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

To: Kerm Yerman who wrote (13725)	11/24/1998 2:41:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Triumph Energy Announces $4.16 Million Flow-Through Equity Financing CALGARY, Nov. 23 /CNW/ - Triumph Energy Corporation is pleased to announce that it has entered into agreements to issue by way of private placement, 1,772,332 flow-through common shares at $2.35 per share, for gross proceeds of $4.16 million. Directors, officers and employees of the Company purchased approximately 8% of the total shares to be issued on the same pricing terms as other investors. Closing of this transaction is subject to regulatory approval. Triumph will renounce to the purchasers of the flow-through common shares 100% of the subscription proceeds as Canadian Exploration Expense. The Company will use the proceeds from this financing to fund its ongoing exploration program, mainly in west central Alberta. Triumph expects to spend $20.0 million on capital projects in 1999, of which approximately 40% will be exploratory and the remainder will be development related. Triumph Energy Corporation is a growth oriented oil and gas exploration and production company with activity focused primarily in western Canada. Shares trade on the Toronto Stock Exchange under the symbol ''TPH''.

To: Kerm Yerman who wrote (13725)	11/24/1998 2:44:00 AM
From: Kerm Yerman	Read Replies (9) \| Respond to of 15196

FIELD ACTIVITIES / Naftex Energy Corporation - Spudding of Rabeh-3; Clean oil production from Rabeh field; Start of construction of additional storage tanks VANCOUVER, Nov. 23 /CNW/ - NAFTEX ENERGY CORPORATION Trading Symbol: NFTX NAFTEX ENERGY CORPORATION (the ''Company'') is pleased to announce that Rabeh-3 was spudded on November 19, 1998. The well is currently drilling ahead at 2,000 feet in the South Gharib Formation, with a planned total depth of 6,300 (-6,150) feet in Basement. The well is designed to test the updip position of the oil bearing Matulla reservoir section tested in Rabeh-2. Following workover, oil production from the Nukhul reservoir has been resumed from both Rabeh-1 and Rabeh-2. Average oil production from both wells is approximately 2,100 BOPD of 28.5 (degrees) API crude with no water cut. This production rate is limited by storage capacity presently available in the field. The construction of two 2,200 barrel storage tanks is underway and is expected to be completed in time for production to be tied-in from Rabeh-3. After completion of these tanks, storage capacity will reach 6,500 barrels, enabling the Company to sustain higher continuous production rates. The Operator of the WEEM Concession is ESHPETCO, a joint venture operating company set up between Coplex (Egypt) Limited, Cabre Exploration (Cyprus) Limited (''Cabre'') and the EGPC to conduct operations on the WEEM Concession. The Company and Cabre each beneficially own a 50% interest in the WEEM Concession.