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

To: Kerm Yerman who wrote (14117)	12/8/1998 2:13:00 PM
From: Kerm Yerman	Respond to of 15196

ACQUISITIONS - MERGERS / Petro-Canada Concludes the Sale of ICG Propane to Superior Propane Inc. CALGARY, Dec. 8 /CNW/ - Petro-Canada today announced the closing of the sale of its wholly owned subsidiary, ICG Propane Inc., to Superior Propane Inc. for a net consideration of approximately $175 million. No gain or loss will be attributable to the Company from this transaction. ''We are pleased to be able to conclude this transaction before the end of the year, as originally planned,'' said Jim Stanford, President and Chief Executive Officer of Petro-Canada. ''This sale allows us to obtain the best value for this non-core asset and enables us to re-invest the proceeds in our key growth initiatives.'' ''Petro-Canada recognizes the outstanding work of ICG employees and their commitment to maintaining a high level of service to their customers, particularly since July, 1998, when the sale agreement was announced,'' added Stanford. ''ICG embarked on a long-term transformation program in 1993, and the employees made a tremendous effort in obtaining greater efficiencies, cost reductions and improved customer service to position the company as an attractive investment. We acknowledge their efforts and thank them for their strong contribution.'' This transaction is effective December 7, 1998. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

To: Kerm Yerman who wrote (14117)	12/8/1998 2:20:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Veritas DGC Inc. Unviels State Of Art Center VERITAS DGC INC. UNVEILS NEW VISUALIZATION CENTER HOUSTON, TX-- Advanced Facility Greatly Accelerates Seismic Interpretation Veritas DGC Inc. has unveiled its new, state-of-the-art Visualization Center, allowing teams of explorationists to view and interpret large volumes of complex three-dimensional geophysical data used in oil and gas exploration. "The center provides the ability to display and manipulate massive amounts of 3D data covering large geographic regions, which gives a real advantage in establishing the 'big picture' in the reconnaissance stage of the exploration process," says Dale Bowering, Vice President of Business Development for Veritas Marine Surveys. "A lot of ground can be covered very quickly, producing results in a fraction of the time taken using conventional methods." Powered by Silicon Graphics(r) Onyx2(tm) RealityMonster(tm) supercomputer, the center includes a main workroom theater with an 18-by-7 foot rear projection viewing screen, as well as four private interpretation/visualization workrooms, allowing multiple teams to work simultaneously. The center is ideal for fostering collaboration among multi-disciplinary geoscience teams working on exploration and production problems. "Many different types of geoscientific data can be co-rendered in a setting where the whole asset team can view and manipulate the data together," says Bowering. "This provides the benefit of different perspectives to create better interpretations and solutions." The center utilizes the latest interpretation software and hardware, so data can be viewed and interpreted in fundamentally new ways. This allows teams to solve complex interpretation problems through manipulation of the 3D volume, rather than by the conventional, line-by-line method. This translates into better interpretation of more data in less time, with higher confidence in the result. In addition to enhanced quality and productivity in data evaluation, cost savings can also be realized through the visualization center's data quality control capabilities. Utilizing the high-speed fiber link with Veritas' NEC supercomputers, the center allows for data quality control throughout the processing stage, where potential problems can be identified and resolved early, saving the clients time and money. The center is already being put to work providing the interpretation and quality control technology required in Veritas' new non-exclusive 3D prestack depth migration program in the deep water Gulf of Mexico. "From data processing through reconnaissance to production, the ability to display and interpret huge volumes of data in a collaborative setting allow better decision making in a more timely manner," says Bowering. "That is the real value that Veritas is offering to its clients." Veritas DGC Inc., headquartered in Houston, is a leading provider of land, transition zone and marine-based seismic data acquisition, seismic data processing, and multi-client data sales to the petroleum industry. Veritas DGC operates seven divisions in selected markets worldwide and, based on revenue, is the fifth largest geophysical services provider. Silicon Graphics and Onyx are registered trademarks, and Onyx2 and RealityMonster are trademarks of Silicon Graphics, Inc.

To: Kerm Yerman who wrote (14117)	12/8/1998 2:22:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Bakrie Minarak Energy Inc. Yemen Drilling Update CALGARY, Dec. 8 /CNW/ - Bakrie Minarak Energy Inc. (ASE:BAK.A) announces that its first exploration well on Block R2 in Yemen commenced drilling on December 6, 1998. The Daw'an No.1 well is located on the 700,000 acre Block in the East Shabwa region where the Company holds a 50% working interest. Daw'an No.1 will be drilled to a depth of approximately 2,000 meters to test a large structure at the Lower Cretaceous level. The objective formation is the Qishn sandstones that produce Hydrocarbons to the east and north. Drilling is expected to take approximately 60 days. This well will evaluate the first of several plays on the Block.

