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

To: Kerm Yerman who wrote (14854)	1/15/1999 10:47:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Chirripo Resources Inc. Completes Acquisition ASE SYMBOL: CHO JANUARY 15, 1999 CALGARY, ALBERTA--Chirripo Resources Inc. (ASE:CHO) today announces that it has completed the acquisition of Chirripo Oil & Gas Ltd., a private company with oil and gas properties in Alberta and BC. The properties are mainly located west of the fifth meridian in Alberta, and in northeast British Columbia, and 72 percent of the production of the properties is natural gas. The acquisition was structured as a share purchase transaction, with 1,600,000 shares of Chirripo Resources Inc. issued to Issa Abu-Zahra, the former 100 percent owner of Chirripo Oil and Gas Ltd., for all of his shares in the private company. The public company shares were issued at a deemed price of $0.30 per share. In addition, a cash payment of $60,000 was made to the vendor, for a total consideration of $540,000 paid by Chirripo Resources Inc. Mr. Abu-Zahra is also the President and a major shareholder of the public company. The acquisition qualifies as the company's "Major Transaction" under the rules of The Alberta Stock Exchange. Chirripo Resources Inc., formerly a junior capital pool company, now meets the minimum listing requirements of The Alberta Stock Exchange for oil and gas issuers. Chirripo intends to further expand its resource base with additional acquisitions in the near future.

To: Kerm Yerman who wrote (14854)	1/15/1999 10:50:00 PM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Newport Petroleum Closes Acquisition TSE SYMBOL: NPP JANUARY 15, 1999 CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION announces that it has closed the acquisition of a 7.917 percent working interest in the Caroline Swan Hills Gas Unit No. 1 and Caroline Gas Facilities from Union Pacific Resources Group Inc., effective January 1, 1999. The purchase price was $165 million. Completion of this acquisition is a significant step in the development of a core area for Newport in the Caroline area of west central Alberta. This acquisition in combination with the Company's Caroline "B" Pool discovery and large undeveloped land base will lead to continued exploration and development activity and the potential for significant reserve and production volume increases. The Company is planning to drill a 100 percent working interest (before payout) well into the "B" Pool commencing in early February. Newport is a well capitalized, intermediate-sized producer focused on adding value through high impact exploration, development and strategic acquisitions. The addition of this high quality, low operating cost asset improves Newport's ability to withstand extended periods of commodity price weakness. The Company is well positioned to continue to be an active explorer in the deeper part of the basin in Western Canada where large reserves of natural gas and liquids remain to be discovered.

To: Kerm Yerman who wrote (14854)	1/16/1999 12:35:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / American Leduc Announces 1998 Results, Year Ending August CALGARY, Jan. 15 /CNW/ - American Leduc Petroleums Limited today released its results for the year ended August 31, 1998. Revenue, net of royalties, for 1998 was $ 2,430,927, down from $2,991,173 in the prior year. A 28% drop in oil prices caused most of this decline. For 1998, production averaged 343 barrels of oil equivalent per day, compared to 368 barrels of oil equivalent per day reported for 1997. The effects of the Company's 1998 program were not seen until after the year end when production climbed to 440 BOE per day in December 1998 from the average of 343 BOE per day for the year ended August 31, 1998. Cash flow from operations, before the one-time reorganization expenses, was basically unchanged from last year at $1,069,487 ($0.06 per share) in 1998 and $1,123,818 ($0.08 per share) in 1997. Including the reorganization expenses, cash flow from operations for 1998 was $575,803 ($0.03 per share). As a result of the significant decline in oil prices, the Company had a ceiling test deficiency which required an additional depletion and depreciation charge of $430,000. Including the ceiling test writedown of $430,000 and the one-time reorganization expenses of $493,684, a loss of $629,367 ($0.03 per share) was reported for 1998 compared to net earnings in 1997 of $205,364 ($0.02 per share). Summary Year ended August 31 ------- -------------------- 1998 1997 ---- ---- Production per day Oil (bbls) 295 310 Natural gas (mcf) 480 580 BOE 343 368 Revenue, net of royalties $2,430,927 $2,991,173 Cash flow from operations before reorganization expenses $1,069,487 $1,123,818 Cash flow from operations $575,803 $1,123,818 Earnings (loss) $(629,367) $205,364 Per Share - Cash flow from operations before reorganization expenses $0.06 $0.08 - Cash flow from operations $0.03 $0.08 - Earnings (loss) $(0.03) $0.02 Note: The 1998 results include a one-time reorganization charge of $493,684 and a ceiling test writedown of $430,000.

