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

To: Kerm Yerman who wrote (14436)	12/22/1998 1:47:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Richland Petroleum Closes Flow-Through Share Financing CALGARY, ALBERTA--Richland Petroleum Corporation today announced that it has closed its previously-announced private placement of flow-through common shares with a syndicate including Griffiths McBurney & Partners, Goepel McDermid Securities and Canaccord Capital Corporation. A total of 1,880,256 flow-through common shares were issued at a price of $2.50 per share, for gross proceeds of $4,700,640. The proceeds of the issue will be used to fund the Company's 1999 exploration program in Canada. Richland Petroleum Corporation is a public company involved in the exploration and development of crude oil and natural gas in western Canada and the United States. Its shares trade on the Toronto Stock Exchange under the symbol "RLP".

To: Kerm Yerman who wrote (14436)	12/22/1998 1:48:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / TriGas Exploration Closes Flow-Through Share Financing CALGARY, Dec. 21 /CNW/ - TriGas Exploration Inc. has closed its previously announced flow-through share financing with Griffiths McBurney Partners acting as underwriter. At closing TriGas issued 1.5 million flow-through shares at $1.35 per share for gross proceeds of $2.025 million. These securities were issued pursuant to the private placement exemptions under Canadian securities laws. The proceeds will be used to finance the 1998/1999 exploration activities on the company's core properties at Irricana and Lone Pine, Alberta. The common shares of TriGas are listed on The Toronto Stock Exchange under the symbol ''TGX''.

To: Kerm Yerman who wrote (14436)	12/22/1998 1:50:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Magin Energy Inc. Closes Financing CALGARY, Dec. 21 /CNW/ - Magin Energy Inc. announced that it has closed its previously announced offering of 3,200,000 flow-through common shares at a price of $3.40 for total gross proceeds of $10,880,000 through Griffiths McBurney & Partners. All officers of Magin participated in the offering by purchasing shares. The proceeds will be used to partially fund 1999 exploration expenditures. An additional issuance of 29,500 flow through common shares at a price of $3.40 is, subject to regulatory approval, expected to close later this week.

To: Kerm Yerman who wrote (14436)	12/22/1998 1:51:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Kintail Energy Closes Financing CALGARY, Dec. 21 /CNW/ - KINTAIL ENERGY INC. (ASE: KTE) is please to announce that it has closed a private placement of 2,360,000 ''flow through'' special warrants at $0.85 per special warrant for gross proceeds of $2,006,000 (net proceeds of approximately $1,885,700). Each Special Warrant is exchangeable for one common share of Kintail for one year. Proceeds of the financing will be used for exploration and development drilling on Kintail's petroleum and natural gas properties. Kintail Energy Inc. is an aggressive exploration and production Company, which trades on the Alberta Stock Exchange under the symbol ''KTE''.

To: Kerm Yerman who wrote (14436)	12/22/1998 1:53:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Brittany Energy Inc. Announces Normal Course Issuer Bid CALGARY, Dec. 21 /CNW/ - Brittany Energy Inc. announces that the notice to make a Normal Course Issuer Bid has been accepted by The Alberta Stock Exchange. Pursuant to the Bid, Brittany may purchase, from time to time, as it considers advisable, up to 650,060 of the issued and outstanding common shares of Brittany through the facilities of The Alberta Stock Exchange. The price which Brittany will pay for any shares purchased by it will be the prevailing market price of such shares on The Alberta Stock Exchange, at the time of the purchase. Purchases may commence on December 21, 1998 and will terminate on the earlier of the date on which Brittany shall have acquired all of the common shares sought pursuant to the Bid, and December 20, 1999 unless earlier terminated. Brittany believes that the price of its common shares may not reflect their underlying value, from time to time, and that, at such times, the purchase of common shares will increase the proportionate interest of, and be advantageous to, all remaining shareholders. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein.