To: Kerm Yerman who wrote (14117)	12/8/1998 2:25:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Backer Petroleum Nine Month Financial & Operating Report BACKER PETROLEUM CORP. - ANNOUNCEMENTS CALGARY, ALBERTA-- Third Quarter Results ... Operating cash flow was $2,333,339 and net loss was $66,041 for the nine months ended September 30, 1998. The results for the first nine months of 1997 were $712,364 operating cash flow and $278,980 net income. 1998 depletion includes a $337,000 ceiling test writedown of Backer's only U.S. property which was sold effective October 1, 1998. Sturgeon Lake, Alberta... Backer has secured a farmin and option from 15.5% owned Virginia Energy Corporation encompassing approximately 6,400 acres in the Sturgeon Lake area, 200 miles northwest of Edmonton. The farmin well, which awaits a final land title opinion, will test a Leduc reef anomaly identified by three-dimensional seismic as an extension to existing Leduc oil production. The Nisku, which produces adjacent to the farmin lands, provides a secondary oil target, and Cretaceous sands offer the possibility of gas exploitation. Anticipated gross production from the Leduc is several hundred barrels of oil per well per day. The Company has committed to a 33.33% working interest in the farmin test well which has an after payout conversion, and is anticipated to spud in the first quarter of 1999. The test well will trigger a series of options whereby the Company will have the opportunity to earn in the entire 6,400 acres. Darwin, Alberta... The four Bluesky gaswells at Darwin, 60 miles north of Peace River, continue to produce at daily rates of approximately 2.75 Mmcfd, net to Backer's 30% before payout working interest, and averaged a price of $1.87 per Mcf over the first ten months of 1998. Additional drilling during the first quarter of 1999 will focus on increasing cash flow with as many as four new wells that can be brought on stream being drilled prior to spring break-up. The Company will also look to establish new reserves by participating in two exploratory locations on the southern end of its 20,000 acre land position at Darwin. Knobhill, Alberta... The Company has completed a three-dimensional seismic survey on its Knobhill Belly River oil property, located in west central Alberta. Backer owns a 42.5% working interest in one producing oilwell and approximately 1,500 contiguous acres. Oil prices will influence the timing of the development drilling expected to commence in the second quarter of 1999. Queenstown, Alberta... Backer holds a 45% to 90% working interest in 3,400 acres at Queenstown, a recently acquired property in southern Alberta. Seven producing wells currently average 65 BOE per day, net to the Company. The first objective will be to increase production via conservation of associated solution gas. Optimization of existing wells and additional development drilling is forecast for mid-year 1999, but will also be dependent on oil prices. Disposition... The Company has agreed to sell its entire interest in the Bird Canyon Area, Sublette County, Wyoming, effective October 1, 1998 to Sovereign Investments inc., owned by D.M. Mercier, President and majority shareholder of Backer. The independent Directors of the Company reviewed the independent evaluation of the property and approved the total sale consideration of CAN $300,000. The disposition of this non-core property which provided less than 2% of Backer's revenue relieves the Company of U.S. reporting, regulatory and tax obligations, and the sale proceeds will be directed at developing Backer's Alberta properties.

To: Kerm Yerman who wrote (14117)	12/8/1998 2:29:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Calvalley Petroleum Inc. Increases Natural Gas Production CALVALLEY PETROLEUM INC. ANNOUNCES INCREASED NATURAL GAS PRODUCTION CALGARY, ALBERTA-- Calvalley Petroleum Inc., a Calgary based oil and gas exploration and development company, whose shares are traded on the Montreal Exchange, today announced that its gas production from Northwestern Alberta, has increased significantly in the past five months. Production from the Rainbow area has increased from 2.7 million cubic feet per day in late June, 1998 to a current level in excess of 5.0 million cubic feet per day with limited pressure draw-down from the wells. Dry, sweet gas is currently being produced from three wells in two separate pools. A fourth well from a third pool is expected to be brought on stream during the first quarter of year 1999, requiring only a 200 meter pipeline tie in. In order to maximize revenue and minimize risk, the company has signed a one year (November '98 to November '99) fixed price gas contract with Dynegy Canada Gas Marketing Ltd. for 2500 gj's per day at $2.73 per gj.

To: Kerm Yerman who wrote (14117)	12/8/1998 2:31:00 PM
From: Kerm Yerman	Read Replies (8) \| Respond to of 15196

CORP ANNOUNCEMENT / Petro-Canada Sells Its Interest In Petro-Canada Centre CALGARY, Dec. 8 /CNW/ - Canada today announced the sale of its 50 per cent interest in Petro-Canada Centre, the Company's head office complex in Calgary, Alberta, to a subsidiary of Gentra Inc. The transaction will result in a gain of approximately $12 million in after tax net earnings, and will reduce the Company's long-term debt by approximately $140 million. The sale will further reduce the Company's contingent liability by $140 million. ''This transaction reflects the strength of Calgary's real estate market,'' said Jim Stanford, President and Chief Executive Officer of Petro-Canada. ''The sale of our interest in the Centre is consistent with our ongoing strategy to sell non-core assets and re-invest the proceeds in value-creating opportunities in our core businesses.'' Petro-Canada's head office will continue to be located in the Centre. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.