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

To: Kerm Yerman who wrote (14294)	12/15/1998 3:53:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Early Christmas for Upton Resourtces CALGARY, Dec. 15 /CNW/ - (URC-TSE) Upton Resources Inc. today announced it has completed the second well at its new exploration discovery at Browning, Saskatchewan. The new horizontal well is capable of 500+ barrels of light oil a day. The well is being restricted up to 150 to 200 barrels a day because of our reluctance to produce it at its capacity in light of record low oil prices. At 200 barrels a day we can adequately evaluate the formation and still pay out the well in less than a year at $11.00 oil. If prices and reservoir performance justify it, the production from the well can be increased. The common shares of Upton are listed on the Toronto Stock Exchange under the symbol ''URC''.

To: Kerm Yerman who wrote (14294)	12/15/1998 3:57:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Symmetry Resources Inc. Winter 1998/99 Program SYMMETRY RESOURCES INC. ANNOUNCES ITS CAPITAL PROGRAM FOR THE 1998/99 WINTER SEASON CALGARY, ALBERTA-- Commencing mid-December, Symmetry Resources Inc. is entering the 1998/99 winter drilling season with a capital program consisting of exploratory drilling, development drilling, seismic and land acquisition, and facility construction. A number of high net-back light gravity oil and natural gas opportunities are being drilled with a number of others being pursued at forthcoming crown sales. Multi-million barrel oil pools and gas accumulations with greater than 20 Bcf potential are exploration priorities. Budget allocations for this period total $7 million and will be funded entirely from cash flow and drawings on the unused portion of the credit facility. At Dawson in north-central Alberta, operated drilling through Q1 1999 will include two exploratory tests at 11-17-79-15 W5 and 16-19-79-15 W5. Success in the 11-17 well, which is testing a structure with reserve capacity for more than 20 million barrels of oil in place, will immediately provide a minimum of six development step-outs on joint venture lands owned 50% by Symmetry. Central battery facility construction at 8-26-79-16 W5, expected to commence in February 1999, and a watersource well to be drilled early in the new year will aid in significantly reducing operating costs and enhancing production. Net costs associated with the facility construction are expected to be near $2 million. Symmetry's production capability from the Slave Point formation in the Dawson field is 1,575 BOPD of sweet, light gravity crude oil where field net backs of $10.21 per barrel were received in 1998. Capital for future seismic and land acquisition has also been allocated at Dawson. Symmetry in 1998 successfully negotiated a large farmin at Golden located about 80 km north of the Dawson play. Involving more than 16,000 acres of land, each drilled location earns a 60% interest in 1,200 acres with rolling options available following either a seismic program or a single well commitment. The acreage position offsets the highly productive Golden Field where 18 million barrels of oil have so far been recovered from a 50 million-barrel Slave Point oil pool. Evaluation of seismic data revealed a significant undrilled structure, which the Company will test with a well at 11-3-88-15 W5 prior to year-end with an equal interest joint venture partner. The mapped feature has the potential for 5 million barrels of oil in place of light gravity crude. Two other similar structures on the lands have also been mapped with potential for subsequent drilling. Ogston, located northeast of Golden, is a Granite Wash light oil play area where Symmetry successfully acquired 2,400 acres of land at a Crown sale in June 1998. Evaluation of a 5.6 square mile 3D seismic survey shot by the Company this past fall covering all of the acquired lands yielded four mutually independent structural anomalies. The larger of the structures has the opportunity for multi-well development with reserve potential of more than 10 million barrels of oil in place. Wells testing at least two of the mapped structures are planned for drilling in Q1 1999. Lastly, Symmetry has mapped a series of targets under its 100% owned 480 acre position in the Limestone Mountain Field located in the foothills disturbed belt northwest of Calgary. Rights currently held by Symmetry include all Devonian targets. Structural mapping of seismic data directly over Company lands indicates the presence of three imbricate thrust sheets containing Devonian reservoir rock in a nearly "stacked" position. One well will test two of the three thrust "wedges" near their fractured leading edges plus a large anticlinal fold underlying them. Total measured depth for this location is 4,150 meters at an estimated dry hole cost of $5 million. Recoverable reserves from Devonian wells in the Limestone Mountain Field are estimated as high as 50 Bcf per zone. Due to the stacked nature of the reservoirs under the Symmetry lands, total reserves in place may exceed 75 Bcf. Hydrogen sulphide content in the Devonian at Limestone Mountain is typically less than 10%. Symmetry is currently negotiating with a potential partner to have this well spud during Q1 1999. To summarize, well activity through this winter season will test both geologically and geophysically defined structures having a cumulative gross reserve potential of more than 45 million BOE in place. On an after-earned net working interest basis, Symmetry's capital is anticipated to expose the Company to over 17 million BOE in place and 6.25 million BOE recoverable.