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

To: Kerm Yerman who wrote (14269)	12/14/1998 3:01:00 PM
From: Kerm Yerman	Respond to of 15196

ACQUISITIONS - MERGERS / Big Bear Exploration Ltd. Acquires Blue Range Resource Corporation Shares CALGARY, ALBERTA-- Big Bear Exploration Ltd. announced today that approximately 67.3 percent of the outstanding common shares of Blue Range Resource Corporation have been tendered under Big Bear's Offer for all of the Blue Range common shares. Big Bear has taken up all of the Blue Range common shares validly tendered. Big Bear has also extended its offer to 3:00 p.m. December 23, 1998 (Calgary Time) in order to allow the remaining Blue Range shareholders to tender their securities. Jeff Tonken, President and Chief Executive Officer of Big Bear said, "Big Bear is very pleased that most Blue Range shareholders have already accepted our offer. With many rapid developments towards the end of our bid, we have extended our offer to allow the remaining shareholders time to accept the offer. Big Bear plans to move quickly and efficiently through a short transition period so as not to jeopardise the momentum of our winter drilling season." Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX".

To: Kerm Yerman who wrote (14269)	12/14/1998 3:05:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / CrownJoule Exploration Ltd. Third Quarter Results CALGARY, ALBERTA--CrownJoule Exploration Ltd. continued its record setting pace through the nine month period ended October 31, 1998. The corporation posted record production levels, revenues and cash flows compared to the prior year period and remains on target to achieve its cash flow goal of $0.40/share. Following are highlights of the corporation's nine month period: OPERATING AND FINANCIAL HIGHLIGHTS FOR THE 9 MONTHS PERCENT ENDED CHANGE 98/10/30 97/10/30 -------- -------- VOLUMES/DAY OIL & NGL (Bbls) 90 40 125 NATURAL GAS (Mmcf) 10.68 5.1 110 EQUIVALENTS/DAY BOE 1,158 550 111 Mmcfe 11.58 5.5 GROSS REVENUES $6,197,459 $2,670,912 132 CASH FLOW $3,358,455 $1,107,211 203 PER BASIC SHARE $0.26 $0.12 PRICES OIL & NGL ($/Bbl) $17.06 $20.54 -17 NATURAL GAS ($/Mcf) $1.98 $1.75 12 NET BACK SUMMARY ($/Mcfe) GROSS REVENUE $1.96 $1.78 10 NET ROYALTIES (0.09) (0.14) -37 OPERATING COSTS (0.56) (0.58) -3 ADMINISTRATION (0.15) (0.20) -25 INTEREST (0.08) (0.12) -33 ----- ----- --------------------------------------------------------- CASH FLOW NET BACK $1.08 $0.74 47 --------------------------------------------------------- Gas production for the nine month period averaged 10,684Mcf/d compared to 5,100Mcf/d for the first nine months of last year, an increase of 110 percent. Average gas prices realized in the current nine months were $1.98/Mcf versus $1.75 in 1997. Oil and natural gas liquids production averaged 90Bbls/d at an average price of $17.06/Bbl. This compares with 40Bbls/d of production at an average price of $20.54/Bbl in 1997. The average gas equivalents production for the period was 11,580Mcfe/d or in converted barrel equivalents 1,158 BOE/d (5,500Mcfe/d, 551BOE/d - 1997). Total gross oil and gas sales revenues were $6,197,459 for the nine month period, an increase of over 132 percent over 1997. Net crown royalties paid in the current period were $298,617 compared to $213,769 in 1997. Net oil and gas revenues after all royalties were $5,890,032 compared to $2,456,579 last year. Operating and processing costs for the first nine months of this year were $1,785,749 or $0.56/Mcf ($877,929 or $0.58/Mcf - 1997). We expect these costs to fall below $0.50/Mcf for the fourth quarter of this year. General and administrative expenses were $475,119 for the nine months. This is an increase of $173,850 over last year, but on a comparative basis per unit, G&A costs actually went down to $0.15/Mcf from $0.20/Mcf in the prior year. Interest costs amounted to $263,850 compared to $170,731 in the prior year. On a comparative unit basis, interest costs were $0.08/Mcfe compared to $0.12/Mcf last year for the same period. Cash flow from operations for the nine month period was $3,358,455 ($0.26/share). This is a 203 percent increase over the $1,107,211 ($0.12/share) recorded for the same period last year. The cash flow net back at $1.08/Mcfe compares favorably with the $0.74/Mcfe for the same period last year. The corporation spent $4,095,277 on capital expenditures for the nine months of the fiscal year compared to $4,791,901 for the same