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

To: Kerm Yerman who wrote (15083)	1/29/1999 10:00:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Richland's Production Jumps With Successful Drilling and Exploitation at Paddle River TSE SYMBOL: RLP JANUARY 29, 1999 CALGARY, ALBERTA--Richland Petroleum Corporation today announced that five wells have been drilled over the past several months, all of them successful. In addition, excellent exploitation results from the recent Paddle River acquisition have boosted production. This drilling success launches the Company to a very good start in 1999, with increasing production volumes, despite the current low oil price environment. At Carievale, Saskatchewan, a horizontal Frobisher well (W.I. 53 percent) was successfully completed and is producing approximately 200 BOPD, with five to six follow-up locations possible. At Kingsford, Saskatchewan a fourth well (W.I. 100 percent) was drilled in the Midale zone and is producing approximately 100 BOPD of light crude oil. In Alberta, Richland's exploitation of assets acquired in the Paddle River / Heldar area four months ago is meeting with excellent results. A new well (W.I. 100 percent) has recently been completed and is on stream at rates in excess of 4 MMCF per day and 150 BOPD of liquids. This new well, combined with the workover and recompletion of several existing wells, has increased total production from the area by 75 percent from 800 BOEPD at the time of the acquisition four months ago to more than 1,400 BOEPD today, 70 percent of which is natural gas. Total post-acquisition capital expenditures for the 600 BOPD increase in production are less than $2 million. With total capital invested in the Paddle River / Heldar project of $19.5 million and production of 1,400 BOEPD, the cost per BOEPD to date is approximately $14,000 per BOEPD. In addition, Richland is in the process of negotiating the sale of the Paddle River gas plant, which will be subject to the completion of formal documentation for operating, processing and transporting Richland's gas in the area. When this transaction is closed at the end of the first quarter of 1999, Richland will retain all lands, production and reserves and the net cost to Richland of the Paddle River / Heldar production will be less than $6,500 per BOEPD. The sale of the gas plant will also reduce Richland's debt to cash flow to approximately 2 times, at current price levels. At the Company's Firebird property in northwestern Alberta, a successful Slave Point gas well (W.I. 80 percent) has been drilled and is currently being tested, prior to being placed on production. At East Lost Hills, California, well control efforts are continuing on the well (W.I. 4 percent) which blew out on November 23, 1998 and a relief well is drilling. Once the well is brought under control, plans call for the relief well to continue into the productive zone to further delineate the discovery. Mr. Richard Todd, President and Chief Executive Officer, stated "This string of drilling successes is great news for Richland at a time when the industry is generally depressed. The exploitation results at Paddle River demonstrate that our acquisition was a good strategic move, while the East Lost Hills play continues to offer the potential to provide a significant increase in Richland's net asset value. With a year-end exit rate in excess of 4,000 barrels equivalent per day, gas exploration targets planned in Alberta and Paddle River gas exploitation ongoing, we are well positioned to continue the growth in production at Richland throughout 1999."

To: Kerm Yerman who wrote (15083)	1/29/1999 10:04:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / First Star Energy Commences Drilling ASE SYMBOL: FST JANUARY 29, 1999 CALGARY, ALBERTA--First Star Energy Ltd. ("First Star") announces that it has commenced the drilling of its Devonian D-3 test well at Ferrybank in central Alberta. The well, First Star et al Ferrybank 2-33-43-27W4, is expected to take 25 days to reach the target depth of 2300 meters. This is an oil prospect, with the potential for over 100 million barrels of oil if the reef is present. In First Star's 5 well program in Johnson County, Kentucky, 3 wells are now on production and producing over 500 mcfd (FST 25 percent). The wells are restricted by compressor capacity and are expected to do over 1mmcfd once a second compressor is installed in late February. The other two wells are waiting on weather to be completed. First Star also announces that its contract with Mr. Dan Patience and Noble House Investments Inc. has been completed and the Company is now handling its investor relations in house.