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:00:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Gentry Resources Announces 18-well Drilling Program in Northern Alberta Company to Earn Interest in 93 Sections of Land CALGARY, Dec. 15 /CNW/ - Gentry Resources Ltd. is pleased to announce that it will be participating in an 18-well shallow gas drilling program in the Thornbury area of northeastern Alberta. The primary targets are several extensive sands within the Upper McMurray formation. The secondary targets in the drilling program are the bounding Grand Rapids and basal sands. By drilling 18 wells Gentry and its partners will earn an undivided 33.333% in 93 sections (gross 59,520 acres) of land and two shut-in gas wells currently awaiting tie-in. The majority of the wells will be drilled on geologic and seismic control that has been correlated back to existing wells, which were drilled prior to the growth of gas infrastructure in the area. AltaGas Services Inc., a midstream asset company, will tie in the wells at their cost and operate once completion and testing of the wells occurs. Drilling will commence as soon as surface conditions permit, which Gentry anticipates will be shortly after Christmas. The drilling project calls for two rigs operating concurrently and it is expected that drilling will take approximately 28 days for all 18 wells. Future exploration plans will be developed to fully exploit this large land holding when well tests are correlated back to existing mapping and seismic. This represents a significant new core area for Gentry for which the company will be devoting considerable resources. Gentry remains in solid financial condition with long-term debt approximately $1,400,000 at year-end and $3,000,000 in unused bank lines of credit. Gentry will achieve solid production growth in 1998 and continues to be opportunity driven in its efforts to add shareholder value through well-planned acquisitions in western Canada.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:03:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Remington Energy Not Proceeding With Debenture Offering And Retains Financial Advisors Symbol: REL - TSE CALGARY, Dec. 15 /CNW/ - Remington Energy Ltd. (''Remington'') announces that it is not proceeding with its planned convertible debenture offering. Remington's share price has materially declined since early December, 1998, approximately the same time when statements were made by an investment dealer regarding the status of Remington's banking arrangements. Remington does not believe current trading prices of its common shares are reflective of the underlying value of the company and has decided not to proceed with the convertible debenture issue. Remington continues to pursue a $40 million mid-stream asset sale and prepaid natural gas opportunities. Remington has also retained the services of FirstEnergy Capital Corp. to advise it with respect to strategic alternatives to enhance shareholder value.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:07:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / ICE Drilling Enterprises Inc. Announces New Power Conditioning Technology And a New Power Efficiency Services Division CALGARY, ALBERTA--ICE Drilling announced today that it will be bringing to market a new power conditioning technology that is proven to lower energy consumption, improve and correct power factor, provide surge and spike protection for sensitive electrical components and reduce peak demand changes by controlling non-core loads. "This technology has far-reaching implications and potential for the petroleum industry in terms of energy conservation and cost savings," says ICE President James Todd. "It is ideal for a wide range of applications including pump jacks, batteries, gas processing facilities, refineries and petrochemical facilities." ICE Drilling has exclusive rights for the application of this technology to the petroleum industry through its 52 percent-owned subsidiary Paragon Industrial Systems Ltd. Paragon currently has a backlog of work with Fortune 500 companies that is expected to exceed $12 million US in business over the next 18 months. Todd says a new division of ICE Drilling, the Power Efficiency Services Division, will market Paragon's technology to oil and gas companies that have high electrical loads combined with power management problems. The new proprietary technology complements the services ICE offers to current customers and is applicable to the downstream assets held by most of ICE Drilling's client companies. The Power Efficiency Services Division is expected to be cash flow positive within three months of startup. Sales are projected to exceed $3 million during the first 12 months of operation. ICE Drilling Enterprises Inc. specializes in innovative solutions and integrated services to the underbalanced drilling industry. ICE Drilling is one of the fastest-growing oilfield services companies in the industry. ICE technology is used to exploit previously uneconomical fluid-sensitive geological and pressure depleted formations. ICE Drilling is headquartered in Calgary, Alberta, and has offices in Red Deer and Grande Prairie.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:10:00 PM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Mera Petroleums Appoints New Operations Manager CALGARY, ALBERTA--Mera Petroleums Inc. president and CEO Robert McLeay is pleased to announce the appointment of Barrie Quamme, R.E.T. to the position of Operations Manager, effective immediately. Quamme has over 30 years engineering experience in drilling, completion, workovers, pipeline and facility construction and production in western Canada. After serving the former Energy Resources Conservation Board for seven years in the late 1960s and early 1970s, Quamme worked for a number of oil and gas companies in positions ranging from drilling and production technologist to operations manager. He started his own engineering consulting firm when he left Andex Oil Co. Ltd. (now Enron Oil Canada Ltd.) in 1986. "Mr. Quamme has the ideal background to handle engineering responsibilities relative to Mera's new stage of growth," said McLeay. As Operations Manager he will manage Mera's recently commenced six well drilling program and gas plant construction in the north Darwin gas field. He will also co-ordinate the company's involvement in the six-well north Darwin drilling program and gas plant expansion. Quamme was appointed following the resignation of Randy Marshall, P.Eng. who served as Mera's operations vice-president and as a director on its board since January, 1997. "We are sorry to lose Randy as a member of our team," says McLeay. "He is not only a valuable asset to Mera, but a good friend."

