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

To: Kerm Yerman who wrote (14823)	1/14/1999 12:28:00 PM
From: Kerm Yerman	Respond to of 15196

PIPELINES / Hartland Pipeline Services Ltd. Announces Letters of Intent to Acquire Two Pipeline Construction Companies CALGARY, ALBERTA-- Strategic Acquisitions Enhance Company's Ability to Service Growing Gas Markets Mr. Brian J. Murray, President and CEO of Hartland Pipeline Services Ltd., is pleased to announce the Company has entered into letters of intent (LOI) to acquire two pipeline construction companies. The first, Transline Enterprises Ltd. (Transline), located in Fort St. John, British Columbia is a well-respected pipeline construction company founded by Ed and Michelle Gardner, which has historically recorded annual revenues of $20 million. Under the terms of the LOI, Hartland will acquire all of the assets and outstanding share capital of Transline for a total consideration of $11.5 million including the assumption of $3.2 million in existing debt. Ed Gardner, Transline's principal will become president of the new Hartland operating subsidiary. The Company has also entered into a LOI to acquire SRM Projects (1997) Ltd. (SRM), located in Fairview, Alberta, for a total consideration of $3 million. The purchase price for the pipeline construction company is comprised of cash, common shares, the assumption of $700,000 in existing debt and future payments to SRM's existing owners. Mr. Randy Galbreath, SRM's principal will become president of the new Hartland operating subsidiary. "The Transline and SRM acquisitions dramatically enhance Hartland's geographic presence in the growing gas markets of Northeastern British Columbia and Northwestern Alberta," commented Mr. Murray in announcing the acquisition. "These strategic acquisitions are consistent with our corporate goal of acquiring businesses with complementary services and allow us to strengthen our position as a vertically integrated oil and gas services company," he added. These acquisitions are subject to the completion of formal agreements and regulatory approval. Hartland serves a broad client base of senior Canadian oil and natural gas producers and large pipeline companies. Hartland's vertically integrated operations provide construction services to the small and large diameter markets, including pipeline installation, facility construction, trenchless technologies (river crossings & plowing), pipeline repair and maintenance, trucking and reclamation services. Hartland's strategic objective is to provide pipeline construction solutions from wellhead to consumer throughout the North American and International gathering and pipeline construction markets.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:30:00 PM
From: Kerm Yerman	Respond to of 15196

CORP REPORT / Best Pacific Reserves Up, Costs Down CALGARY, ALBERTA--Best Pacific Resources Ltd. ("Best Pacific" or the "Company") is pleased to report 1998 year-end proven plus half probable reserves of 7.2 Million barrels of oil equivalent (mboe). The Company replaced over 100 percent of 1998 production and disposition reserves at finding and development costs of approximately $3.80 per boe, based on proven and half probable reserves and $4.20 per boe based on proven reserves. This was accomplished with estimated net expenditures of less than $6.2 Million. Best Pacific's exit production was reduced by 125 boepd to 2,250 boepd (65 percent gas, 35 percent light oil) as a result of its decision to dispose of its non-core interest in Okotoks in December for net proceeds of $1,653,000. Nevertheless, average 1998 production increased by 21 percent from 1,612 boepd to 1,950 boepd. Best Pacific Resources Ltd. is listed on The Toronto Stock Exchange: Trading symbol - BPG.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:31:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Raptor Capital Corporation (''Raptor'') Announces Completion Of Central Alberta Natural Gas Farm-in CALGARY, Jan. 14 /CNW/ - Mr. Ian McMurtrie, President of Raptor Capital Corporation (''Raptor''), announces that the Company has completed work pursuant to the farm-in of four shut-in natural gas wells in Central Alberta. The four wells have been completed and tied into production facilities and are expected to produce over 3 million cubic feet of natural gas per day and a significant quantity of condensate. Raptor has an average 40% working interest before payout and 23% working interest after payout in the wells. The Alberta Stock Exchange has neither approved nor disapproved this announcement.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:33:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / International Datashare Update on GeoOffice and GeoDesk Plus Products CALGARY, ALBERTA--The Company is very pleased to announce the inclusion of a fully integrated MERAK application launcher within the newly released versions of GeoOffice and GeoDesk Plus products. MERAK is a world leader in the development and marketing of software solutions for the Canadian, U.S., and international upstream energy markets. MERAK's main focus is on highly-developed engineering and economics applications and the Company feels the combination of these two products will provide significant benefit to the user as well as helping increase the market share of GeoProducts in both Canada and Internationally.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:35:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Q Energy Limited Announces $4 Million Natural Gas Development Drilling Program At Burstall, Saskatchewan CALGARY, ALBERTA--Q Energy announced today that it has entered into a Joint Venture agreement with several third parties who have committed to spend an aggregate of $4 million to fund the Phase One of a development program on the Company's proven reserve lands near Burstall, Saskatchewan. Phase One comprises drilling and tying in 30 natural gas development wells. Q Energy expects to begin drilling after breakup, with production anticipated to begin by late summer. Another party is evaluating its participation, which could result in Phase One expanding to a total of up to 52 wells. Under the terms of the agreement, Q Energy, as operator, will receive a gross overriding royalty, processing and other related fees. The agreement also allows for further development drilling of an additional 200 wells on 50 sections of adjacent lands owned 100 percent by Q Energy. These adjacent lands have upside reserves potential of approximately 30 BCF, of which 11 BCF have been classified as proven by independent engineering consultants. It is expected that much of the remaining potential upside will be converted to proven undeveloped by Phase One drilling. Q Energy also announces that it has locked in an average natural gas price of $2.65/Mcf for the 1999 gas contract year for approximately 70 percent of its existing gas production. Q Energy is a Calgary-based exploration and development company with a geographically diverse land portfolio, a balanced oil and gas prospect inventory with considerable upside and an aggressive development drilling program.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:46:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

ENERGY TRUSTS / PrimeWest Energy Releases Engineering Reserve Report And 1999 Financial Forecast, Extends Offers For Starcor And Orion CALGARY, Jan. 13 /CNW/ - PrimeWest Energy Trust today: January 1, 1999 Reserve Report: Released results of an independent engineering report prepared by Gilbert Laustsen Jung Associates Ltd. that assesses its reserves as at January 1, 1999 and provides the basis for 1999 operating and financial forecasts. 1999 Financial Forecast: Announced that PricewaterhouseCoopers, PrimeWest's auditors, have completed their audit of PrimeWest's 1999 distribution forecast of $1.18 per PrimeWest trust unit. Extension of Offers: Announced that it will be extending its offers for the outstanding trust units of Starcor Energy Royalty Fund and Orion Energy Trust on Thursday, January 14, 1999. The time during which the offers are open for acceptance will be extended from 11:59 p.m. (Alberta time) on January 22, 1999 to 11:59 p.m. (Alberta time) on January 29, 1999. Formal documentation - summarizing the reserve report, containing the 1999 financial forecast, and detailing the extension of the offers - will be mailed on Thursday, January 14, 1999. HIGHLIGHTS OF THE INDEPENDENT ENGINEERING RESERVE REPORT - Established reserves (proved plus half probable) increased 17.7 percent over January 1, 1998 levels, to 52.5 million barrels of oil equivalent (boe). - Total established reserve additions of 12.4 million boe replaced 280 percent of estimated 1998 production. - Using industry consensus pricing, the estimated present worth of PrimeWest's established reserves, discounted at 10.0 percent, is $312.8 million. - On an established reserves basis, PrimeWest's commodity mix remains well balanced, at 54 percent oil and natural gas liquids, and 46 percent natural gas. Summary Established reserves as at January 1, 1999 1998 Oil and NGLs (million barrels) 28.3 22.0 Natural gas (billion cubic feet) 243.5 227.3 Total oil equivalent (million boe) 52.5 44.6 HIGHLIGHTS OF PRIMEWEST'S 1999 FINANCIAL FORECAST - Production in 1999 is forecast to average 13,690 boe per day, an increase of more than 10 percent over expected 1998 average production. - Cash distributions for 1999 are estimated to increase to $1.18 per trust unit, using a reference price of US$13.50 WTI per barrel for crude oil, and a plant gate price of Cdn$2.32 per mcf for natural gas. - PrimeWest's debt-to-cash flow ratio (year beginning 1999 debt to 1999 estimated cash flow) is currently 1.8 times. Notwithstanding the significant growth in production and reserves, PrimeWest's debt level remained relatively constant - $69.6 million at the beginning of 1999 compared with $66.7 million at December 31, 1997. RESPECTING THE OFFERS ''The independent engineering report reaffirms PrimeWest's strategy of aggressive property enhancement and reserve additions,'' said Kent MacIntyre, Vice-chairman and CEO of PrimeWest Energy Inc. ''We feel the report clearly conveys that PrimeWest remains a strong and growing trust, and that Starcor and Orion unitholders will benefit from a combination under our management.'' ''Current facts are now available for analysis by all parties, and may alter conclusions that have been drawn from outdated information. For example, our 1999 distributions forecast of $1.18 per unit is 37 percent higher than the figure of $0.86 that was used in the Starcor and Orion directors' circulars.'' ''Clearly, these deals would be accretive to all unitholders.'' Units of PrimeWest Energy Trust, Starcor Energy Royalty Fund and Orion Energy Trust are traded on The Toronto Stock Exchange under the symbols ''PWI.UN'', ''STR.UN'' and ''OET.UN'', respectively. The company's website is www.prime-west.com. Certain statements in this news release are forward-looking. Such forward-looking statements regard PrimeWest's future performance and involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Risk factors are listed from time to time in PrimeWest's public disclosure documents filed with The Toronto Stock Exchange and provincial securities commissions. PrimeWest assumes no obligation to update information contained in this news release.

