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

To: Kerm Yerman who wrote (14165)	12/9/1998 11:36:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Kelman Technologies Inc. Announces Q3 Results, New Contracts and a New Year End CALGARY, Dec. 9 /CNW/ - Kelman Technologies Inc., (''KTI'') a leading provider of geophysical processing and data archiving services, announces the release of its Q3 financial results, significant new contracts for its services and the change of it fiscal year end. FINANCIAL HIGHLIGHTS (unaudited) (000's except per share) for three months for nine months ending Oct 31 ending Oct 31 1998 1997 1998 1997 ------ ------ ------ ------ $ 3,827 $ 5,237 Revenue $14,981 $14,048 $ (940) $ 1,540 Earnings $ 463 $ 2,470 Earnings per share $ (0.02) $ 0.04 - Basic $ 0.01 $ 0.12 $ (0.02) $ 0.03 - Fully diluted $ 0.01 $ 0.08 $ 192 $ 2,349 Cash Flow $ 3,652 $ 6,238 Cash Flow per share $ 0.01 $ 0.06 - Basic $ 0.10 $ 0.18 $ 0.00 $ 0.05 - Fully diluted $ 0.07 $ 0.13 Overall revenues of $14.98 million for the first 9 months of fiscal 1999 increased 7% from the same period last year. Seismic Processing revenues of $12.9 million were on par with prior year's revenues, reflecting continued high processing volumes. On a year to date basis, international revenues are 20% higher than prior year's results at $3.4 million, reflecting KTI's continuing emphasis on international expansion. Archives year to date revenues of $2.1 million surpassed last year's year to date results by 73%, showing improved signs of continued acceptance of archival and storage services. Year to date earnings of $463 thousand are down 88% from prior year due primarily to staff increases in Seismic Processing and Archives prior to the beginning of this fiscal year required at that time to meet strong market demand along with pricing pressures on the seismic processing business. Net earnings contribution from Processing at $1.8 million year to date is down 64% from the same period last year. On a year to date basis, Archives operating expenses continue to be greater than revenues, with a negative earnings contribution of $1.3 million year to date. This situation is expected to correct itself in the longer term. Basic earnings per share of $0.01 for the nine month period this year are lower than the $0.11 for the nine month period last year by 91% reflecting the impact of the industry slow down. Cash flow from continuing operations of $3.65 million year to date is lower by 41% from prior year, paralleling attempts to preserve cash and contain costs wherever possible. Cash flow per share from continuing operations is $0.10, down 46% from prior year. For the third quarter 1998, overall revenue of $3.83 million was 27% lower than prior year's Q3 results, characteristic of the overall decline in seismic exploration activity. While overall international seismic processing revenues were within 6% of prior year's Q3 performance, domestic Canadian based processing revenues were down 38% from prior year's quarterly numbers. Quarterly revenues for Archives were 42% greater than the comparable period last year, indicating growing acceptance of the new division. Net earnings of negative $940 thousand in the third quarter represented a decline of 161% from prior year's quarterly performance, primarily as a result of lower revenue, tighter margins and the fixed nature of this year's cost commitments. Earnings per share at ($0.02) are 162% below the $0.04 achieved last year in the quarter. Cash flow from operations of $192 thousand in the third quarter represents a 92% decline over prior year's results. Third quarter cash flow per share from continuing operations of $0.01 is 92% below last year's results. Subsequent to the end of the quarter, a Mexican court delivered an unfavourable decision relating to a statement of claim regarding the collection of amounts owing, made by the company as a part of the discontinued operations assets. The company has filed an appeal. As the outcome of this appeal is undeterminable, the company has not adjusted the book value of the asset in question. New Contracts In conjunction with Q3 results, KTI announces that Enron Oil & Gas (EOG) Trinidad U(a) Block Limited has awarded a contract for the reprocessing of a 489 square kilometer Ocean-Bottom Cable (OBC) 3-D marine seismic survey from offshore Trinidad to Kelman Technologies USA, a subsidiary of Kelman Technologies Inc. Trinidad is one of Enron Oil & Gas International's primary activity areas and represents a significant new business opportunity for KTI. This is the second consecutive OBC 3-D marine seismic data processing contract that Kelman Technologies has won in the strategic Southern Caribbean region. The previous contract was for Phillips Petroleum Company's Ambrosio 3-D survey in Venezuela. KTI also announces the contracting of additional services with Crestar Energy Inc. Crestar has signed a contract effective the beginning of 1999 for services that will provide access to the balance of their 42,000-line post-stack seismic database. Currently, Crestar uses KTI's archival system for seismic file viewing and retrieval and has realized significant reductions in exploration costs and cycle times by having near-line access to its most critical data. Change of Fiscal Year End The Company wishes to announce at this time the change in fiscal year-end to December 31, from the current January 31st date. The result of this change is that KTI will release eleven month results for fiscal 1998. KTI services oil and gas exploration clients with a full suite of geophysical processing and data archiving services. Its two divisions, Kelman Seismic Processing and Kelman Archives support a growing number of international clients from its two offices in Calgary, Alberta and Houston, Texas. Kelman Technologies Inc. is a publicly traded company listed on The Toronto Stock exchange, trading symbol KTI.