To: Kerm Yerman who wrote (14436)	12/22/1998 1:56:00 AM
From: Kerm Yerman	Respond to of 15196

FUNDS - MISC / Sunfire Energy Corp Shares Purchased By ARC Canadian Energy Venture Fund CALGARY, Dec. 21 /CNW/ - ARC Canadian Energy Venture Fund of Calgary, Alberta announced today that as a result of participation in a private placement it has acquired 1,500,000 common shares and 750,000 warrants entitling the holder to purchase one common share of Sunfire Energy Corporation at $1.25 per share until December 17, 2000. Therefore, ARC Canadian Energy Venture Fund now exercises control or direction over an aggregate of 2.25 million common shares, or warrants exercisable into common shares, of Sunfire Energy Corporation, representing approximately 25% of the current outstanding Sunfire Energy Corporation common shares. ARC Canadian Energy Venture Fund is an investment fund specializing in oil and gas exploration and production and service companies which is managed by ARC Equity Management Ltd., part of the ARC Financial group of companies. Although the Fund may make further purchases of common shares of Sunfire Energy Corporation on The Alberta Stock Exchange or through private purchases, such purchases will be made for investment purposes. This press release has been issued in order to comply with applicable securities legislation.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:00:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / PrimeWest Energy mails offers to Starcor Energy Royalty Fund and Orion Energy Trust unitholders CALGARY, Dec. 21 /CNW/ - Kent J. MacIntyre, the Vice Chairman and Chief Executive Officer of PrimeWest Energy Inc., announced today that PrimeWest Energy Trust has mailed its offer to purchase all of the outstanding trust units of Starcor Energy Royalty Fund to the holders of trust units of Starcor, and its offer to purchase all of the outstanding units of Orion Energy Trust to the holders of trust units of Orion. Under the terms of the offers, PrimeWest will issue 1.207 PrimeWest units for each Starcor unit, and 0.968 PrimeWest units for each Orion unit. The offers will be open for acceptance until 11:59 p.m. (Alberta time) on January 12, 1999 and are subject to the satisfaction of certain conditions, including the deposit of at least two-thirds of the Starcor units and at least two-thirds the Orion units under the respective offers, the removal of Starcor's and Orion's unitholder rights plans and the receipt of all necessary regulatory approvals. These, together with other conditions of the offers, are more fully set out in the offers that have been mailed to unitholders of Starcor and Orion. Neither of the offers is conditional on the success of the other. Each of PrimeWest, Starcor and Orion are open-ended mutual fund trusts. PrimeWest's trust units are traded on The Toronto Stock Exchange under the symbol ''PWI.UN''.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:04:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Renata Resources Inc. Exploration Activity & Property Divestments RENATA RESOURCES INC. COMPLETES PROPERTY DIVESTMENTS AND UPDATES EXPLORATION ACTIVITY CALGARY, AB-- Renata Resources Inc. announces that it has closed two separate transactions to sell its Alderson, Bantry, Chauvin and Tide Lake properties located in Alberta. Divestment proceeds of approximately $32 million have been received and will be used to reduce bank debt and to fund ongoing capital programs and potential acquisition opportunities. Current long term bank debt, net of disposition proceeds, is approximately $13 million. Renata's current drilling activity continues to focus on high impact gas exploration. In the Smoky area of northwest Alberta, the 4,450 meter Wabamun well at Kakwa 15-33-61-5 W6M has been cased and evaluation is expected to commence in January 1999. A second Wabamun test will spud before year end at Resthaven 7-11-60-3 W6M, located about 5 miles north of Renata's Leduc discovery at Smoky 3-11-59-3 W6M. The Company has commenced horizontal re-entry operations at the existing Smoky 7-36-58-3 W6M well, targeting the Cardium Formation containing liquids rich sweet gas. Renata's acreage position in the Smoky area has increased with a recent pooling of adjacent lands and successful land sale efforts. The Company holds varying working interests (25%-100%) in approximately 120,000 gross (71,000 net) acres. In central Alberta, Renata has spud Sylvan Lake 4-2-38-2 W5M, an exploration well targeting sweet gas in the Glauconite Formation. The 2,100 meter test should be completed by year end. With a strong reserve base now weighted 60% to natural gas, a current debt to cash flow ratio of 2.0, and unutilized credit facilities, Renata is well positioned to execute its business plan in 1999 with the continued focus on its high impact gas exploration program and its large inventory of development opportunities.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:06:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Beaver Lake Resources Corporation Successfully Reworks Eaglesham 100 Percent W.I. Horizontal Oilwell CALGARY, ALBERTA--Herb Miller, President of Beaver Lake Resources Corporation ("BVL"ASE) is pleased to announce that the Eaglesham 8-13-78-26 W5M horizontal oilwell that had been shut-in since October 1997, due to down-hole mechanical problems has been successfully re-entered and returned to production. During testing over a 120 hour period, the well flowed at a final rate of 745 barrels of fluid per day with a 20 percent water-cut, resulting in 596 barrels of oil per day. Saba Petroleum Company, Beaver Lake's major Shareholder has agreed to merge into Horizontal Ventures, Inc. (Nasdaq:HVNV). Horizontal Ventures, Inc. specializes in the drilling of horizontal wells applying proprietary horizontal drilling technology. Pending the results of the 8-13 well, Beaver Lake Resources Corporation has plans for a three well follow-up program scheduled for the first and second quarter of 1999. Subsequent to the Horizontal Ventures, Inc. and Saba Petroleum Company's merger, Beaver Lake will access Horizontal Ventures' drilling technology in the drilling of these wells. Beaver Lake is an oil and gas Company focusing on exploration, development and exploitation activities primarily in the Province of Alberta. The Company has a significant land position in the Peace River Arch area of North-western Alberta.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:08:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Ridgeway Petroleum Corp. Arizona - New Mexico CO(2) Project CALGARY, Dec. 21 /CNW/ - Ridgeway Petroleum Corp. is pleased to announce that it has signed the Definitive Agreement with Petro Source Corporation (''Petro Source''). Petro Source is actively pursuing markets for the Company's CO(2) reserves, to be delivered via pipeline, the purchase and/or engineering, finance and construction of which is to be arranged by Petro Source and a subsidiary of MCN Energy Group Inc. (NYSE - MCN). Petro Source and MCN have previously formed an alliance to jointly develop CO(2) projects. The alliance is the majority owner and manager of the recently commissioned Val Verde CO(2) Pipeline bringing new CO(2) supplies to service enhanced-oil-recovery projects (''EOR'') in the Permian Basin of West Texas. Petro Source, through its alliance, is becoming a major integrated CO(2) provider in the EOR segment of the oil industry.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:10:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Causeway Energy Releases Improved 1st Quarter Results and Closes Flow ThroughFinancing CALGARY, ALBERTA--Causeway Energy Corporation (Causeway) (VSE-CUW) is pleased to report improved financial and operating results for the 1st quarter ended October 31, 1998. These results include those of recently acquired Catalina Energy Corporation for only 2 months effective September 1, 1998. Percent Financial October 31, 1998 October 31, 1997 Change Petroleum and natural gas sales 1,063,533 563,944 88.6 Cash flow from operations 429,281 172,586 148.7 Per share 0.03 0.015 Earnings 112,973 70,586 60.1 Per share 0.01 0.01 Operating Average production Oil - bbl/d 128 - Gas - mcf/d 5,059 2,777 82.2 Boepd 634 278 128.0 Average sales price Oil - $/bbl 18.18 - Gas - $/mcf 2.04 2.10 (2.9) Exit rate production Oil - bbl/d 189 - Gas - mcf/d 6,290 2,887 117.9 Boepd 818 289 183.0 The corporation is planning to change its financial year end to December 31 effective December 31, 1998 to comply with industry convention and allow for direct comparison to our peers. Causeway has closed the previously announced flow through private placement. The corporation has issued 444,522 flow through common shares at a price of $0.90 for proceeds of $400,070. Management and staff participated for 39 percent of this total. These proceeds will be used on the recently announced 3-D and drilling program at Turin. The common shares issued are subject to a one year hold period from the date of issuance.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:13:00 AM
From: Kerm Yerman	Respond to of 15196