To: Kerm Yerman who wrote (15083)	1/29/1999 10:13:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / The Consumers' Gas Company Ltd. Operating as Enbridge Consumers Gas Earnings TSE, ME SYMBOL: ENB NASDAQ SYMBOL: ENBRF JANUARY 29, 1999 TORONTO, ONTARIO--(January 29, 1999) The Consumers' Gas Company Ltd., today announced income applicable to common shares of $12.3 million or $0.18 per common share for the three months ended December 31, 1998, compared to $30.9 million or $0.45 per common share for the comparable period last year. The decline in earnings was due primarily to the significantly warmer than normal weather experienced this year. The Board of Directors declared the quarterly dividends on all classes of preference shares payable on April 1, 1999, to shareholders of record on March 4, 1999. /T/ Pref. Group 1, Series A & B $1.375 Pref. Group 1, Series C $1.25 Pref. Group 2, Series C $0.403125 /T/ The Consumers' Gas Company Ltd., Toronto (operating as Enbridge Consumers Gas), is a wholly-owned subsidiary of Enbridge Inc. of Calgary. Enbridge Inc. ("Enbridge"), is a leader in energy transportation, distribution and services. As a transporter of energy, Enbridge operates in Canada and the U.S. the world's longest crude oil and liquids pipeline system, is involved in liquids marketing and international energy projects, and has a growing involvement in natural gas transmission. As a distributor of energy, Enbridge owns and operates Canada's largest natural gas distribution company which provides gas and retail services in Ontario, Quebec and New York State, and is involved in the generation and distribution of electricity. In addition, Enbridge provides retail energy products and services to a growing number of Canadian and U.S. markets. Enbridge employs more than 5,000 people in Canada, the U.S. and South America. Enbridge Inc.'s common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "ENB". In the United States the shares trade on The NASDAQ National Market under "ENBRF". /T/ THE CONSUMERS' GAS COMPANY LTD. operating as ENBRIDGE CONSUMERS GAS Financial and Operating Highlights For the three months ended December 31 -------------------------------------------------------------- 1998 1997 -------------------------------------------------------------- Financial (expressed in thousands except per share amounts) Gas sales $ 324,709 $ 409,313 Transportation of gas for customers 43,731 23,286 Other revenue 71,465 64,786 ------------------------ Total revenue 439,905 497,385 Gas costs 210,671 255,036 ------------------------ Net revenue $ 229,234 $ 242,349 ------------------------ ------------------------ Net income $ 12,331 $ 30,971 Income applicable to common shares $ 12,276 $ 30,900 Earnings per common share $ 0.18 $ 0.45 Long term interest coverage ratio(1) 1.9 2.5 Net tangible asset coverage ratio of long term debt Before deferred taxes 1.6 1.7 After deferred taxes 1.6 1.6 Operating Volumetric statistics (millions of cubic metres) Gas sales 1,394 2,122 Transportation of gas for customers 1,342 1,043 ------------------------ Total distribution volume 2,736 3,165 ------------------------ ------------------------ Number of active customers 1,417,208 1,368,346 Degree day deficiency(2) Actual 1,157 1,306 Forecast based on normal weather 1,362 1,408 Preference Share Information TSE closing price of preference shares CGT.PR.A - Group 1, Series A, 5 1/2 percent $ 98.00 $ 96.00 CGT.PR.B - Group 1, Series B, 5 1/2 percent $ 98.00 $ 99.95 CGT.PR.H - Group 2, Series C, 6.45 percent $ 25.45 $ 26.05 -------------------------------------------------------------- /T/ Note 1: Based on the 12 month period then ended. Note 2: Degree day deficiency is a measure of coldness which is indicative of volumetric requirements of natural gas utilized for heating purposes in all markets. It is calculated by accumulating from October 1 the total number of degrees each day by which the daily mean temperature falls below 18 degrees Celsius. The figures given are those accumulated in the Toronto area. /T/ The Consumers' Gas Company Ltd. Consolidated Statements of Income (unaudited) (note 1) (thousands of dollars except per share amounts) ------------------------------------------------------- Three months ended December 31 ------------------------------------------------------- 1998 1997 ------------------------------------------------------- Gas sales $324,709 $409,313 Gas costs 210,671 255,036 ---------------------------- Gas sales margin 114,038 154,277 Transportation of gas for customers 43,731 23,286 ---------------------------- Net gas distribution revenue 157,769 177,563 Other revenue 71,465 64,786 ---------------------------- 229,234 242,349 ---------------------------- Expenses Operation and maintenance 86,568 82,131 Depreciation 51,888 47,420 Municipal and other taxes 11,372 9,316 ---------------------------- 149,828 138,867 ---------------------------- Income before undernoted items 79,406 103,482 Financial charges Interest on long term debt 41,554 39,835 Other interest and finance costs 6,741 3,240 Dividends on Group 2 preference shares 806 806 Dividends on Group 3 preference shares - 715 Interest capitalized (562) (1,275) ---------------------------- 48,539 43,321 ---------------------------- Income before income taxes 30,867 60,161 Income taxes Current 15,408 19,596 Deferred 3,128 9,594 ---------------------------- 18,536 29,190 ---------------------------- Net