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

To: Kerm Yerman who wrote (14389)	12/18/1998 3:56:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Elk Resources,(operator), Stanford Oil & Gas Westminster Resources, Richland Petroleum, Hilton Petroleum, Kookaburra Resources, Paramount Resources and Berkley Petroleum. Update #5 - Bellevue #1 Well - Well Control Operations CALGARY, ALBERTA--A relief well, Bellevue #1R, commenced drilling on December 18, 1998. A snubbing unit is being deployed to evaluate whether a surface control kill of the Bellevue #1 well is feasible. The unit is expected to be in place within a week. Surface containment facilities are in place and operating effectively. Volume estimates of hydrocarbons and water produced are not reliable at this time due to very high temperatures and fluctuating operating conditions.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:01:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Black Sea Energy Ltd. announces abandonment of well in Peru CALGARY, Dec. 18 /CNW/ - David Martin, Chairman of Black Sea Energy Ltd., announced today that the initial exploratory well drilled on the Block 71 property in Peru's Ucayali Basin has been plugged and abandoned as a dry hole. Black Sea Energy had a 44% interest in the well, known as the Shahuinto 71-10-IX. Pangaea Energy International, of Calgary, also held a 44% interest and Murphy Oil Corporation, of Arkansas, had a carried interest of 12%. Mr. Martin said that the well, drilled to a total depth of 7,123 feet, had targeted hydrocarbon potential in Lower Cretaceous and Upper Permian formations. The well encountered minor shows of oil and gas at various intervals, but these were determined to be non-commercial. Other prospective targets on Block 71 have been identified. Final plans for any future activity on the block will be determined once a technical assessment has been completed. ''While we're disappointed with the results of our well in Peru, we still have the financial resources that we will require to continue with the diversification program approved by the company's Board of Directors earlier this year,'' Mr. Martin said. ''The new initiatives, aimed at broadening the company's participation in international energy-producing regions, include the acquisition of an exclusive interest in prospects to be identified within an area of 920,000 acres in California's oil-prolific, southern San Joaquin Valley, and the planned merger with Sunwing Energy Ltd., which has oilfield projects in China.'' Black Sea has current assets of approximately US$25 million, comprised of about $10 million in cash on hand plus equipment being held for resale. Black Sea's common shares trade on the Toronto Stock Exchange under the symbol BSX.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:07:00 PM
From: Kerm Yerman	Respond to of 15196

LAND ACQUISITION / Encal Energy Expands Natural Gas Asset Base In West Central Core Area CALGARY, Dec. 18 /CNW/ - Encal Energy Ltd. (TSE: ENL, NYSE: ECA) announced today that it has closed a major asset exchange with Amoco Canada Petroleum Company Limited and entered into a regional farmin and joint venture agreement with PanCanadian Petroleum Ltd., both in west central Alberta. These two transactions provide Encal with additional infrastructure and undeveloped land to support continued growth in the Company's west central core area. Encal intends to utilize its expertise with horizontal drilling technology to explore for and exploit Mississippian natural gas reservoirs on these properties. The asset exchange, effective September 1, 1998, results in Encal acquiring a 75% net working interest in operated, liquid-rich, producing gas properties in the Innisfail, Markerville and Tindastoll regions. The acquired production includes 9.6 million cubic feet per day of natural gas and 362 barrels per day of associated liquids, the majority of which is processed through the Sylvan Lake gas plant in which Encal holds a 20% working interest. The Company has also acquired an operated 80% working interest in the Markerville compression facilities, all associated infrastructure and 6,200 net acres of undeveloped land. The acquired assets, valued at $42 million, were exchanged for non-operated natural gas producing interests at Wapiti, Cutbank and Marten Hills in Alberta. The exchanged assets were equal in value and production. The regional farmin and joint venture with PanCanadian Petroleum Ltd. provides Encal with access to 54,000 net acres of undeveloped land in the Innisfail, Sylvan Lake, Westerose and Wilson Creek areas. Under the terms of the farmin, Encal will drill at least eight commitment wells on the agreement lands by the end of the first quarter 1999. Additional drilling and geophysical commitments made by Encal will extend the earning phase on a rolling option basis. Encal Energy Ltd. is a Calgary-based, exploration and development Company, with core operations in western Canada and impact exploration programs in western and eastern Canada. The Company focuses on growth through drilling, primarily directed towards natural gas targets.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:10:00 PM
From: Kerm Yerman	Respond to of 15196

LAND ACQUISITION / BelAir Energy Acquires More Land in Kakwa CALGARY, Dec. 18 /CNW/ - Following up to the news release of December 16, 1998, regarding BelAir Energy Corporation's participation in the discovery well, 15-33-61-5 W6M in the Kakwa area of northwestern Alberta, BelAir further announced today that it has participated in the acquisition of five sections of land in the December 16 Alberta landsale. The five sections directly offset the discovery well to the north and are situated between the 15-33 Kakwa discovery well and Chevron's Musreau discovery well located in 6-25-62-6 W6M. The lands extend the potential for additional drilling in the same Kakwa pool. BelAir participated in the land acquisition as to a five per cent working interest. With the five sections acquired in the land sale, BelAir holds a five percent working interest in a total of eight sections of land surrounding the discovery well. BelAir Energy Corporation is based in Calgary and is involved in the exploration and exploitation of petroleum reserves in Western Canada, BelAir is listed on The Alberta Stock Exchange and trades under the symbol ''BGY''.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:14:00 PM
From: Kerm Yerman	Respond to of 15196