To: Kerm Yerman who wrote (14294)	12/15/1998 4:16:00 PM
From: Kerm Yerman	Respond to of 15196

ASE BULLETIN / Trading Suspension Geosim Integrated Technologies Corp CALGARY, Dec. 15 /CNW/ - The Alberta Stock Exchange has issued the following trading suspension: Issuer Name: Geosim Integrated Technologies Corporation ASE Ticker Symbol: GTC Time of Suspension: 14:30 12/14/98 Reason for Suspension: Failure to Maintain Continued Listing Requirements

To: Kerm Yerman who wrote (14294)	12/15/1998 4:20:00 PM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Tethys Energy Announces New Director CALGARY, ALBERTA--Tethys Energy Inc. (TET - TSE) Tethys announces that Mr. Mac Van Wielingen has joined its Board of Directors. Mr. Van Wielingen is Chairman and Chief Executive Officer of ARC Financial Corporation, an investment management and investment banking company focused on the oil and gas sector in Canada. Mr. Angus Mackenzie has resigned from the Board of Directors. Mr. Randell Pardy, President and Chief Executive Officer of Tethys stated "Mr. Mackenzie's wise counsel has helped immeasurably in the growth of Tethys over the past three years." Tethys Energy is a Calgary-based oil and gas exploration company operating in Alberta and Southeastern Saskatchewan. Tethys shares are traded on the Toronto Stock Exchange under the trading symbol "TET".