income 12,331 30,971 Dividends on Group 1 preference shares 55 71 ---------------------------- Income applicable to common shares $ 12,276 $ 30,900 ---------------------------- ---------------------------- Earnings per common share (note 2) $ 0.18 $ 0.45 ---------------------------- ------------------------------------------------------- /T/ Note 1: Due to the seasonal nature of the Company's operations and the Company's rate design which emphasizes the recovery of higher levels of allocated costs of service during the heating season, the amounts shown for the three month period are not necessarily indicative of the results for the full fiscal year. Note 2: Earnings per common share amounts have been computed by using the weighted average number of common shares outstanding during the period being 67.9 million for the three month periods ended December 31, 1998 and 1997. Note 3: On December 15, 1998, the Company's parent company contributed surplus in the amount of $65 million. /T/ The Consumers' Gas Company Ltd. Consolidated Balance Sheets (unaudited) (thousands of dollars) ------------------------------------------------------------ December 31 September 30 ------------------------------------------------------------ 1998 1998 ------------------------------------------------------------ Assets Current assets Cash and short term investments $ 476 $ 51,216 Accounts receivable 310,577 215,045 Materials and supplies 35,652 34,492 Gas in storage 311,186 357,820 Income taxes recoverable 13,176 40,076 Deferred income taxes 6,194 9,363 Prepaid expenses 93,447 15,059 ------------------------------- 770,708 723,071 ------------------------------- Property, plant and equipment 4,275,144 4,208,433 Accumulated depreciation 1,156,203 1,114,458 ------------------------------- 3,118,941 3,093,975 ------------------------------- Other assets and deferred charges 120,221 111,446 ------------------------------- $4,009,870 $3,928,492 ------------------------------- ------------------------------------------------------------ Liabilities and shareholders' equity Current liabilities Bank overdraft $ 1,084 $ 20,003 Loans and notes payable 439,516 385,058 Accounts payable 342,756 309,088 Dividends payable 20,563 21,278 Preference shares 50,000 100,000 Current portion of long term debt 98,390 48,390 ------------------------------- 952,309 883,817 ------------------------------- Long term debt 1,897,002 1,946,320 ------------------------------- Deferred credits 47,072 42,100 ------------------------------- Deferred revenue 9,822 10,054 ------------------------------- Deferred income taxes 4,347 4,515 ------------------------------- Shareholders' equity Capital stock Group 1 preference shares 3,887 3,962 Common shares 333,420 333,420 Contributed surplus (note 3) 115,208 50,208 Retained earnings 646,803 654,096 ------------------------------- 1,099,318 1,041,686 ------------------------------- $4,009,870 $3,928,492 ------------------------------- ------------------------------------------------------------ /T/ Note 4: The consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles applicable to interim periods; consequently they do not include all generally accepted accounting disclosures required for annual consolidated financial statements. For more complete information these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company's 1998 Annual Review and Financial Statements. Note 5: Certain of the comparative figures have been reclassified to conform with the presentation adopted in the current year. /T/ The Consumers' Gas Company Ltd. Consolidated Statements of Cash Flows (unaudited) (thousands of dollars) -------------------------------------------------------------- Three months ended December 31 -------------------------------------------------------------- 1998 1997 -------------------------------------------------------------- Cash from operating activities Net income $ 12,331 $ 30,971 Charges not affecting cash Depreciation 51,888 47,420 Deferred income taxes 3,128 9,594 Amortization of deferred charges and other items 853 635 ------------------------ 68,200 88,620 Change in non-cash working capital (72,920) (159,341) ------------------------ (4,720) (70,721) ------------------------ Financing activities Loans and notes payable 54,458 137,400 Redemption of Group 3 preference shares (50,000) - Issue of long term debt 682 277,045 Long term debt repayments - (186,039) Deferred credits 4,972 - Deferred revenue (232) - Redemption of Group 1 preference shares (75) - Dividends paid, Group 1 preference shares (55) (71) Dividends paid, common shares (19,703) (18,638) Contributed surplus 65,000 - Change in non-cash working capital 19,228 - ------------------------ 74,275 209,697 ------------------------ Investing activities Additions to property, plant and equipment (76,854) (103,068) Additions to other assets and deferred charges (9,628) (5,227) Other, net 7 1,053 Change in non-cash working capital (14,901) (24,351) ------------------------ (101,376) (131,593) ------------------------ Increase (decrease) in cash (31,821) 7,383 Cash, beginning of period 31,213 (16,076) ------------------------ Cash, end of period $ (608) $ (8,693) -------------------------------------------------------------- -------------------------------------------------------------- /T/ For the purpose of this statement, cash is defined as cash and short term investments net of bank overdraft.

