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

To: Kerm Yerman who wrote (14491)	12/23/1998 3:49:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

IN THE NEWS / Petro-Canada To Pay $40M Penalty For Cancelling Rig Shipyard Job Losses Chris Flanagan The Telegram Petro-Canada has confirmed it will pay a $40-million (US) penalty to cancel its lease on an aging oil rig booked a year and a half ago to drill the Terra Nova oilfield off the coast of Newfoundland. Cancellation of the contract for the Transocean Explorer drill rig delivers a $60-million to $70-million blow to the Friede Goldman Shipyard in Marystown, Nfld., which had been short-listed along with Saint John Shipbuilding in Saint John, N.B., to refit the rig for operations on the Grand Banks. That refit would have provided about six months work for several hundred workers at the Newfoundland yard. But the consortium developing the estimated 400-million barrel oilfield near Hibernia reckons it will still save $30-million to $35- million in capital costs by ditching the Transocean rig -- and reduce risks to the project. "We would have probably been looking at substantial cost increases" with Transocean, Gary Bruce, chairman of the Terra Nova management committee, said yesterday. The savings result "from not having to undertake the extensive refit and also in [using] a more productive rig built in the late '80s or one that's just coming out of the yard today." Mr. Bruce defended the May, 1997, decision to go with the 22-year-old Transocean Explorer, saying it was the only rig available at the time.

To: Kerm Yerman who wrote (14491)	12/23/1998 4:05:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Fox Energy Acquires Oil and Gas Properties CALGARY, Dec. 23 /CNW/ - Fox Energy Corporation announced that it has acquired substantially all the assets of a private oil and gas company effective November 1, 1998. The transaction, which closed on December 22, 1998, involves a 100% interest in an oil property in eastern Alberta currently producing 50 barrels per day and two 50% operated natural gas properties in southeastern Alberta. The Company has plans to complete two gas wells for production with estimated net recoverable proved and probable reserves of 1.6 billion cubic feet in early 1999. The reserve estimates are based on a recent independent engineering evaluation of the gas properties. Fox also acquired interests in 1280 gross acres of undeveloped land offsetting the gas properties. The Company's daily production has increased to 400 barrels of oil equivalent based on the results of the recent 12 gas well program on the Hilda Project together with the current production acquisition. The acquisition has established the Company in two new core areas with the potential to further increase its predominantly gas production and reserve position.

To: Kerm Yerman who wrote (14491)	12/23/1998 4:08:00 PM
From: Kerm Yerman	Respond to of 15196

MERGERS - ACQUISITIONS / Del Mar Energy Inc. Receives Conditional Consent from Inter-American Investment Corporation CALGARY, Dec. 23 /CNW/ - Del Mar Energy Inc. (''Del Mar'') announces that it has received conditional consent from the Inter-American Investment Corporation (A World Bank Affiliate) regarding Del Mar's acquisition of all the issued and outstanding shares of Mora Ven Holdings Ltd. (''Mora Ven'') announced on August 21, 1998. Mora Ven is a publicly traded company listed on Tier 2 of the Trinidad and Tobago Stock Exchange. Mora Ven owns 90 percent of Mora Oil Ventures Ltd. (''Mora Oil'') (Del Mar owns the other 10 percent) and a 25 percent interest in an exploration play in the Northern Basin Consortium comprising 275,000 gross acres onshore Trinidad. Mora Oil owns 100 percent of the Mora License, comprising 5,035 acres, located offshore eastern Trinidad. The consent of the Inter-American Investment Corporation is subject to certain conditions which require satisfaction prior to January 31, 1999. Del Mar will seek to resolve these conditions with Mora Ven in a timely fashion. Del Mar is focused primarily on Trinidad although it has some production in South East Saskatchewan. Del Mar trades on The Alberta Stock Exchange under the symbol ''DEM''. Additional information on Del Mar can be found on Del Mar's website www.delmar-energy.com.

To: Kerm Yerman who wrote (14491)	12/23/1998 4:10:00 PM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS - MISC / Westrock Energy Income Fund I & II Monthly Cash Distribution Notice CALGARY, Dec. 23 /CNW/ - WESTROCK ENERGY INCOME FUND I Monthly Cash Distribution Notice Notice is hereby given that a cash distribution at the rate of $0.0550 (five and one half cents) per unit will be payable on January 20, 1999, to all Unitholders of record at the close of business on January 10, 1999. Consequently, the new trailing last twelve month distribution paid totals $0.97 (ninety-seven cents) per unit. WESTROCK ENERGY INCOME FUND II Monthly Cash Distribution Notice Notice is hereby given that a cash distribution at the rate of $0.0600 (six cents) per unit will be payable on January 20, 1999, to all Unitholders of record at the close of business on January 10, 1999. Consequently, the new trailing last twelve month distribution paid totals $1.050 (one dollar and five cents) per unit.