CORP. ANNOUNCEMENT / Numac Energy Announces Voluntary Withdrawal of Listing from The MontrealExchange CALGARY, ALBERTA--Numac Energy Inc. today announced that it has received approval from The Montreal Exchange to voluntarily withdraw the listing of its common shares. Trading of Numac shares on The Montreal Exchange will cease on December 31, 1998. The common shares of Numac Energy Inc. will continue to be traded under the symbol NMC on both The Toronto stock Exchange and the American Stock Exchange. These two exchanges traded approximately 8.3 million shares, or 97.5 percent of Numac's total trading volume, for the first eleven months of 1998. Accordingly, a liquid and accessible market for the shares will remain. Numac Energy Inc. is engaged in the exploration for, and development, production and marketing of crude oil, natural gas and natural gas liquids in western Canada and ranks among the top twenty-five public oil and gas exploration and production companies in Canada. The Company's common shares are listed for trading on the Toronto, Montreal and American stock exchanges under the symbol NMC.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:14:00 AM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Pendaries Petroleum Ltd. Proposed Acquisition Of Murphy Interest Extended TORONTO, ONTARIO--Pendaries Petroleum Ltd. announces that the Company and Murphy Exploration & Production Company have agreed to extend the closing date of Pendaries' proposed acquisition of Murphy's 45 percent working interest in Block 04/36, Bohai Bay, China from December 21, 1998 to March 22, 1999.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:17:00 AM
From: Kerm Yerman	Respond to of 15196