LAND ACQUISITION / Upton Resources Adds to Core Area CALGARY, Dec. 18 /CNW/ - (URC-TSE) Upton Resources Inc. announced today the closing of a production and reserve purchase in the Queensdale/Alida area of Southeast Saskatchewan. This property is one of the few properties within the pool boundary that has yet to be exploited with horizontal production technology. Horizontal wells offset this property on three sides, wells within a one mile radius of the property had initial production rates of 150 to 500 BOPD and will ultimately produce between 100,000 and 600,000 barrels per well, the best neighboring well has produced 500,000 barrels in six years. The acquisition, (50 BOPD current production at a cost of approximately $6.00 per proven producing barrel) compliments Upton's existing 800 BOPD production in the area. Upton estimates that it will drill between 4 and 6 horizontal wells to fully develop the property. Upton acquired 80% of the property effective October 1, 1998 and will be the operator. Given the current price for oil, Upton believes that inventorying development prospects is an excellent use of its cash and continues to look for strategic property acquisitions which are complimentary to its core area. Plans for drilling on the property will be activated as oil trends above U.S. $15.00 W.T.I. The common shares of Upton are listed on the Toronto Stock Exchange under the symbol ''URC''. This information has been neither approved nor disapproved by the Toronto Stock Exchange.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:18:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Canadian Blackhawk EnergyCompletes Aden Well CALGARY, Dec. 17 /CNW/ - Canadian Blackhawk Energy Inc. (ASE:CBZ) announced today that it has drilled and cased a test well on its acreage located at Aden, Alberta. The test well was drilled to a total depth of 965 metres and was cased as a potential gas well. Production testing to evaluate the well further is scheduled to take place prior to December 31, 1998.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:21:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / EnerMark Income Fund Completes Medicine Hat Acquisition CALGARY, Dec. 18 /CNW/ - EnerMark Income Fund is pleased to announce that it has successfully completed the last of a series of property acquisitions in the Medicine Hat, Patricia/Verger and Pine Creek areas of Alberta. These acquisitions have added net production of over 1,400 bbls/day of crude oil and natural gas liquids in addition to approximately 1,900 mcf/day of natural gas to the Fund for a total production increase of over 1,590 BOE/day. As a result, a total of 10,700 MBOE of proven and probable reserves were purchased at a cost of less than $4.00 per BOE. The properties have a combined proven and probable reserve life index (''RLI'') of 18.4 years and an economic reserve life of over 40 years. The properties also have significant upside potential for infill drilling and water flooding which can increase production and reserves in future years. EnerMark now owns controlling working interests in these areas and has assumed operatorship. As a result, the Fund should see very little increase in general and administrative costs. Combined with the successful 1998 development programs, these acquisitions have more than replaced the Fund's 1998 production as previously stated in the November 26 news release.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:24:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / NAL Oil & Gas Trust Announces Property Transactions CALGARY, Dec. 18 /CNW/ - NAL Oil & Gas Trust (''NAL'') announced today that it has closed two property transactions, estimated to net an additional $0.03 per unit distribution to NAL unitholders in 1999, based on current commodity prices. The resulting increase in production from these two transactions will be approximately 300 barrels of oil per day, with an effective date of October 1, 1998 for both. In the first transaction, NAL purchased a substantial interest in Rosebank, a light oil property located in southeast Saskatchewan, for $10.1 million. NAL Resources Management Limited (the Manager) will assume operatorship of the Rosebank area effective immediately. This property is in the immediate area and in the same geological zone as the Alida and Nottingham units, both of which NAL already has significant ownership, and the Manager is operator. The addition of the Rosebank area to its portfolio provides NAL with further interests and development opportunities in one of its core areas. In the second transaction, NAL sold its interest in both North and South Liebenthal for a total of $9.9 million. The capital freed by this divestiture allowed the purchase of Rosebank, a synergistic opportunity for NAL's unitholders, providing both increased production and distributions. NAL is an open-end investment trust created to acquire a royalty on high quality, producing oil and natural gas properties, and is managed by NAL Resources Management Limited.

To: Kerm Yerman who wrote (14389)	12/18/1998 4:29:00 PM
From: Kerm Yerman	Respond to of 15196

FINANCING / Compton Petroleum Corporation Private Placement CALGARY, Dec. 18 /CNW/ - COMPTON PETROLEUM CORPORATION (''Compton'') announces that it has entered into an agreement with a syndicate comprised of Peters & Co. Limited, FirstEnergy Capital Corp. and Newcrest Capital Inc. to raise gross proceeds of up to $15,000,000 by way of a private placement of up to 7,894,737 flow-through common shares (''Flow-Through Shares'') at $1.90 per share on a ''best efforts'' agency basis. Closing is subject to regulatory approval and is expected to occur on or about December 30, 1998. The net proceeds from the offering of Flow-Through Shares will be used to fund on-going oil and gas exploration and development activities of Compton. During the course of the offering, Compton will suspend its normal course issuer bid commenced on September 8, 1998 to purchase up to approximately 7,000,000 common shares through the facilities of The Toronto Stock Exchange (''TSE''). This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Flow-Through Shares in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. person, absent registration, or an applicable exemption therefrom. Compton Petroleum Corporation is a Calgary, Alberta based exploration and production company. Following its acquisition of J.M. Huber Canada Limited, which is scheduled to close on December 21, 1998, Compton will have reserves in excess of 33 million boe, approximately 80% of which are natural gas and associated gas liquids. The common shares of Compton are listed on the TSE and trade under the symbol ''CMT''.