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

To: Kerm Yerman who wrote (14772)	1/12/1999 1:34:00 PM
From: Kerm Yerman	Respond to of 15196

CORP REPORT / Probe Exploration Inc. Outlines Current Status Of Company PROBE PROVIDES INVESTOR RELATIONS UPDATE CALGARY, AB-- Probe Exploration Inc. (PRX-TSE) is a growth oriented oil and gas exploration and development company. Since 1993, Probe has exhibited a consistent growth pattern by making timely acquisitions of underexploited properties and aggressively developing them. In 1997, the Company acquired 2 MMBOE of reserves in the Leduc field and in one year, increased reserves to over 30 MMBOE. Total Probe reserves at June 30, 1998 were estimated at 51.5 MMBOE. The Company has recently completed several strategic transactions to increase the quality and quantity of its land base. These moves are designed to position Probe as a dominant area player in central Alberta. Probe has 71,283,469 (basic), 77,474,968 (fully diluted) shares outstanding and trades on the Toronto Stock Exchange under the symbol PRX. HIGHLIGHTS ---------- * Probe continues to post production gains quarter over quarter and year over year * Completed $16.63 MM flow through financing: 6,650,381 shares were issued at $2.50 (lowered from previously announced $3.25 per share due to market volatility), of which $1.9 MM was invested by management, employees and directors * Stock currently trading below Proven and 1/2 Probable NAV of $3.38 (15% NPV based on June 30, 1998 report, using current debt, current shares outstanding) * Probe has executed an agreement to divest a portion of Leduc facilities to a mid-stream operator, proceeds to reduce debt * Majestic and Leduc West provide Probe with new diversification and excellent growth potential which builds upon existing production base at Leduc * Probe maintains trading liquidity with a 52 week volume of 73.1 MM shares * Management and employees have invested heavily in the company and new staff has recently been added to improve operational performance and financial controls * Management is committed to maintaining Probe's growth track record and providing value for its shareholders OPERATIONS UPDATE ----------------- Overview * A 224% increase from 1997 average production of 4,009 BOE/d to 1998 exit production of over 13,000 BOE/d * Exit production was comprised of approximately 52.0 MMcf/d of natural gas, 4,400 bbls/d of oil and 3,400 bbls/d of NGL's * Exit numbers were lower than anticipated due to reduction in December drilling activity based on commodity prices, delays in well tie-ins through logistical and regulatory problems, and higher than budgeted declines for Leduc * Probe is currently operating two active drilling rigs in Leduc West and Majestic and has three service rigs employed at Leduc working on recompletions and optimization * New additions to technical team to manage operations and optimize production from new wells * Effective November 1st Probe's gas pricing improved from an average of $1.47 to $2.55 per Mcf based on new hedging programs. Additional improvement in NGL pricing will also have a positive effect on cash flow Leduc * Achieved record gas production levels at Leduc in December 1998 and January 1999 * Based on current commodity prices, operational focus is shifting to gas targets, recompletions and optimization of new wells and facilities * 15 recompletions identified for the Ellerslie zone in Q1/99 * Wabamun gas development north of the North Saskatchewan River will be pursued in Q1/Q2/99 * Agreement in place to process sour gas from north of the North Saskatchewan River at ATCO's Golden Spike plant * Wabamun wells are currently averaging 80 BOE/d, per well, although this is less than the original budget of 125 BOE/d, per well, with a 20% annual decline, optimization of these wells and facilities is ongoing * Sparky waterflood has been in operation since October 1998. Production response should be seen by mid 1999 * Investment in infrastructure and area expertise will allow Probe to rapidly expand oil development program when pricing recovers Leduc West * The Leduc West project area now comprises over 300 sections of high working interest, gas prone acreage, which extends north and west from Probe's main Leduc area * Probe's technical team is well advanced in the initial evaluation of lands with active seismic and drilling currently under way * Probe expects to drill at least 30 wells over the next 12 months and has already identified 17 prospective drilling locations * Planned exploration expenditures for the area are $8 to $10 MM in 1999 * Negotiations for gas processing midstream operator are advancing * Probe has now drilled four out of five successful exploratory gas wells, with tie-in planned through Q1/Q2/99 Majestic * Majestic has evolved into a major core area comprising 60 sections of high working interest land equally prospective for gas and oil * Production profile is now approaching 50/50 split between gas and oil * Existing infrastructure plus balanced production base provides platform for future growth * Q4 drilling program has resulted in five horizontal oil wells and three vertical gas wells, (100% success, 90% W.I.) * Interpretation of new 2D seismic program has identified seven new vertical targets 1999 PROSPECTS -------------- * 1999 capital expenditure budget and targets will be set by early February * 1999 budget will be confined to cash flow as dictated by commodity prices in order to minimize stress on balance sheet * Rapidly declining cost of services will stretch capital dollars further * Shift in drilling activity towards gas prone plays such as Leduc West and Leduc Ellerslie recompletions, along with new Majestic gas * Recovery in oil prices to $14/$15 range will quickly trigger a return to aggressive oil development program The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. For further information contact: Probe Exploration Inc. Stephen P. Gibson, President & CEO or Warren Shimmerlik Penny Antoniuk, US Investor Relations Investor Relations Co-ordinator Tel: (212) 247-5200 Tel: (403) 233-2464 Fax: (212) 541-7289 Fax: (403) 233-2486