CORP REPORT / Petro-Canada to Invest $1 075 Million in 1999 CALGARY, Dec. 21 /CNW/ - Petro-Canada's Board of Directors has approved a capital expenditure program of approximately $1 075 million for 1999, down 5 per cent from the level of investment expected for 1998. Petro-Canada plans to fund the 1999 capital program from cash flow and proceeds from non-core property dispositions. President and Chief Executive Officer Jim Stanford said, ''The capital plan reflects our confidence in Petro-Canada's growth potential and the long-term outlook for our industry. We will manage our finances conservatively in the current low commodity price environment, but we have the financial strength to continue a strong program of investment in our best growth opportunities in order to build shareholder value.'' Petro-Canada's capital expenditure program in 1999 will focus primarily on its most attractive upstream growth initiatives, particularly Terra Nova, Hibernia and other Grand Banks assets and Syncrude. Although expenditures for Petro-Canada's refining and marketing operations will be reduced in 1999, the Company expects the downstream to contribute strongly to overall financial performance as a result of prior investment. A total of $400 million will be invested on the Grand Banks, offshore Newfoundland. With Hibernia in production, investment will focus on the development of the Terra Nova field where first oil is expected late in the year 2000. In addition, approximately $85 million will be used to fund Petro-Canada's share of a delineation and exploration drilling program, which will begin shortly at Hebron. Expenditures for Western Canada conventional operations are expected to total $260 million, compared with $355 million forecast for 1998. In 1999, approximately $100 million will be spent on exploration and the remainder on development, with a strong focus on natural gas. The investment program is expected to add reserves at least equal to 1999 natural gas production volumes and maintain daily natural gas production at current levels. The Company will also invest $95 million in the Syncrude oil sands mining operation and in-situ projects, maintaining momentum on the Syncrude expansion. In the downstream, Petro-Canada has made significant investments in refining and marketing operations over the past five years and is now in a strong position to reap the benefit of these expenditures. Capital expenditures of $220 million in 1999 will enhance Petro-Canada's marketing programs and continue to improve the efficiency and reliability of the Company's refineries and its lubricants facility. Downstream capital investment in 1999 includes approximately $50 million of spending on environmental matters. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and downstream sectors of the industry. Its common shares and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:19:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Gulf Canada Resources and KeySpan Energy Finalize Midstream Services Partnership DENVER, CO, Dec. 21 /CNW/ - Gulf Canada Resources Limited (TSE, ME, NYSE:GOU) announced today that the previously announced agreement between Gulf and KeySpan Energy (NYSE:KSE) to form an equal partnership, Gulf Midstream Services, focused on the natural gas midstream business in western Canada has been closed and the funds transferred. Cash consideration paid by KeySpan was $290 million (US$189 million) to Gulf plus a $100 million (US$65 million) loan to the partnership. Gulf Midstream Services holds substantially all of Gulf's interests in western Canada in natural gas gathering and processing facilities, pipelines and gas products facilities and in Gulf's natural gas and gas products marketing business.