To: Kerm Yerman who wrote (14823)	1/14/1999 12:49:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Venture Seismic Announces Form 10-KSB Filing Delay VENTURE SEISMIC LTD.NASDAQ SYMBOL: VSEIFJANUARY 14, 1999 CALGARY, ALBERTA--VENTURE SEISMIC LTD. (NASDAQ NMS: VSEIF) announced today a delay in the filing with the Securities and Exchange Commission ("SEC") of its Annual Report on Form 10-KSB for its fiscal year ended September 30, 1998. As a result of the filing of Form 12(b)-25, the Form 10-KSB was due on January 13, 1999. The Company is engaged in ongoing discussions with Western Geophysical, a division of Baker Hughes, regarding the previously announced seizure of the Pacific Titan and the related litigation with Continental Holdings Ltd., a wholly owned subsidiary of Venture. Continental was performing the start-up of a one year 3D seismic survey for Western Geophysical when the seizure occurred. The delay in filing is due to the Company's inability to finalize its consolidated financial statements, and related disclosure in the Form 10-KSB, due to significant uncertainties regarding the outcome of the vessel seizure and its potential impact on the Company's material agreements. In addition to discussions with Western Geophysical, the Company is evaluating the feasibility of a number of potential contractual, legal, operational and financial alternatives to address the effects of the seizure and litigation. The Company is unable to determine whether discussions with Western Geophysical will result in a timely or favorable resolution of the dispute between the parties. VENTURE SEISMIC LTD. is traded on the Nasdaq National Market and is engaged primarily in the acquisition of land, wetlands and marine seismic data for use in the exploration for and development and field management of oil and gas reserves. The Company acquires seismic data on possible oil and gas reserves for its customers, which range from junior exploration companies to fully-integrated multi-national corporations. Venture's wholly-owned subsidiaries include Continental Holdings Ltd., an Alberta based company engaged in the acquisition of marine seismic data, Boone Geophysical, Inc., a Texas based company engaged in the acquisition of land and wetlands seismic data in the Southern United States, and Hydrokinetic Surveys of Canada Inc., a company based in Western Canada which provides shallow marine airgun and survey services.