To: Kerm Yerman who wrote (14772)	1/12/1999 1:39:00 PM
From: Kerm Yerman	Respond to of 15196

CORP. ANNOUNCEMENT / Genesis Exploration Ltd. Strengthens Board of Directors and Adds Key Management Personnel CALGARY, Jan. 12 /CNW/ - Mr. Donald J. Sabo, Chairman of Genesis Exploration Ltd., is pleased to announce the appointment of Mr. Al Gordon to the Board of Directors of the Company. Mr. Gordon has held various positions over the past 12 years in the Nesbitt Burns Ltd. and Burns Fry Ltd. equity research departments in Toronto. Prior to 1987, Mr. Gordon was co-founder and President of Thompson & Gordon Publishing Company Ltd., publishers of Explore Magazine. Mr. Gordon brings to Genesis a broad knowledge of financial markets and communication and marketing expertise to complement the experienced and entrepreneurial spirit of the Board. Mr. Sabo is also pleased to announce the appointment of Mr. Steve Horner, C.A. as Vice President Corporate Development. Mr. Horner has over 17 years of experience in the energy business, most recently as an executive with Renaissance Energy Ltd. where he participated in that company's growth through its formative years to senior status. At Genesis, Mr. Horner will be responsible for improving internal systems and assisting management guide Genesis Exploration Ltd. in its growth strategy. Genesis Exploration Ltd. is a TSE listed company that explores, develops and produces natural gas and oil in Western Canada.

To: Kerm Yerman who wrote (14772)	1/12/1999 1:42:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Canadian 88 Energy Corp. Kicks-off 1999 with Major Foothills Drilling Program and New Production and Reserves at Waterton CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta announced today that it has kicked-off its 1999 drilling program in Western Canada budgetted at Cdn. $150 million with a large drilling program primarily targetting Mississippian thrust sheets and Devonian reserve accumulations in the foothills of Alberta. The Company said in Calgary today that it has seven Precision Drilling Corporation deep foothills rigs currently operating in Alberta in the Wildcat Hills, Ricinus, Strachen, Olds/Crossfield and Waterton areas on prospects defined by extensive high resolution 3-D seismic. In the Wildcat Hills area approximately 30 miles northwest of Calgary, the Company is currently evaluating two separate Mississippian foothills thrust sheets with estimated reserve accumulation of 100 to 300 Bcf apiece drilling two Canadian 88 operated wildcat wells at L.S.D. 10, Sec. 14, Twp. 27, Rge. 7 W5M (75 percent Canadian 88) and at L.S.D. 1, Sec. 26, Twp. 28, Rge. 8 W5M (100 percent Canadian 88) drilling to total vertical depths of 3,453 meters and 2,450 meters respectively. In addition, in the Ricinus area approximately 70 miles northwest of Calgary, the Company has two rigs operating with a wildcat well drilling at L.S.D. 13, Sec. 22, Twp. 35, Rge. 9 W5M (100 percent Canadian 88)targetting the lower Mannville formation at an estimated total vertical depth of 3,600 meters and a development well targetting the Leduc formation drilling to a total vertical depth of 4,300 meters. Furthermore, wells are drilling and evaluated the Devonian formation (100 percent Canadian 88)at Olds/Crossfield at L.S.D. 13, Sec. 34, Twp. 32, Rge. 1 W5M drilling a 1,035 meter horizontal leg into the Wabamun formation at an estimated total measured depth of 3,698 meters and at Strachen at L.S.D. 15, Sec. 33, Twp. 37, Rge. 8 W5M where a wildcat well is being drilled 100 percent by Canadian 88 evaluated the Leduc formation at an estimated total vertical depth of 3,908 meters. In addition, the Company said in Calgary today that it was pleased to commence its drilling program in the New Year with all six of its deep Waterton natural gas wells producing approximately 60 mmcf/d raw gas at restricted rates from its new Waterton natural gas field in southwest Alberta. Further production volumes are expected to be added over the next 30 days as Shell Canada completes required maintenance at its Waterton Natural Gas Plant. Additional production is expected when Canadian 88 completes the drilling of a seventh well which is drilling ahead without difficulty targetting the Mississippian formation with a 300 meter horizontal leg drilling to a total measured depth of 4,132 meters at L.S.D. 15, Sec. 24, Twp. 7, Rge. 3 W5M. The Company said in Calgary today that it is extremely pleased with its Waterton production and that McDaniels Engineering of Calgary, Alberta has just completed a reserve evaluation of the property having assigned 522 Bcf of proven recoverable gas in place to the property and having estimated shrinkage of only 25 percent resulting in proven reserves of 391 Bcf of sales gas. In addition, 48 Bcf of probable reserves were assigned to the property. This compares to 260 Bcf of proven reserves and 42 Bcf of probable reserves previously assigned to the property and reported by Canadian 88 as of January 1, 1998. With these reserves Canadian 88's Waterton natural gas discovery has evolved as one of the largest natural gas discoveries in the foothills of Western Canada in the last ten years. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with head office in Calgary, Alberta, Canada. The shares of Canadian 88 Energy Corp. are traded on the Toronto, Alberta and American Stock Exchanges.

