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

To: Kerm Yerman who wrote (15071)	1/28/1999 8:46:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Gulfstream Resources Canada Ltd. Announces Record 1998 Profit TORONTO, Jan. 28 /CNW/ - Gulfstream Resources Canada Limited - GUR - announces a record profit of $10.0 million or 17 cents per share for the fiscal year ended September 30, 1998, which was a 28% increase over 1997 levels of $7.8 million, also a record year for the Company. Volume of petroleum and natural gas sales increased by 15% during the year, but as a result of declining product prices, sales revenues declined by $4.0 million to $30.9 million. Prior to year-end, the Company sold its interest in the Margham field in Dubai for a gain of $7.6 million after writedowns on oil and gas properties. Cashflow from operations for 1998 was $7.9 million or 13 cents per share compared to $10.4 million or 18 cents per share in 1997. Expenditures on oil and gas assets totaled $45.9 million for the year, an increase of 43% over the $32.2 million spent in 1997. Gulfstream's cash position of $19.7 million does not reflect proceeds of approximately $22 million received subsequent to year-end from the sale of Margham. Gulfstream had a strong net working capital position of $33.5 million at year-end. Shareholders' equity was $106.3 million, an 18% increase over the previous year. Total assets were $138.7 million. On December 8, 1998, Gulfstream declared a dividend of two cents per share to shareholders of record on December 16, 1998. The Annual General Meeting of Shareholders will be held in Calgary on March 24th at 11:00 AM in the Bonavista Room of the Westin Hotel. Investor presentations are also scheduled in Toronto and in Europe.

To: Kerm Yerman who wrote (15071)	1/28/1999 8:52:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Pacalta Resources Ltd. Activity Update & Reserve Report Increase in allowable production, new reserve report and activity update CALGARY, Jan. 28 /CNW/ - ALLOWABLE PRODUCTION Pacalta Resources Ltd.'s 100% owned Ecuadorian subsidiary, City Investing Company Limited, has received notice from the Ecuadorian National Hydrocarbons Directorate that the allowables into the SOTE/OTA export pipeline system have been re-apportioned. Pacalta has received a new production allowable of 44,825 barrels of oil per day (''BOPD'') effective 6:00 am January 28, 1999. The new production allowable represents an increase of 75% from the previous allowable of 25,672 BOPD. This increase is a result of increased productive capacity due to recent drilling success and facility expansions, as well as declining production from existing fields operated by PetroEcuador, the state oil company. The new allowable does not include any production from the Mariann 4A light oil discovery or the Tipishca light oil discovery on Block 27. RESERVE REPORT The Company has received the December 31, 1998 reserve report from its independent engineers, Ryder Scott Company. This reserve report indicates that the Company currently has 180.2 Mmbbls of proven reserves and 32.0 Mmbbls of probable reserves (gross, before royalties). During 1998, Pacalta added 77.4 Mmbbls of proven reserves and 22.8 Mmbbls of probable reserves, before production, representing a 70% and a 248% increase in proven and probable reserves, respectively. Pacalta currently intends to release year-end 1998 financial results in March. The Company expects that cumulative finding and development costs will remain at approximately US$2.00 per proven barrel. DRILLING ACTIVITY Fanny Field Development drilling continued through the end of 1998 on the Fanny 20 pad. Fourth quarter activity on the pad included the drilling of one vertical location which has been completed and equipped for production. In addition, the Company recently completed its first two horizontal wells in Ecuador (Fanny 18B-24H and Fanny 18B-22H) on the Fanny 20 pad. Initial tests in the ''M-I'' sandstone yielded rates of 14,000 BOPD and 7,400 BOPD, respectively from these horizontal wells. Dorine Field Pacalta drilled the seventh and eighth locations on the Dorine field during the fourth quarter (Dorine 5 and Dorine 4). Initial test rates from the ''M-1'' sandstone were approximately 5,400 BOPD and 4,200 BOPD, respectively. EXPLORATION ACTIVITY Mariann 4A Light Oil Field The Company has drilled a total of six wells to date in the Mariann 4A light oil pool (including one well completed as a potential water injector). High quality light oil was encountered in both the ''T'' and ''U'' sandstones of the Napo formation. Initial tests in the ''T'' sandstone showed flow rates of up to 3,600 BOPD of 31 to 32 degree API. The ''U'' sandstone tested at a rate of up to 2,600 BOPD of 26 degree API in the individual wells. In addition, a significant accumulation of 19 degree API oil has been identified in the ''M-1'' sandstone at the Mariann 4A field which will be considered for future delivery to the proposed heavy oil pipeline. Block 27 On Block 27, the Tipishca 2 well was tested during the fourth quarter of 1998. The Tipishca 2 well tested at an average rate of 2,000 BOPD of 26 to 32 degree API oil from the Upper ''T'' and Lower ''U'' sandstones. In the Blanca region of Block 27, which is situated in the northwest corner of the Block, the Company completed the field acquisition of the 303 square kilometre 3D seismic survey. The current exploration plan for Block 27 involves processing and interpreting the remainder of this 3D seismic program, to be followed by an exploratory drilling program in late 1999 or 2000, if warranted. OUTLOOK Pacalta is currently reviewing the capital budget for 1999. The current capital expenditure outlook of approximately $35 million includes exploration and development activity and facility construction on City Block and Block 27. The Company continues discussions with the other four major oil companies in Ecuador regarding the construction and financing of a new heavy oil pipeline. Negotiations with the government of Ecuador on the general terms and conditions of this project are continuing. Pacalta is an international oil and gas exploration, development and production company with common shares trading on The Toronto Stock Exchange under the symbol PAZ and on NASDAQ under the symbol PAZZF.

To: Kerm Yerman who wrote (15071)	1/28/1999 8:59:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Pacalta Resources Ltd. Significant 1998 Events Pacalta Resources Ltd. is pleased to announce two significant events which highlight the success of our efforts in 1998. Allowable Production Pacalta Resources Ltd.'s 100% owned Ecuadorian subsidiary, City Investing Company Limited, has received notice from the Ecuadorian National Hydrocarbons Directorate that the allowables into the SOTE/OTA export pipeline system have been re-apportioned. Pacalta has received a new production allowable of 44,825 barrels of oil per day (''BOPD'') effective 6:00 am January 28, 1999. The new production allowable represents an increase of 75% from the previous allowable of 25,672 BOPD. This increase is a result of increased productive capacity due to recent drilling success and facility expansions, as well as declining production from existing fields operated by PetroEcuador, the state oilcompany. Reserve Report The Company has received the December 31, 1998 reserve report from its independent engineers, Ryder Scott Company. This reserve report indicates that the Company currently has 180.2 Mmbbls of proven reserves and 32.0 Mmbbls of probable (gross, before royalties). The Company recently completed its first two horizontal wells in Ecuador (Fanny 18B-24H and Fanny 18B-22H). Initial tests in the ''M-I'' sandstone yielded rates of 14,000 BOPD and 7,400 BOPD, respectively. Pacalta is currently reviewing the capital budget for 1999. The current capital expenditure outlook of approximately $35 million includes exploration and development activity and facility construction on City Block and Block 27.

To: Kerm Yerman who wrote (15071)	1/28/1999 9:03:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Endeavor Resources Driling Update & Financing ENDEAVOUR RESOURCES INC. (ASE - ERU) is pleased to announce that it has successfully completed the drilling of three new wells in the Namaka area. The three slant wells targeted the Basal Belly River formation which is a known producer in the area. The wells have been cased and perforated and are currently being production tested. Pipeline applications are in progress to tie these wells into existing facilities, with anticipated completion in the first quarter of 1999. $557,000 Raised in Flow-Through Share Offering ---------------------------------------------- Endeavour announces that it raised, by way of private placement, $557,000 from the issuance of 3,713,329 flow-through common shares at $0.15 per share which closed December 31, 1998. Proceeds from the offering were used to fund the drilling of the three new Namaka wells drilled in December 1998. Endeavour is a Calgary-based oil and gas company actively engaged in the exploration and development of oil and natural gas in Canada. Endeavour is listed on the Alberta Stock Exchange (ASE) with shares trading under the symbol ''ERU''.