To: Kerm Yerman who wrote (14436)	12/22/1998 2:22:00 AM
From: Kerm Yerman	Read Replies (9) \| Respond to of 15196

RESERVES REPORT / Petromet Energy Announces Preliminary Reserves Indication CALGARY, ALBERTA--Petromet Resources Limited ("Petromet" or the "Corporation") announces today that it has received a preliminary report from its independent reserve engineers. The report indicates that a revision to previously booked proven reserves is likely. The exact magnitude of the reserves revision will not be known definitively until the Corporation and its independent engineers have completed their due diligence, however, the present value attributed to the Corporation's proven reserves, after taking the preliminary indication into account, is expected to show an increase on a year over year basis compared to December 31, 1997. Based on the preliminary report, Petromet's formerly lengthy proven reserve life is expected to be more closely aligned to industry averages. Petromet is taking a proactive approach to ensure that reservoir performance, current economic conditions, and existing technology are conservatively taken into account in its reported reserves. As previously disclosed for the third quarter ended on September 30, 1998, Petromet reported an increase in production of 35 percent compared to the same period in 1997. Cash flow per share increased by 24 percent in the third quarter compared to the second quarter of 1998. The Corporation had positive working capital of $4.4 million and an unused line of credit of $7.8 million at September 30, 1998. Petromet's revised estimate for production in 1999 is 55 mmcf per day of natural gas and 1,300 bbls per day of liquids, corresponding to 6,800 BOE per day of oil equivalent production. Current production exceeds 7,000 BOE per day, which is 48 percent higher than the average production rate for the fourth quarter of 1997. Petromet has revised its 1999 capital expenditure budget to $33 million, which is a reduction of 6 percent to the Corporation's estimate at September 30, 1998. Petromet is currently drilling its fourth 4,200 metre Leduc exploration well at Wild River, where the Corporation has experienced a 100 percent success rate during the past year on three exploration wells for this target. Petromet holds a working interest of 100 percent in this well. Petromet is also participating in a 4,100 metre exploration well for the Wabamun zone at Kakwa where significant reserve discoveries in this horizon have been reported by industry competitors. Petromet holds a working interest of 16 percent in this well before payout and 30 percent after payout. In addition, Petromet announces that David H. Erickson, Senior Vice President, Exploration has decided to leave the Corporation to pursue other business opportunities. Mr. Erickson has agreed to assist Petromet until a suitable replacement is identified. Petromet is grateful to Mr. Erickson for his contribution towards the Corporation's growth and wishes him well in his future endeavors. Petromet remains confident that the Corporation's focus on natural gas, low cost operations, and investment opportunities will contribute to sustainable growth for shareholders. Petromet is an active natural gas exploration, development, and production corporation focused on west central Alberta. The Corporation's common shares trade on the TSE and the NASDAQ (PNT and PNTGF respectively), and its convertible debentures trade on the TSE (PNT.DB).

To: Kerm Yerman who wrote (14436)	12/22/1998 2:31:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS - MISC / EnerVest Diversified Management Monthly Distribution ENERVEST DIVERSIFIED INCOME TRUST ANNOUNCES THE DATE OF RECORD FOR THE NEXT MONTHLY DISTRIBUTION Date: 12/21/98 4:32:22 PM Dateline: CALGARY, ALBERTA Stock Symbol: EIT.UN EnerVest Diversified Management Inc., the manager of EnerVest Diversified Income Trust ("Trust") announces that the date of record for the next monthly distribution is December 31, 1998. The date of payment will be January 15, 1999. EnerVest Diversified Income Trust will distribute $0.07 per unit, which annualized, represents a 18.06% yield. The net asset value of the "Trust" is $5.63 per unit. This information is based upon the market close as at December 18, 1998. EnerVest Diversified Management Inc. anticipates that approximately 85% of the distribution amount will be tax deferred. The Trust has received approval for its long awaited Distribution Reinvestment Plan (the "Plan") and has all necessary systems in place for the distribution record date as of December 31, 1998. This will allow unitholders to conveniently purchase additional Trust Units by re-investing cash distributions on favorable terms. The Plan also allows participants to make purchases of up to an additional $1,000 per cash distribution date, which is currently each month. Participants do not pay any costs associated with the Plan, including brokerage commissions. The Plan will allow the Investment Manager to dollar cost average appropriate investments within the portfolio, which should improve the overall performance of the Trust. Participation is simple, unitholders only need to fill out an authorization form and send it to the Bank of Montreal Trust. Information, authorization forms and the distribution reinvestment plan will be sent to all registered unitholders who express interest.