To: Kerm Yerman who wrote (15083)	1/29/1999 10:18:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / ICE Drilling Systems Announces Resignations ASE SYMBOL: IDF JANUARY 29, 1999 CALGARY, ALBERTA--ICE Drilling Systems Inc. announces the resignations of Douglas R. Ramsay and J. Douglas McNeill as Directors of the Company. The Board would like to take this opportunity to thank both Mr. Ramsay and Mr. McNeill for their efforts and contributions to the Company.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:45:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Circle Energy Update Re: Court Action Brazeau River CALGARY, Jan. 29 /CNW/ - Circle Energy Inc. filed an affidavit dated December 17, 1998 requesting that the Court provide an expeditious Declaration of Ownership in order to resolve a dispute between Circle and Scorpion Energy Corp. & Nu-Sky Energy Inc. regarding Circle's ownership interest in Sections 16 & 17-48-12 W5M at Brazeau River. Circle had anticipated that the dispute would be resolved by January 29, 1999. In their responding affidavits, Scorpion and Nu-Sky requested that the Court not expedite this matter. This has resulted in Circle filing a second affidavit January 22, 1999, again requesting that the Court expedite this matter. Circle believes it is in the interest of all parties to resolve this dispute as soon as possible. Circle will issue an update when a Court date has been finalized. Circle Energy holds oil and gas leases in Central Alberta, Saskatchewan, New Mexico and Texas. The Company's shares trade on The Alberta Stock Exchange under the symbol CEN.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:47:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Badger Daylighting Announces New Director RED DEER, AB, Jan. 29 /CNW/ - Badger Daylighting Inc. (TSE:BAD) is pleased to announce that Mr. Ken Mullen has joined the Board of Directors of Badger. Mr. Mullen is currently President, Chief Executive Officer and a Director of Plains Energy Services Ltd., an integrated oil and gas service company listed on the Toronto Stock Exchange. Prior to joining Plains Energy Services, Mr. Mullen was a solicitor at Shea Nerland Calnan, Barristers and Solicitors, specializing in tax law and was a tax manager at Ernst & Young Chartered Accountants. Ken Rose, the President and CEO of Badger, commented ''Mr. Mullen brings exceptional training and business experience to further strengthen the Board of Badger.'' Badger Daylighting Inc., is a Red Deer, Alberta - based vertically integrated industrial technology company providing various services and equipment to the oil and gas, pipeline and utilities industries. The Corporation specializes in ''daylighting'' underground structures and trenching using a patented hydrovacing process that is safer than conventional mechanical excavation systems. ''Daylighting'' is a term used in the industry to describe the removal of the soil cover to allow visual observation of an underground structure. A hydrovac excavating system is one which simultaneously uses water under high pressure to remove soil cover and a vacuum system to suck up the debris. In addition to hydrovac services, Badger provides a complimentary suite of products and services to it's customers including small inch pipeline facilities and construction, pipeline anomaly locating, line locating, shoring and designing and manufacturing industrial equipment.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:49:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Big Horn Resources Receives Final Approval to Private Placement CALGARY, Jan. 29 /CNW/ - Big Horn Resources Ltd. (''Big Horn'') announces that it has received final regulatory approval to a previously announced private placement of 10,000,000 common shares at a price of $0.65 per share. Following the private placement, Big Horn will have a total of 28,122,191 common shares outstanding. Big Horn intends to use the proceeds of the private placement to pay down a substantial portion of the debt it incurred in its recent successful acquisition of Ironwood Petroleum Ltd. Neither the Vancouver Stock Exchange or The Toronto Stock Exchange has reviewed nor accepts any responsibility for the adequacy or accuracy of the contents of the information contained herein.