period last year (1997 figure excludes major acquisition of oil and gas assets of $16,095,915). Current expenditures included $586,920 for land acquisition, $587,557 for seismic and geophysical and geological programs, $1,787,120 for intangible drilling and completions and $829,215 for gas plants and Doris Field infrastructure. CrownJoule's production averaged over 11.2Mmcfe/d during the third quarter of 1998. The majority of the company's production comes from its 34 percent owned Doris Gas Field, which produced 10.4mmcf/d gross raw gas through CrownJoule's 17.7 percent owned Doris gas processing facilities. Maintenance downtime at Doris I during September limited gross production from the field to 18.7Mmcf/d for a short period of time. As a result, average production for the month was down slightly. CrownJoule drilled three wells (2.34 net), two exploration (100 percent) and one development (34 percent) during the third quarter. The two exploration wells were drilled at Judy Creek, with one well designated as a new pool gas discovery while the other was abandoned. This new pool discovery at 7-7-64-10W5 is scheduled for an extended flow test and, if successful, is expected to come on stream in mid-January. A follow-up well to this discovery will be spud after Christmas. A development well drilled in October at Doris (3-18-64-5W5M) is currently producing 2.5Mmcf/d and has increased reserves eastward in the pool. The company also recompleted the Doris 14-7-64-5W5 well that is now producing 1.5 Mmcf/d from an uphole zone above the Doris sand. CrownJoule is encouraged by further uphole potential at Doris and other zones in the area surrounding the two plants. During the next quarter, CrownJoule plans to drill up to seven wells (3.8 net) at Doris, Foley Lake, Judy Creek and Barrhead (Cherhill). Drilling will continue in the general Doris area with two development wells in the Doris Field and three exploration wells planned for the Foley Lake block, north of the Doris Field. Discussions have been initiated with an Alberta based midstream operator to add processing and delivery facilities in the Manola Area where CrownJoule has two shut-in gas wells capable of 1.5 to 2.5Mmcf/d. In the area, the company also has a drill-ready development location and 5,760 acres of Crown land. In the Barrhead (Cherhill) Area, the company plans to drill a stepout location offsetting a cased gas well, which was drilled by CrownJoule during the second quarter and tested gas at just over 1.0Mmcf/d. Following this discovery, CrownJoule acquired an additional 640 acres of Crown land and is negotiating a farm in on adjacent lands. This acquisition brings CrownJoule's undeveloped acreage total to 158,882 gross (69,834 net) acres at the end of the quarter. As a natural gas producer, CrownJoule has benefited from the continued strength of natural gas markets to the end of the third quarter. To this point, the corporation has exceeded budgeted expectations from operations for the year and remains confident that our year-end goal of $0.40 cash flow per share will be met. CrownJoule continues to be well positioned, with a sound balance sheet, strong cash flows and a focus on natural gas, to take advantage of light oil acquisition and merger opportunities caused by reduced oil prices, lower cash flows and increased balance sheet leverage within industry. In addition, CrownJoule is confident the fourth quarter drilling program will bring further exploration success before year end. CrownJoule is an oil and gas exploration company whose Common Shares and Purchase Warrants are traded on The Toronto Stock Exchange under the trading symbols "CJE" and "CJE.WT" respectively.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:08:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Drilling Season Comes Early For Mera Petroleums CALGARY, ALBERTA--This year's drilling season came early for Mera Petroleums Inc. with the spudding of its first well in the south end of the Darwin gas field today. "We're doing whatever we can to fast-track our south Darwin program," says Mera president and CEO Robert McLeay, "because we have targeted March 15, 1999 for production." This is the first of a six-well program operated by Mera. As part of the fast-tracking process, the company has already begun design and survey work on a 10 mmcf/d natural gas plant to handle the product when it comes on stream. Mera holds a 69 per cent working interest in the project. The company is also involved in another five-well drilling program and gas plant expansion that is underway in north Darwin. The existing gas plant will be enlarged from 10 to 20-25 mmcf/d. Mera owns 20 per cent of the northern plant. To finance these and other ventures, McLeay says, Mera will tap into its approximately $900,000 available cash, an unused line-of-credit, pre-arranged plant financing (via a sale and leaseback) and the proceeds from a $1.25 million private placement now in progress. "As always we are proceeding with the plan that will yield maximum added value for our shareholders," says McLeay.