To: Kerm Yerman who wrote (14772)	1/12/1999 1:55:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Lundin Oil AB: Block PM-3 Offshore Malaysia/Vietnam: Phase II Deferred in View of Low Oil Prices VANCOUVER, BRITISH COLUMBIA--Lundin Oil AB (the "Company"), operator of Block PM-3 CAA ("the Block"), the Commercial Arrangement Area between Malaysia and Vietnam, announces that Phase-II of the PM-3 CAA oil and gas development has been deferred due to the current low oil price environment. The Company is in close consultation with Petronas and its partners, Petronas Carigali and PetroVietnam Exploration and Production with a view to agreeing a new timetable for Phase II which was originally due to come onstream in December 2000 at the rate of 250 million cubic feet per day of gas and 40,000 barrels per day of oil. Phase I, which consists of a light weight structure on the Bunga Kekwa Field and a FPSO (Floating Production Offloading and Storage Vessel), continues to produce at the rate of approximately 12,000 barrels of oil per day and the Company is currently studying ways to enhance oil production in the short to medium term. The deferment of Phase II offers an opportunity to optimize the overall development of the Block in view of recent drilling successes in the Bunga Seroja channel sands which resulted in a material increase in the hydrocarbon reserves within the Block (380 million barrels of oil equivalent at the beginning of 1998). Petronas and PetroVietnam have both expressed continuing interest in taking gas from the Block to meet their future gas demands. Ian Lundin, president of Lundin Oil AB said; "This deferment is actually a positive development as it allows us to fine tune the Project and take a fresh look at all aspects of the development with a particular focus on reducing the capital costs and optimizing production levels. We enjoy an excellent working relationship with Petronas, PetroVietnam and our partners and are grateful for their continued support in this difficult market environment. We remain totally committed to the Project and are very confident that the substantial oil and gas reserves in PM-3 CAA will be fully developed in the most prudent and efficient manner possible." Lundin Oil AB has a 41.44 percent interest in the Block, whereas Petronas Carigali and PetroVietnam Exploration and Production have 46.06 percent and 12.5 percent interest respectively.

To: Kerm Yerman who wrote (14772)	1/12/1999 1:57:00 PM
From: Kerm Yerman	Read Replies (6) \| Respond to of 15196

SERVICE SECTOR / Precision Drilling Corporation - RBOP(TM) Patent Infringement Settled Calgary, Jan. 12 /CNW/ - Precision Drilling Corporation (''Precision'') announces that its subsidiary Inter-Tech Drilling Solutions, Inc. has reached an out of court settlement with Varco Shaffer, Inc. (''Shaffer'') in its Rotating Blowout Preventer (''RBOP(TM)'') patent infringement suit. Both parties have agreed that the terms of the settlement agreement shall remain confidential, however, it can be disclosed that Shaffer has acknowledged that certain RBOP(TM) patents are valid and enforceable. In addition, as part of the settlement, a patent license with a royalty provision has been issued to Shaffer. The RBOP(TM) is a proprietary rotary well control device which is used mainly in underbalanced drilling (''UBD''). UBD enables some wells to be drilled with minimal formation damage. Reducing this damage yields a more productive well. Precision is a world leader in underbalanced drilling providing RBOP(TM) surface separation equipment and engineering expertise to oil and gas operations globally in both the land and offshore markets. Precision Drilling Corporation is listed on The Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS.