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

To: Kerm Yerman who wrote (14530)	12/24/1998 9:29:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Big Bear Exploration Ltd. Takes up Over 85 Percent of The Shares of Blue Range Resource Corporation TSE SYMBOL: BDX DECEMBER 24, 1998 CALGARY, ALBERTA-- THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Big Bear Exploration Ltd. announced today that it has taken up 29,820,419 shares of Blue Range Resource Corporation which were deposited pursuant to Big Bear's take-over bid which offered 11 Big Bear shares for each Blue Range share. As a result Big Bear now owns approximately 85.2 percent of Blue Range's outstanding shares. Big Bear also announced that in view of the holiday season it had extended the expiry time for its offer to purchase Blue Range shares until 3:00 p.m., Calgary time, on Friday, January 8, 1999 in order to give the remaining Blue Range shareholders sufficient time to tender their shares. Within 10 days of additional Blue Range shares being tendered under the offer, Big Bear will take up the tendered shares and issue Big Bear shares in exchange therefor. Big Bear Exploration Ltd. is a Calgary based oil and gas company listed on The Toronto Stock Exchange under the symbol "BDX".

To: Kerm Yerman who wrote (14530)	12/24/1998 9:38:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Petromet Resources Limited Announces Increase in Flow-Through Share Offering TSE SYMBOL: PNT NASDAQ SYMBOL: PNTGF DECEMBER 24, 1998 CALGARY, ALBERTA--Petromet Resources Limited ("Petromet" or the "Corporation") today announced its intention to increase to approximately 1,428,570 (from approximately 857,143) the number of flow-through common shares it intends to issue at a subscription price of $3.50 per share. Gross proceeds of $4,999,995 are split into $2,250,000 on a bought deal basis and $2,749,995 on a best efforts agency basis. The shares will be issued pursuant to exemptions from the registration and prospectus requirements of Canadian securities laws through a syndicate with Griffith McBurney & Partners as lead managing agent and including First Marathon Securities. The proceeds of this issue will be used to fund part of Petromet's exploration program. Petromet will renounce to subscribers Canadian Exploration Expenses equal to the subscription amount. 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. The Corporation 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. Closing of this issue is subject to regulatory approval and is anticipated to occur on or before December 30, 1998. 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). This news release contains forward-looking statements that are subject to risk factors associated with the oil and gas business. The Corporation believes that the expectations reflected in this release are reasonable, but results may be affected by variables including, but not limited to, price fluctuations, currency fluctuations, industry competition, environmental risks, political risks, and capital restrictions.

To: Kerm Yerman who wrote (14530)	12/24/1998 9:41:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Raider Announces Friendly Takeover of Brigadier TSE SYMBOL: RAI AND BRIGADIER ENERGY INC. ASE SYMBOL: BGR DECEMBER 24, 1998 CALGARY, ALBERTA--Raider Resources Ltd. ("Raider" RAI.T) and Brigadier Energy Inc. ("Brigadier" BGR.A) have entered into a formal acquisition agreement pursuant to which Raider has agreed to acquire all of the issued and outstanding shares of Brigadier. The offer has the unanimous approval of the Board of Directors and management of both companies. Brigadier shareholders will receive 0.8 of a common share of Raider for each common share of Brigadier. Jennings Capital Inc. is advising Brigadier and will provide a fairness opinion. Brigadier has agreed not to solicit or encourage any competing proposals, has granted certain other rights, and has agreed to pay Raider a termination fee of $500,000 in the event that a superior proposal is made for Brigadier shares. Raider intends to mail a takeover bid circular to Brigadier shareholders no later than December 29, 1998. Shareholders owning or controlling in excess of 66 2/3 percent of the issued shares of Brigadier have committed to tender their shares to the offer. Raider is a public company which trades on the Toronto Stock Exchange. Mr. John Cassels, President of Raider, is pleased to announce the proposed transaction which will allow Raider to move forward with a stronger asset base and a sound technical team. Mr. Ron Jocsak, President of Brigadier, commented on the benefits of the combination by saying "The combined company will have production of 8.0 MMCFED made up of approximately 90 percent gas and associated liquids; current proven reserves of approximately 16 BCFE and proven and probable reserves of approximately 22.5 BCFE. Both the developed and undeveloped assets are a complimentary fit to a focus in Central Alberta and provide approximately 20,000 net undeveloped acres of land to explore." Raider provides solid cash flow, financial management, liquidity and a broadened shareholder base. Brigadier provides production, cash, no debt, proven E&D management, and an internally-generated prospect inventory. AS a result of this transaction, critical mass will be achieved which should allow Raider to expand into the Central Alberta focus area and take advantage of the numerous opportunities which exist today. Once the transaction is completed, Mr. John H. Cassels will be Chief Financial Officer and Director of Raider. Mr. Ronald P. Jocsak will become President and Chief Operating Officer of Raider and a Director. Mr. Gordon Dixon, Q.C., who is a Partner in Dixon Law Firm, will be Chairman of the Board. The other directors will be Mr. John A. Dixon, a Partner of Dixon Law Firm, Mr. Wieland Wettstein, Principal of Finex Financial Corp. Ltd., Mr. Gerald D. Sutton, Principal of Framfield Oil & Gas Ltd., Mrs. Christina M. Fehr, Principal of Macon Resources Ltd., and Mr. Donald J. Rowden, Principal of MacSema Inc.