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:11:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Koch Canada Group - UTS oil Sands Continue to Lay Groundwork for New Oil Sands Development CALGARY, ALBERTA-- New Exploration to Begin this Winter Koch Oil Sands Limited Partnership, part of the Calgary-based Koch Canada Group of Companies and UTS Oil Sands Limited Partnership, a unit of UTS Energy Corporation today announced it has commenced significant new exploration activities at its Fort Hills Oil Sands Project. Beginning in December, the company plans to drill up to 70 cored wells to better determine the size and quality of the oil sands resource on its 16,000 hectare Fort Hills leases, located about 90 kilometres north of Fort McMurray. Koch Oil Sands Limited Partnership acquired a 78 percent interest in the Fort Hills leases (Nos. 5 and 52) in May, 1998. Its partner, UTS Oil Sands LP, a unit of UTS Energy Corporation, holds the remaining 22 percent. Subject to a joint venture agreement between the two companies, Koch will be the operator of the project and has planned a year-long pre-feasibility study that includes the geophysical and drilling program. Other elements involve engineering and environmental studies related to mining, bitumen extraction, and the transportation of bitumen. The information gathered as a result will help Koch and UTS proceed with commercial development of the leases. Layne Christensen Canada Limited has been hired as the main contractor for the drilling program. The Fort McKay Metis Corporation is conducting clearing and surveying activities in support of the drilling program and the geophysical exploration activities that began in September. David Park, Koch Canada's Senior Vice President, Exploration, said, "While the drilling program is an important step in a longer term process to determine the feasibility of a mining operation, it's just as important to us that we engage local communities in our efforts and keep them informed of what we're doing. We're targeting for up to a 90,000 barrel per day project by 2005. And again, we look forward to achieving this milestone with the involvement and support of the local communities." Koch Canada, the country's largest crude oil exporter, is a wholly-owned subsidiary of Wichita, Kansas-based Koch Industries Inc., the second-largest privately held company in North America, as ranked by Forbes. Koch has conducted business in Canada's oil and gas industry since 1959. Its nearly 600 Canadian personnel are engaged in heavy oil and gas exploration and production, oil and natural gas marketing, capital services, and the manufacturing of industrial products. For more information on Koch Canada, please refer to Koch's home page at www.kochcanada.com and for additional information about UTS Energy Corporation please see UTS's home page at www.uts.ca.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:15:00 PM
From: Kerm Yerman	Respond to of 15196

MSE NOTICE / Montreal Stock Exchange Add's Canadian Natural Resources Option Class MONTREAL EXCHANGE RE: CANADIAN NATURAL RESOURCES LTD. - NEW OPTION CLASS ON THE MONTREAL EXCHANGE MONTREAL, QUEBEC-- The Montreal Exchange is listing today an options class on common shares of Canadian Natural Resources Ltd. "CNQ". Series expiring in January, February, March and June, with strike prices of $20, $22 and $24, are listed for the class. RBC Dominion Securities Inc., represented by Mr. Jean Pouchet, has been appointed specialist for Canadian Natural Resources Ltd. With the addition of this new class, the Montreal Exchange currently counts 47 listed options.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:17:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Petrolex Energy granted access to OCENSA pipeline system in Colombia for Rubiales crude VANCOUVER, Dec. 14 /CNW/ - PETROLEX ENERGY CORPORATION Trading Symbol: PXV - TV PETROLEX ENERGY CORPORATION (the ''Company'') is pleased to announce that, following a review of the upgrading test results announced recently, it has received written confirmation from OCENSA in Colombia confirming access to the pipeline system for Rubiales crude. An initial allocation of up to 50,000 bopd of vis-broken crude oil has been given commencing in the first quarter of 2001. The Rubiales vis-broken crude oil will become a stand alone third batch product for the OCENSA pipeline, joining the two current batches being the Cusiana batch and Llanos Mexcla batch. Formal contract negotiations will now commence and it is expected that documents should be ready to sign early next year. This was the final goal to be achieved prior to implementation of the Company's two year development plan for the Rubiales Field. It is anticipated that financial advisors will be appointed early in the first quarter to assist the Company in maximising the value of this world class resource for the Company and its shareholders.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:20:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / Acquisition Of Orion Energy Trust Under Review CALGARY, Dec. 14 /CNW/ - OET.un - TSE/CNW/ Orion Energy Holdings Inc. announced the formation of an independent special committee of its board of directors to consider the strategic direction of Orion and of the Orion Energy Trust in response to the announced intention of PrimeWest Energy Trust to initiate an offer for the outstanding units of Orion Energy Trust. The members of the special committee are Mr. Fred Dyment (as chairman), Mr. André Bineau and Mr. Edward Baker. Each of these individuals is independent of Starvest Management Limited, the manager of Orion, and of the Orion Energy Trust. The independent committee has engaged Griffiths McBurney & Partners as its financial advisor and has engaged independent legal advisors. Orion Energy Trust is an open ended conventional oil and gas royalty trust trading on the Toronto Stock Exchange under the symbol OET.UN, with offices located in Calgary, Alberta and in Montreal, Quebec.

To: Kerm Yerman who wrote (14269)	12/14/1998 3:23:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Total Energy Services Ltd. To Be Listed On TSE CALGARY, Dec. 14 /CNW/ - Total Energy Services Ltd. (''Total'') is pleased to announce that the common shares of the Company have been approved for listing by the Toronto Stock Exchange (''TSE''). Total shares will trade on the TSE under the symbol ''TOT'' and will be posted for trading on the TSE effective at the opening on Monday, December 14th, 1998. Total is a growth oriented company providing rental equipment and gas compression services to the oil and gas industry. Total provides gas compression services through its wholly owned subsidiary Bidell Equipment Inc (''Bidell''). Bidell is a Calgary-based supplier of natural gas compression equipment to oil and gas producers and has been in operation since 1988. Bidell designs, packages and leases portable compression systems consisting of ''low'' to ''mid-range'' compressor packages ranging from 100 to 1,000 hp. Bidell is the Western Canadian distributor of a line of screw compressors manufactured by the Sullair Corporation of Michigan City, Indiana. Total provides drilling and production rental equipment to the oil and gas industry in northwestern Alberta through it's wholly owned subsidiary Total Oilfield Rentals Ltd. (''Oilfield''). Oilfield has a wide variety of rental equipment and a fleet of well-maintained trucks available in Valleyview, Fox Creek, Grande Prairie, Edson, Manning, Red Earth and Whitecourt, including tanks, sumps, shale bins, loaders, and rig mats. Oilfield has also finished development of the Total Energy Sour Separation Emission Control Unit (''TESS'') and has placed the first three units in the field. This will expand Oilfield's activity in the production rental market. Total is focused on growing its existing drilling rental business in northwestern Alberta, establishing a specialty production rental fleet and expanding its gas compression business. The common shares of Total Energy Services Ltd. trade on The Alberta Stock Exchange and, effective December 14, 1998, The Toronto Stock Exchange under the symbol ''TOT''. The Toronto and Alberta Stock Exchanges have neither approved nor disapproved the information contained herein.