To: Kerm Yerman who wrote (14165)	12/9/1998 11:39:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Magin Energy Inc. Announces Flow-through Share Issue CALGARY, Dec. 9 /CNW/ - Magin Energy Inc. announced that it has entered into an agreement for the issuance of up to 3,200,000 flow-through common shares at $3.40 per share. The flow-through common shares will be issued through Griffiths McBurney & Partners, as to 2,000,000 shares ($6,800,000) on a bought deal basis and up to 1,200,000 shares ($4,080,000) on a best efforts agency basis. Proceeds of the issuance will be used to fund exploration expenditures and Magin will renounce to subscribers Canadian exploration expenses equal to the subscription amount for the shares. Closing of this issue is subject to customary regulatory approval and is anticipated to occur within two weeks. Magin Energy Inc. currently has 26.9 million common shares outstanding and is a balanced oil and gas producer that expects to exit 1998 with 10,000 barrels of oil equivalent per day of production.

To: Kerm Yerman who wrote (14165)	12/9/1998 11:52:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS - ACQUISITIONS / Superior Propane Reaches Agreement With Competition Bureau Regarding Interim Arrangements For ICG Propane SUPERIOR PROPANE INCOME FUND TSE SYMBOL: SPF.UN DECEMBER 9, 1998 CALGARY, ALBERTA--Superior Propane Inc. ("Superior") announced today that it has reached agreement with the Competition Bureau on an interim "hold-separate" arrangement, subject to approval by the Competition Tribunal, pursuant to which it will hold its recently acquired 100 percent interest in ICG Propane Inc. pending the completion of the full review of the transaction by the Competition Tribunal. Mr. Grant Billing the Chairman and Chief Executive Officer of Superior said: "We are confident that this arrangement will enhance value of our investment in ICG during the period when the Bureau may present its case to the Competition Tribunal related to the ultimate merger. We are prepared and will defend the merits of our position for an ultimate merger of ICG and Superior which would result in major efficiency gains and enable us to be a stronger competitor in the energy market." The Fund's trust units trade on the Toronto Stock Exchange under the trading symbol SPF.UN. There are 45.7 million units outstanding.