To: Kerm Yerman who wrote (14854)	1/16/1999 12:37:00 AM
From: Kerm Yerman	Respond to of 15196

ASE BULLETIN / Delisting - Scarlet Exploration Inc. CALGARY, Jan. 15 /CNW/ - BULLETIN NO.: 9901 - O25 DELISTING SCARLET EXPLORATION IN. (SCO) The Alberta Stock Exchange has been informed that in excess of 75% of the Company's shares and 100% of the Company's Special Warrants have been tendered pursuant to the terms of the December 7, 1998 Offer to Purchase made by Gopher Oil & Gas Company Ltd. Each common share and Special Warrant of the Company was acquired for one half (0.50) of a share of Gopher Oil & Gas Company Ltd. As a result, in excess of 90% of the Company's shares, subsequent to the exercise of the Special Warrants, have been acquired. Therefore, the Company no longer satisfies the public distribution requirements and as such, the common shares will be delisted at the close of business on TUESDAY, JANUARY 19, 1999.

To: Kerm Yerman who wrote (14854)	1/16/1999 12:40:00 AM
From: Kerm Yerman	Respond to of 15196

PIPELINES / NEB Receives TriState Canada Pipeline Project Application CALGARY, Jan. 15 /CNW/ - The National Energy Board has received an application from St. Clair Pipelines (1966) Ltd. on behalf of TriState Canada Limited Partnership (TriState Canada) to construct and operate a natural gas pipeline from a point along the international boundary in the St. Clair River near Sarnia, Ontario to a point of connection with existing Union Gas Limited (Union Gas) facilities at Bickford, Ontario. The proposed facilities for which TriState Canada is applying include approximately 8.3 kilometres (five miles) of 610 millimetre (24 inch) pipeline and related facilities. TriState Canada has entered into a transportation service agreement with Union Gas to provide service from Bickford to Dawn, Ontario. The estimated capital cost of the proposed new facilities is $14 million. TriState Canada plans to begin construction in early 2000 and place the proposed facilities in-service for November 2000. The Board will announce at a later date the process to be followed in dealing with this application.

To: Kerm Yerman who wrote (14854)	1/16/1999 12:48:00 AM
From: Kerm Yerman	Respond to of 15196

PIPELINES / TransCanada Retains Morgan Stanley to Explore Sale of Angus Chemical CALGARY, Jan. 15 /CNW/ - TransCanada PipeLines Limited has retained investment banker Morgan Stanley to assist it in exploring the possible sale of its wholly-owned subsidiary Angus Chemical, which specializes in the manufacture and marketing of nitroparaffins and their derivatives. ''Angus Chemical is a world-class company with a strong track record and growth potential,'' said George Watson, president and chief executive officer of TransCanada. ''However, we do not see Angus fitting with our vision of becoming the pre-eminent provider of high value-added, integrated energy solutions. Therefore, we view the possible sale of Angus as a potential opportunity to bring greater value to our shareholders by using the proceeds to further our growing energy operations.'' Mr. Watson was optimistic that an agreement for the sale of Angus could be completed in 1999. Mr. Watson said the new TransCanada is intent on using its energy assets to provide low-cost, effective energy solutions to customers and to bring greater value to shareholders. ''The formation of the previously announced TC PipeLines, LP and the sale of Angus Chemical are the first of several moves to position us to more effectively provide high value-added, integrated energy solutions on a world-wide basis,'' said Mr. Watson. TransCanada is a leading North American energy services company with businesses in transmission, marketing and processing. The company, through its Cdn$25 billion asset base, provides high value-added energy service solutions to the North American and international marketplace. Common shares trade under the symbol TRP, primarily on the Toronto, Montréal and New York stock exchanges.

