in, which will bring Esker's production rate close to 400 Boe/d. A new oil well has been drilled at 2-27-9-13 W4, on our operated Cherry property. This 30% working interest well will start production this week at a rate of approximately 195 bopd. Because of the success of this well, more drilling locations have been determined and another well may be spudded before year-end. Also, at Wainwright, Esker will spud a 100% working interest well at 12-3-45-5 W4 this week. This location has potential for Colony gas and McLaren sand oil. Further, our 10% working interest gas well at Wild River 12-11-57-24 W5 is expected to be on production by the end of November. Preliminary test results indicate that the well should go on production at 6-8 MMcf/d. Esker Resources Ltd. trades on The Alberta Stock Exchange (Trading symbol - "ESR").

To: Kerm Yerman who wrote (13557)	11/17/1998 8:03:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Grey Wolf Exploration Third Quarter Report GREY WOLF EXPLORATION INC. ANNOUNCES THIRD QUARTER RESULTS Date: 11/16/98 9:44:08 AM Dateline: CALGARY, AB Stock Symbol: GWX During the third quarter, nine wells were drilled, resulting in seven gas wells and two dry holes. Among the wells drilled was a well in Quirk Creek, 16-19-21-4 W5M, in which the Company holds a 20% working interest. This well drilled to a depth of 3400 meters, has had casing run, and is currently being completed as a gas well. Work is proceeding on the wells drilled earlier in the year to tie in and place on production prior to winter. On the Slave Point Reef play in Northern Alberta, three locations have been surveyed and a drilling rig contracted. Drilling will commence as soon as weather permits. Grey Wolf is Operator and holds a 20% working interest. In the Northwest Territories, the drilling rig and other equipment and supplies have been barged to Norman Wells. Grey Wolf, holding a 20% working interest in approximately 116,000 acres, will operate the drilling of two wells as soon as weather permits. As outlined in the second quarter report to shareholders, effective July 1, 1998, Grey Wolf completed a major acquisition of oil and natural gas properties which effectively tripled the Company's assets and production. The $21.7 million cost of this transaction was financed through a successful public offering of 50 million common shares priced at $0.32 per share together with additional bank debt. At September 30, 1998, 127 million shares were outstanding and bank indebtedness stood at $10.8 million. Because of our heavy exposure to natural gas, the Company's Balance Sheet remains strong. The winter exploratory drilling program in Cranberry and Northwest Territories holds great promise for the Company. We look forward to reporting these developments as they unfold. Three Months ended Sept. 30 % 1998 1997 Change ---------------------------------------------------------- Production Natural gas (mcfpd) 14,834 2,655 459% Oil & natural gas liquids (bpd) 288 95 203% Total (boepd) 1,771 361 391% Prices Natural gas ($/mcf) 1.89 1.83 3% Oil & natural gas liquids ($/bbl) 14.95 20.25 (26%) Financial - $ Oil & gas revenue 3,353,032 798,975 320% Net earnings (loss) 41,088 (189,640) 122% Net earnings (loss) per share 0.0004 (0.003) 113% Cash flow from operations 1,652,307 337,530 390% Cash flow from operations per share 0.015 0.005 200% Capital additions 2,414,940 798,836 202% Property acquisitions 21,650,373 12,329,244 76% Property dispositions 228,157 (22,787) 1101% Nine Months ended Sept, 30 % 1998 1997 Change ----------------------------------------------------------- Production Natural gas (mcfpd) 8,320 895 830% Oil & natural gas liquids (bpd) 177 78 127% Total (boepd) 1,009 168 501% Prices Natural gas ($/mcf) 1.88 1.83 3% Oil & natural gas liquids ($/bbl) 15.31 21.37 (28%) Financial - $ Oil & gas revenue 5,364,803 1,045,072 413% Net earnings (loss) (180,923) 337,526 (154%) Net earnings (loss) per share (0.002) 0.01 (120%) Cash flow from operations 2,660,660 474,599 461% Cash flow from operations per share 0.03 0.01 200% Capital additions 4,415,644 1,363,291 224% Property acquisitions 21,902,870 12,329,244 78% Property dispositions 885,210 1,398,290 (37%)