To: Kerm Yerman who wrote (14165)	12/9/1998 11:56:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Venture Seismic Announces $3 Million Bridge Loan; Formation of Special Director Committee; Preliminary 4th Quarter Financial Results; Lawsuit VENTURE SEISMIC LTD. NASDAQ SYMBOL: VSEIF DECEMBER 9, 1998 CALGARY, ALBERTA--VENTURE SEISMIC LTD. (NASDAQ NMS: VSEIF) announced today that it has obtained a $3 million bridge loan. The financing, which resulted in net proceeds of approximately $2.7 million, will provide Venture Seismic Ltd. ("Venture") with working capital and funds expected to be applied primarily to Venture's marine seismic operations conducted by Continental Holdings Ltd. ("Continental"). As security for the loan, Venture has pledged all of its capital stock of Continental to the lenders. The terms of the loan require $3.3 million to be repaid on the earlier of April 30, 1999 or the completion of a take-out financing in excess of $5 million. Venture has the option of extending the maturity date of the financing until June 30, 1999 if it issues 30,000 additional common shares to the lenders for each additional 30 days the loan is outstanding. Venture also granted warrants to the lenders and placement agent to purchase 495,000 common shares at prices ranging from $1.91 to $5.00 per share. Under certain circumstances, Venture may be required to make penalty payments, pay increased interest and/or issue additional common shares to the lenders. As a condition of closing, Venture was required to obtain a take-out financing proposal with an institution acceptable to the lenders. This condition has been met; however, there can be no assurance Venture will obtain a commitment from such institution or any other institution sufficient to repay the bridge loan. Venture has agreed to register for resale all common shares issuable in the transaction. Continental currently operates two seismic marine vessels, the Pacific Titan and the SV Calgary. The Pacific Titan is testing equipment and systems prior to commencing a survey for Western Geophysical, a division of Baker Hughes. The SV Calgary is mobilizing to undertake a project scheduled to commence in late December 1998. Venture also announced that, although final results are not yet available, it expects for the quarter ended September 30, 1998 ("1998 fourth quarter") to report revenue of approximately $7 million and a loss between $0.10 and $0.15 per share on a fully diluted basis, compared to revenue of approximately $5.8 million and earnings of $0.04 per share on a fully diluted basis for the same period last year. The loss results primarily from the loss incurred by Continental on a 3,000 kilometer 2D survey conducted in the Gulf of Mexico from September to November (the "Inlet Survey") and decreased land-based operations. With the commitment of the Pacific Titan to the 3D survey contract with Western Geophysical, it was necessary for Continental to subcontract, on a temporary basis, a third marine seismic vessel to meet its contractual commitment for the Inlet Survey. As a result of abnormally strong tropical storm and hurricane activity in the Gulf of Mexico during the fall, Continental experienced significant down time and reduced production levels, resulting in a loss on the Inlet Survey. The Inlet Survey was completed in November, however the loss from this contract will be fully recognized in the 1998 fourth quarter in accordance with Venture's policy of recording full provision for losses in the reporting period they are first determined. Venture also announced that its Board of Directors has formed a Special Committee of independent, outside directors to assist and work closely with management in the completion of the bridge loan and contemplated take-out financing, the integration of recently acquired businesses and the management of related growth. The Special Committee consists of Mr. Joseph Ciavarra (Chairman) and Mr. Michael Beninger, each of whom will be compensated on a per diem basis. Mr. Beninger is working with management on a full-time basis during this period of integration and transition and senior management is reporting to the Special Committee on a periodic basis. Venture also announced it recently had been named as a defendant in a lawsuit arising out of a work related injury incurred by a former employee of Boone Geophysical, Inc. The claimants, including the former employee and his spouse, are seeking damages of an aggregate of $30 million. Venture intends to vigorously defend the lawsuit and the matter has been turned over to its insurers and legal counsel. VENTURE SEISMIC LTD. is traded on the Nasdaq National Market and is engaged primarily in the acquisition of land, wetlands and marine seismic data for use in the exploration for and development and field management of oil and gas reserves. Venture acquires seismic data on possible oil and gas reserves for its customers, which range from junior exploration companies to fully-integrated multi-national corporations. Venture's wholly-owned subsidiaries include Continental Holdings Ltd., an Alberta based company engaged in the acquisition of marine seismic data, Boone Geophysical, Inc., a Texas based company engaged in the acquisition of land and wetlands seismic data in the Southern United States, and Hydrokinetic Surveys of Canada Inc., a company based in Western Canada which provides shallow marine airgun and survey services.

To: Kerm Yerman who wrote (14165)	12/10/1998 12:01:00 AM
From: Kerm Yerman	Respond to of 15196

Alberta Department Of Energy / Minister of Energy Reconfirms Alberta's Ethane Policy ALBERTA DEPARTMENT OF ENERGY DECEMBER 8, 1998 EDMONTON, ALBERTA--Energy Minister Steve West today reconfirmed Alberta's ethane policy and announced the formation of a task force to consider potential measures to ensure Alberta's ethane and natural gas liquids (NGL) objectives will continue to be achieved in a changing business environment. "The expansion of Alberta's ethane-based petrochemical industry indicates the success of our previous ethane policies and is a significant indication that we should continue and strengthen the policy," said Dr. West. In announcing the task force, Dr. West reiterated the Government of Alberta's longstanding commitment and interest in ensuring opportunities for continued value-added processing of natural resources. "The historic growth of the ethane-based petrochemical industry in Alberta, and the billions of dollars in investment currently underway, were made possible by the full and competitive access that companies have had to resources. We intend to ensure this remains a feature of the market framework in Alberta. Our ethane policies remain a priority." We will be reviewing a number of legislative, royalty, regulatory and other options to ensure that Alberta's various objectives related to NGLs continue to be realized. As the owner of the gas resource, the people of Alberta have several policy objectives. Key among them are: - promoting value-added use of NGLs, particularly the use of ethane as petrochemical feedstock in Alberta, - ensuring appropriate royalty value and Crown royalty share of production is received by the people of Alberta, and - continued growth in Alberta's petrochemical industry based on competitive access to an adequate supply of feedstock. The task force will invite input from stakeholders. "The mandate of the task force is initially to consider all aspects of the policy framework in Alberta that pertain to ethane. I look forward to the co-operation and input of the various industry groups." Members of the task force will include MLAs Rob Lougheed and Victor Doerksen as well as representatives from the natural gas liquids production and petrochemical industries.