To: Kerm Yerman who wrote (14854)	1/16/1999 12:56:00 AM
From: Kerm Yerman	Respond to of 15196

FUNDS - MISC / Heritage Oil Corp Shares Picked Up By Albion Energy Ltd. ALBION ENERGY ACQUIRES 1,816,666 CLASS "A" COMMON SHARES OF HERITAGE OIL CORPORATION Date: 1/15/99 7:26:32 PM Dateline: ST. PETER PORT, GUERNSEY, CHANNEL ISLANDS Stock Symbol: Albion Energy Limited ("Albion", or the "Company") announces that it has acquired an additional 1,816,666 Class "A" Common Shares ("Common Shares") and an equal number of Class "A" Common Share Purchase Warrants of Heritage Oil Corporation ("Heritage") on the initial closing of Heritage's initial public offering on January 5, 1999. Each Warrant entitles the holder thereof to acquire one Common Share of Heritage at any time on or before June 16, 1999 at an exercise price of $2.25. Albion now holds an aggregate of 10,492,916 Common Shares of Heritage representing approximately 73% (basic) of the outstanding Common Shares of Heritage. Heritage is an international oil and gas corporation with its principal properties in Oman, Angola, The Republic of the Congo and Uganda whose Common Shares are conditionally approved for listing on The Toronto Stock Exchange. Albion has acquired the Common Shares for investment purposes. Although Albion has no immediate plans to acquire additional securities of Heritage, it may in the future make further purchases of Common Shares of Heritage through open market transactions or through private placements.

To: Kerm Yerman who wrote (14854)	1/16/1999 1:05:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP ANNOUNCEMENT / Tracer Petroleum Reports Corporate Changes VANCOUVER, British Columbia, Jan. 15 /PRNewswire/ -- Tracer Petroleum Corporation (Tracer) (Nasdaq: TCXXF) reports that the Board of Directors has elected to move the Company's headquarters from Vancouver, Canada, to Calgary, Canada, effective March 31, 1999. Calgary is a major centre for the petroleum industry, both domestically and internationally. As Tracer has begun the process of expanding and diversifying into other international petroleum ventures, the Board believes that the Company could more readily access operational expertise, partners, and capital investment in Calgary. Further to the change of headquarters, Mr. Ed Mowatt has decided to remain in Vancouver and accordingly has resigned as an officer and director of the Company effective January 16, 1999. He will remain on contract to the Company during the move to Calgary to ensure a smooth transition. The Board wishes to thank Mr. Mowatt for his many years of service to the Company, and wishes him well in his future endeavors. David R. Robinson, of Calgary, Canada, has agreed to fill the vacancy on the Board of Directors. Mr. Robinson is currently president of a small, Calgary-based merchant banking firm and has previously been a senior officer of two Calgary-based international petroleum companies; Mr. Robinson was responsible for raising over US $150 million in new capital for these companies. Mr. Robinson previously was a director of Tracer for a short period in 1998, but was unable to continue due to personal reasons. Tracer is pleased that he is again available to join the Board. In addition, David W. Harrison, also of Calgary, Canada, has agreed to become the Corporate Secretary of the Company, effective January 16, 1999. Mr. Harrison has 8 years of experience in working in publicly-traded companies, and was formerly the Chief Administrative Officer responsible for Corporate Governance and Investor Relations for two Calgary-based international petroleum companies. Mr. Robinson and Mr. Harrison have been granted a total of 85,000 stock options exercisable into common shares of the Company at a price of US $1.00 per share, until January 13, 2002. In conjunction with this new issue, a further distribution of 53,000 options with the same terms has been made to certain directors and employees, and the exercise price of all of the Company's existing options has been re-priced to US $1.00 per share.

