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

To: Kerm Yerman who wrote (14385)	12/18/1998 9:27:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS - MISC / NCE Flow-Through (98) Limited Partnership Purchases Flow-Through Shares Totaling $13.25 Million NCE RESOURCES GROUP DECEMBER 18, 1998 TORONTO, ONTARIO--John Driscoll, President of NCE Resources Group, announced today that NCE Flow-Through (98) Limited Partnership has purchased flow-through shares from five Canadian oil and gas companies totaling more than $13.25 million. -------------------------------------------------------------- FLOW-THROUGH PURCHASES The following purchases were made on behalf of the Partnership: BONAVISTA PETROLEUM LTD. has: - market capitalization of over $150 million; - production consisting of 86 percent natural gas and 14 percent oil and liquids, based on 1998 exit rate production; and - growth in production from 1,834 boe/d in 1997 to an estimated 5,100 boe/d in 1998. A total of 450,000 flow-through shares were purchased for $4.05 million. -------------------------------------------------------------- MAXX PETROLEUM LTD. has: - a market capitalization of approximately $50 million; - oil and liquids representing 80 percent of production; - a recently completed property disposition to reduce debt; and - a focus on delineating new natural gas projects. A total of 250,000 flow-through shares were purchased for $1.0 million. -------------------------------------------------------------- POST ENERGY CORPORATION has: - a market capitalization of over $50 million; - balanced production of 50 percent oil and liquids and 50 percent natural gas, based on 1998 exit rate production; - strong interests near Edmonton, with multiple zone potential for both oil and natural gas; and - 1998 production growth of over 50 percent. A total of 200,000 flow-through shares were purchased for $1.1 million. -------------------------------------------------------------- PROBE EXPLORATION INC. has: - a market capitalization of over $100 million; - balanced production of 60 percent oil and liquids and 40 percent natural gas; - an asset base focused in the Leduc area, acquired from Imperial Oil; and - year-end production expected to be in the range of 17,000 boe/d, compared to 1997 average production of 4,000 boe/d. A total of 2,400,000 flow-through shares were purchased for $6.0 million. -------------------------------------------------------------- PURSUIT RESOURCES CORPORATION has: - a market capitalization of over $30 million; - balanced production of 40 percent oil and liquids and 60 percent natural gas, based on 1998 exit rate production; and - is currently concentrating on natural gas projects in central Alberta. A total of 700,000 flow-through shares were purchased for $1.1 million. -------------------------------------------------------------- NCE FLOW-THROUGH (98) LIMITED PARTNERSHIP NCE Flow-Through (98) Limited Partnership was organized to invest in flow-through shares of public resource companies listed on a Canadian stock exchange with the objective of achieving capital appreciation for limited partners. -------------------------------------------------------------- NCE RESOURCES GROUP The Partnership's General Partner is a member of NCE Resources Group, which was formed in 1984 as an oil and gas investment management organization. NCE provides a full range of technical, operational, administrative and investor services. --------------------------------------------------------------

To: Kerm Yerman who wrote (14385)	12/18/1998 9:39:00 PM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Oil Dodges Bombs By TODD NOGIER, CALGARY SUN It may take blown-out Iraqi oil refineries to bring up the price of crude, which stubbornly plunged yesterday in the wake of U.S.-led missile attack. But when the smoke dissipated and daylight hit, it became apparent Iraq's oil production facilities remained intact. That was enough to send the world's increasingly fickle oil traders on a selling spree, punching North America's benchmark crude, West Texas Intermediate, down $1.38 US a barrel -- the biggest one-day plunge since the start of the Persian Gulf War in January 1991. "That just goes to show how serious the crude oil overhang is -- not even bombs going off in Iraq can help prices," said Peter Linder, CIBC Wood Gundy senior oil and gas analyst. North American crude, which closed at $11 a barrel on the New York Mercantile Exchange, reverses a steep 83-cent rise Wednesday. U.S. President Bill Clinton did not list Iraq's oil infrastructure as one of the general targets when he ordered Operation Desert Fox. He said the offensive was aimed at destroying Iraq's military, security and nuclear sites because of Iraqi President Saddam Hussein's continued refusal to co-operate with U.N. arms inspectors. Dealing another blow to oil prices -- in addition to the action in Iraq -- was inaction in Madrid. That's where a meeting of a triad of oil heavyweights -- Saudi Arabia, Venezuela, and Mexico -- ended without new cuts to the disastrous glut. Still, another Calgary analyst was surprised by both the latest drop in the oil price and the degree of the fall. And it points to the grim reality that whatever is needed to restore prices is still a long way off, said Carol Crowfoot, senior energy economist of Gilbert Laustsen Jung Associates Ltd.

To: Kerm Yerman who wrote (14385)	12/18/1998 9:44:00 PM
From: Kerm Yerman	Respond to of 15196

IN THE NEWS / Drilling Company Hopes To Punch Holes For Terra Nova 12/18/98 St Johns Evening Telegram A former St. John's man is hoping his boring company will excite the consortium of companies developing the Terra Nova project and allow him to come back home for a few months. Roger Shields is part owner of Tornado Drill, a Calgary-based company bidding on a multimillion-dollar contract to back up Terra Nova's 1999 glory hole excavation project. Tornado has engineered a program that puts a 10-metre drill bit at the bottom of the ocean floor, boring enough holes to create a football field-size pit for Terra Nova's proposed subsea drilling manifolds. “Terra Nova is considering our project; we're really hoping that this will go our way,” Shields said. “We believe we're certainly the main player here.” Terra Nova ran into several problems with its glory holes last year after encountering tougher soils than anticipated and operational difficulties as a result of rough seas. The contract Shields is bidding on represents only one part of this year's excavation plans, Terra Nova spokeswoman Mona Rossiter said. “We're curently evaluating all the approaches,” Rossiter said Wednesday. If Tornado wins the contract, Shields will hire out a St. John's machine shop such as M&M Offshore to put the drill together and complete all of the work here, he said. Shields wants to have the work done in Newfoundland “because it is a Newfoundland project. I'm one of the principals and I wanted to bring something back to Newfoundand.” Tornado has developed this technology over the last decade, primarily for use in the northern Beaufort Sea, the only other place in the world glory holes are needed.