To: Kerm Yerman who wrote (14165)	12/10/1998 12:10:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Ambra Petroleum Division: Cessford-Alberta Gas Project Continues to Expand Production VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 8, 1998-- Production of gas from the four new discovery wells recently reported by Ambra's (Nasdaq:ABRG) Petroleum Division on the Amex Joint Venture property in Alberta, Canada, continues to expand. Sustained flows have resulted in enhanced production. The company now participates in seven producing gas wells and can participate in the development of over eighty additional permitted wells on the 23 square mile Amex JV property. Ambra's share of production revenue from the first four wells is expected to exceed $10,000 per month over the life of these wells. Recent field experience with the new wells and review of geophysical data indicate that substantial potential exists to further increase production from existing wells. The Joint Venture Operator, Starrock Resources Ltd., will undertake new fracturing of the Lower Manville Zone in wells 6-20-25-8 and 8-16-25-8. The company expects this new zone fracturing to take place on Wednesday, Dec. 9, 1998. New fracturing of the Lower Manville Zone in these two wells is a highly cost-effective method of obtaining additional production. Ambra maintains a 5% net interest in the Amex Joint Venture and the company's share of production revenues will be used to further increase the project's production through drilling of additional wells. For further information, contact: Ambra Resources Group Inc., Investor Relations, Phone: 800/698-3377 or 604/669-2723. E-mail can be sent through the company web site which is located at ambraresources.com. The directors and management of Ambra Resources Group Inc. wish to thank all shareholders for their continued support. By the Board of Directors John M. Hickey, President

To: Kerm Yerman who wrote (14165)	12/10/1998 12:14:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Anvil Resources First Well Now Delivering Natural Gas VANCOUVER, British Columbia, Dec. 8 /PRNewswire/ -- Anvil Resources Ltd. (Alberta: ANV - news) is pleased to announce that it has received a report dated December 07, 1998 from Cordele Development Corporation (''the Operator'') that Anvil's first drilled natural gas well in Webb County, Texas, is now hooked up and delivering natural gas to the Houston Pipe Line. This well was drilled to a total depth of 8800 feet. Vastar Resources Inc. is the underlying mineral owner in the well and is purchasing the total gas production from Anvil's well. Vastar is one of the largest independent oil and gas companies in the U.S. The gas production from Anvil's first well is from 3 zones in the Wilcox Sand trend in Texas. Testing has indicated a combined flow rate of 4.450 MCFD (four million four hundred and fifty thousand cubic feet of gas per day). Current gas prices are in the $2.00 U.S. range per thousand cubic feet of gas. The natural gas from this well is sweet gas with a high BTU content, which receives a premium price. Anvil has spent in excess of $1 million U.S. on this well and under its agreement will receive 125% payout before its partner participates. After payout, Anvil will revert to a 75% working interest with the other 25% working interest held by Cordele Development Corporation et at. Anvil's first well is situated on an anticlinal structure in the Wilcox Trend which is a prolific gas producing trend in Texas. The average reported lifespan of wells in the area are 20 to 30 years. Anvil's holdings in Webb County, Texas indicate a potential of 10 to 30 or more well sites in the field. A second well location has been permitted and Anvil has requested the operator to prepare an A.F.E. (authorization for expenditures) for drilling of the second well. The second well will be located 2500 feet to the west of Anvil's first well. As a result of the first well encountering more pay zones than anticipated, the second well will be drilled using a larger bit (7 3/8''), larger casing and the lease has been amended allowing Anvil to drill to a depth of 10,000 feet. The Alberta Stock Exchange Neither Approved Nor Disapproved The Information Contained Herein.