To: Kerm Yerman who wrote (14854)	1/16/1999 1:33:00 AM
From: Kerm Yerman	Respond to of 15196

KORNER REPORT / Canadian Stock Exchange Closings Friday, January 15 ---------------------------------------------------------------------- Toronto Stock Exchange TSE 300 COMPOSITE INDEX IS UP PERCENTAGE CHANGE 2.51% POINTS CHANGE 165.19 TSE 300 INDEX LEVEL 6759.42 TRADING VOLUME 86,811,133 VALUE $1,478,056,245.00 TRANSACTIONS 60,817 ADVANCING ISSUES 526 DECLINING ISSUES 361 UNCHANGED ISSUES 306 THE S+P/TSE 60 INDEX IS UP POINTS CHANGE 11.53 S+P/TSE 60 INDEX LEVEL 392.63 TSE 35 INDEX IS UP PERCENTAGE CHANGE 3.18% POINTS CHANGE 11.36 TSE 35 INDEX LEVEL 368.57 TSE 100 INDEX IS UP PERCENTAGE CHANGE 2.66% TOTAL POINTS CHANGE 11.03 TSE 100 INDEX LEVEL 413.36 12 OF THE SUB-GROUP INDICES ARE HIGHER CONSUMER PRODUCTS UP 366.88 OR 2.94% TO $12859.85 ACTIVE STOCKS ATI TECHNOLOGIES UP $ 4.50 TO $ 23.90 MITEL CORP. UP $ 1.50 TO $ 14.25 LARGE PRICE CHANGES FAIRFAX FINANCIAL UP $54.00 TO $572.00 MERRILL LYNCH UP $ 5.50 TO $110.00 ---------------------------------------------------------------------- Montreal Stock Exchange Trading MODERATE Volume traded: 13.0 million shares Value traded: 162.8 million dollars Indices: XXM close +94.31 3501.13 high 3501.52 low 3422.57 Most active stocks: LAIDLAW INC +0.15 13.95 BOMBARDIER Cl B +1.55 22.45 MITEL CORP. +1.55 14.30 CGI (GROUPE) Cl A +1.60 33.25 RIGEL ENERGY +0.25 9.25 ---------------------------------------------------------------------- Vancouver Stock Exchange Trading was moderate on a volume of 22.5 million shares worth 28.1 million dollars, with 148 advances, 103 declines and 277 issues unchanged. The VSE Composite Indicator closed up 4.45 at 418.32 The VSE Mining Indicator closed up 2.51 at 308.92 Most Active Issues by Volume Volume Name Symbol Close Change 1,601,157 Uniglobe Travel OnLine Inc. UTO 7.20 0.85 1,029,080 Winspear Resources Ltd. WSP 3.18 -0.22 853,943 I.D. Internet Direct Ltd. IDX 1.60 0.26 765,833 Conac Software Corporation COT 0.65 0.05 543,500 Bell Coast Capital Corp. BCP 0.17 0.01 ---------------------------------------------------------------------- The Alberta Stock Exchange Shares Dollar Issues Traded Value Traded Advances Declines Unchanged 9,047,749 7,897,109.00 373 136 126 111 Net Top Five Dollar Value Volume Close Change Trades 2,429,375.00 HIGHPOINT TELECOMMUNI 301,700 8.600 5 1,694,846.00 TELEBACKUP SYSTEMS 147,890 11.500 .500 73 417,028.00 NET SHEPHERD INC 374,400 1.130 .240 112 360,413.00 VALU-NET CORPORATION 229,750 1.500 .050- 93 152,122.00 KEYWEST ENERGY CORPOR 197,638 .770 .030 34 Net Top Five Volume Value Close Change Trades 463,624 ICE DRILLING ENT 32,925 .070 .005- 29 374,400 NET SHEPHERD INC 417,028 1.130 .240 112 301,700 HIGHPOINT TELECOMMUNI 2,429,375 8.600 5 229,750 VALU-NET CORPORATION 360,413 1.500 .050- 93 225,500 DISCOVERWARE INC 34,150 .160 .010 11 Alberta Stock Exchange Combined Value Index: 1,848.06 Change: 18.49 J-JCP Total Number of Trades: 1,766 ----------------------------------------------------------------------