To: Kerm Yerman who wrote (14294)	12/15/1998 4:22:00 PM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / New North Resources Ltd. Announces The Resignation Of A Director And The Appointment Of A Director CALGARY, Dec. 15 /CNW/ - T. Jack Hall, President of New North Resources Ltd., announces the resignation of J. Dawn Browne from the board of directors and from the audit committee and the appointment of T. R. (Tim) Cumming to the board of directors and to the audit committee, both effective December 15, 1998. Ms. Browne has served on the board of directors since June 8, 1994 and on the audit committee since July 7, 1994. Mr. Hall, on behalf of the board of directors, wishes to express his appreciation and gratitude to Ms. Browne for her services and wishes her well in future endeavors. Mr. Cumming has 30 years of experience in the petroleum and natural gas industry. Mr. Hall, on behalf of the board of directors, welcomes Mr. Cumming to the board.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:24:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Ramarro Resources Inc. 1998 Year End Results CALGARY, ALBERTA--Ramarro Resources Inc. announces the results for the year ended September 30, 1998. -------------------------------------------------------------- YEAR ENDED SEPTEMBER 30 1998 1997 Revenue $2,512,966 $2,338,131 Cash generated from operations $914,332 $959,232 Cash flow per share $0.057 $0.080 Net earnings $17,981 $242,809 Per share $0.001 $0.020 Natural gas sales Total (mmcf) 924.7 823.9 Daily (mmcf) 2.53 2.43 Average natural gas price per mcf $1.86 $1.78 -------------------------------------------------------------- Ramarro exited fiscal 1998 with strong cash flow, increased revenues and production volumes. A further development drilling program of 10 wells at Cessford North and 7 wells at Cessford came on stream immediately following the year end.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:26:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / December Distribution for NCE Energy Trust TSE/ME (NCA.UN) Five Cents ($0.05) Per Unit TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, has announced the distribution for the month of December, 1998, for NCE Energy Trust. NCE Energy Trust NCE Energy Trust is an income trust designed to acquire oil and gas properties primarily through the acquisition of oil and gas companies. The resulting cash flow from these properties flows back to the unitholders on a tax-deferred basis. Distribution details The distribution details are: - The distribution for December 1998 is five cents ($0.05) per unit. - The distribution is payable on December 31, 1998, to holders of record on December 17, 1998. - The total value of the December distribution is $165,547. - NCE Energy Trust's distributions are $0.91 per unit during the past 12 months. Price on TSE NCE Energy Trust trades on the Montreal Exchange and The Toronto Stock Exchange. The price for NCE Energy Trust on The Toronto Stock Exchange at the close of the market, December 14, 1998, was $3.50 per unit. NCE Resources Group NCE Energy Trust is a member of NCE Resources Group. NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:28:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / December Distribution for NCE Petrofund TSE/ME (NCF.UN) Three Cents($0.03) Per Unit TORONTO ONTARIO-- John Driscoll, President of NCE Resources Group, has announced the distribution for the month of December, 1998, for NCE Petrofund. NCE Petrofund NCE Petrofund is a royalty trust that derives its income from oil and gas properties in Western Canada and distributes the resulting cash flow to unitholders on a tax-deferred basis. Distribution details The distribution details are: - The distribution for December 1998 is three cents ($0.03) per unit. - The distribution is payable on December 31, 1998, to holders of record on December 17, 1998. - The total value of the December distribution is $1,463,965. - NCE Petrofund's distributions are $0.48 per unit during the past 12 months. Price on TSE NCE Petrofund trades on the Montreal Exchange and The Toronto Stock Exchange. The price for NCE Petrofund on The Toronto Stock Exchange at the close of the market, December 14, 1998, was $1.75 per unit. NCE Resources Group NCE Petrofund is a member of NCE Resources Group. NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (14294)	12/15/1998 4:32:00 PM
From: Kerm Yerman	Read Replies (5) \| Respond to of 15196

PROPERTY ACQUISITION / Devlan Exploration Inc. Announces Acquisition CALGARY, Dec. 15 /CNW/ - DEVLAN EXPLORATION INC. is pleased to announce that it has entered into an agreement with a major Canadian oil and natural gas resource company to purchase a property in the Marten Hills area of north central Alberta for cash consideration of $5.175 million. The transaction is expected to close on or before December 22, 1998, with the effective date to be December 1, 1998. The property includes two identical dehydration/compression packages and 28 miles of gathering and sales pipeline. In addition to the facilities, Devlan is acquiring 56,872 net undeveloped acres with four producing gas wells that averaged an aggregate 2,000 mcfd net production during a production audit carried out by Devlan personnel during the first week of December 1998. Production is from the Viking, Colony, Sparky, and Clearwater Formations at depths from 400 to 700 metres. Proven Gross Company Reserves, as reported by an independent engineering firm, is 5.284 Bcf DEVLAN EXPLORATION INC. is a Calgary based oil and Natural Gas Company focused on asset enhancement and optimization of previously overlooked or underachieving properties. Devlan's exploration and production activity is concentrated on natural gas prospects in Alberta. The ASE has neither approved nor disapproved of the information contained herein.