To: Kerm Yerman who wrote (14530)	12/25/1998 2:55:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Devlan Exploration Inc. - Cancels Private Placements CALGARY, Dec. 24 /CNW/ - DEVLAN EXPLORATION INC. has announced that, on the advice of its Agent, the Corporation has cancelled its previously announced private placement offerings. Devlan does not intend to change its 1999 capital expenditure budget beyond the fact that it will be funded through alternative means. The Corporation will proceed with the development of its Lethbridge natural gas properties and the acquisition of natural gas properties in Central Alberta. As a result of the support shown by certain investors, Devlan will proceed with a new private placement of common share units. Each unit will be priced at $3.80, representing 3 flow through common shares at $1.00 each and 1 regular common share at $0.80. Devlan will use the net proceeds from the Flow Through common shares to incur Canadian exploration expenses in carrying out natural gas exploration. DEVLAN EXPLORATION INC. is a Calgary based natural gas producer focused on asset optimization and production enhancement. Devlan's current exploration and production activities are concentrated on Company operated gas properties in Alberta.

To: Kerm Yerman who wrote (14530)	12/25/1998 3:19:00 AM
From: Kerm Yerman	Respond to of 15196

ASE BULLETIN / Colt Energy Inc. Delisting - Merger CALGARY, Dec. 24 /CNW/ - BULLETIN NO.: 9812 - 759 COMPLETION OF AN ARRANGEMENT AND DELISTING COLT ENERGY INC. (COE) The common shares of Colt Energy Inc. were halted from trading on DECEMBER 18, 1998 pending completion of an Arrangement with KeyWest Energy Corporation (ASE and TSE: KWE). At a meeting held on December 17, 1998, the shareholders of Colt Energy Inc. approved the Arrangement. Shareholders of Colt Energy Inc. will receive one common share of KeyWest Energy Corporation for every 1.68 common shares of Colt Energy Inc. As a result of the completion of the Arrangement, the common shares of Colt Energy Inc. will be delisted at the close of business on TUESDAY, DECEMBER 29, 1998.

To: Kerm Yerman who wrote (14530)	12/25/1998 3:24:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Gentry Resources Ltd. Private Placement CALGARY, Dec. 24 /CNW/ - Gentry Resources Ltd. (the ''Company'') announces that it has arranged, subject to regulatory approval, a private placement of 527,500 units at a price of $0.32 per unit for gross proceeds of $168,800. Each unit consists of one flow-through share of the Company and one non-transferable share purchase warrant. Each warrant will entitle the subscriber to purchase one common share of Gentry for a period of two years at a price of $0.40 per share. Certain management and Directors of the Company participated in the financing with proceeds to be applied to the Company's 18-well shallow gas drilling program in the Thornbury area of northeastern Alberta scheduled to start on December 27, 1998.

To: Kerm Yerman who wrote (14530)	12/25/1998 3:28:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Courage Announces Flow Through Share Financing CALGARY, ALBERTA--COURAGE ENERGY INC. (TSE-CEO) announces that it has entered into private placement agreements to issue 1,355,263 Flow Through common shares at $2.00 per share. Total proceeds of $2,710,526 will be used by Courage Energy to fund an exploration program on petroleum and natural gas properties in western Canada. Courage Energy Inc. is an oil and natural gas company with operations in western Canada and the onshore United Kingdom. The principal business is the exploration, development and production of oil and natural gas. The common shares of Courage are listed on the Toronto Stock Exchange under the symbol "CEO". After giving effect to this financing, Courage Energy will have 24,948,117 common shares outstanding.

To: Kerm Yerman who wrote (14530)	12/25/1998 3:33:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP ANNOUNCEMENT / Mercantile International Petroleum Inc. change of board of directors GRAND CAYMAN, Cayman Islands, Dec. 24 /CNW/ - Mercantile International Petroleum Inc. (''Mercantile'') announced today that the resignations of Art Bray, Cameron Smith and Roger Widmann as directors of Mercantile, which were announced by way of press release on December 23, 1998, left Jeffrey Waterous as the sole director, and that subsequently the board has been expanded to include Gordon Bowman and David Thring. Gordon Bowman co-founded Mercantile with Jeffrey Waterous, and served as Mercantile's first CEO until his retirement in June, 1996. David Thring is a partner of the Canadian law firm Lang Michener. Gordon Bowman has become the Chairman of Mercantile. The request made on December 18, 1998, to the Grand Court of the Cayman Islands by Jeffrey Waterous for an order by the Court to appoint a receiver and manager was made for the sole purpose of such receiver and manager presiding over the process leading up to a change in Mercantile's board, through its reconstitution by way of an extra-ordinary general shareholder meeting. With the resignations of the aforementioned parties, it has been possible to reconstitute the board without the appointment of a receiver and manager, and there is no longer any question of a receiver and manager being appointed. Subsequent to the aforementioned resignations, and on the basis that the board has been reconstituted, the Grand Court of the Cayman Islands has discharged the order requiring a general meeting to be held on December 30, 1998. A ''Restructuring Committee'' is being organized, with Jeffrey Waterous as its Chairman. The Restructuring Committee is designed to address certain matters, including but not limited to, securing potential industry partners for Mercantile in Peru and Colombia, developing its gas power project in Peru, and dealing with activities involving its creditors. Mercantile is an oil and gas ''exploitation company'' with interests in Peru, Colombia and Myanmar.