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:51:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / PEYTO Exploration & Development Corp. CALGARY, Jan. 29 /CNW/ - PEYTO Exploration & Development Corp. is pleased to announce the successful completion of the private placement of 1,485,387 common shares at $0.18 each for proceeds of $267,370. Proceeds from the placement will be used to fund Peyto's 1999 drilling and development projects. Peyto intends to commence drilling operations on it's first well January 31, 1999.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:54:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / Westrock Energy Income Fund I & II Monthly Cash Distribution Notice CALGARY, Jan. 29 /CNW/ - WESTROCK ENERGY INCOME FUND I Monthly Cash Distribution Notice Notice is hereby given that a cash distribution at the rate of $0.16 (sixteen cents) per unit will be payable on February 20, 1999, to all Unitholders of record at the close of business on February 10, 1999. This distribution is comprised of the monthly distribution amount of $0.0550 (five and one half cents), a supplemental quarterly adjustment of $0.015 (one and one half cents) and a special distribution of $0.09 (nine cents) per unit representing a supplemental adjustment of Alberta Royalty Tax Credit (''ARTC''). The distributions for the quarter ending December 31, 1998 total $0.27 (twenty-seven cents) per unit. Consequently, the new trailing twelve month distribution paid totals $0.96 (ninety-six cents) per unit. WESTROCK ENERGY INCOME FUND II Monthly Cash Distribution Notice Notice is hereby given that a cash distribution at the rate of $0.16 (sixteen cents) per unit will be payable on February 20, 1999, to all Unitholders of record at the close of business on February 10, 1999. This distribution is comprised of the monthly distribution amount of $0.060 (six cents), a supplemental quarterly adjustment of $0.05 (five cents) and a special distribution of $0.05 (five cents) per unit representing a supplemental adjustment of Alberta Royalty Tax Credit (''ARTC''). The distributions for the quarter ending December 31, 1998 total $0.28 (twenty-eight cents) per unit. Consequently, the new trailing twelve month distribution paid totals $1.08 (one dollar and eight cents) per unit.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:55:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / EnerMark Income Fund Monthly Cash Distribution Notice CALGARY, Jan. 29 /CNW/ - Notice is hereby given that a cash distribution at the rate of $0.04 (four cents) per unit will be payable on February 20, 1999, to all unitholders of record at the close of business on February 10, 1999. This distribution is comprised of the monthly distribution amount of $0.03 (three cents) and a supplemental quarterly adjustment of $0.01 (one cent). The distributions for the quarter ending December 31, 1998 total $0.11 (eleven cents) per unit. Consequently, the new trailing last twelve month distribution paid totals $0.64 (sixty-four cents) per Unit.

To: Kerm Yerman who wrote (15083)	1/30/1999 9:57:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANOUNCEMENT / Calibre Announces Resignation of Director CALGARY, Jan. 29 /CNW/ - Mr. R. Dean Smith, President and Chief Executive Officer of Calibre Energy Inc. stated Mr. Roger A. Haines has tendered his resignation as a director of Calibre Energy Inc. Mr. Smith expressed his appreciation for Mr. Haines's participation over the past year.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:00:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Canadian Occidental Petroleum to Offer US $150 Million of Preferred Securities CALGARY, Jan. 29 /CNW/ - Canadian Occidental Petroleum Ltd. (''CanadianOxy'') announced today that it has filed a preliminary prospectus with the Alberta Securities Commission and a registration statement with the United States Securities and Exchange Commission (''SEC'') for a US $150 million offering of preferred securities (''Securities''). These Securities represent junior subordinated debentures with a term of 49 years and will be redeemable at par by CanadianOxy at any time after five years. The Securities will be sold only in the United States. Final terms of the offering will be set on the filing of the supplemented final prospectus. Net proceeds from the offering will be used to repay indebtedness under the Company's unsecured revolving syndicated term credit facilities. In accordance with Canadian generally accepted accounting principles, the Securities will be reflected as equity on CanadianOxy's balance sheet. These securities are expected to be rated BBB- by Standard and Poor's Corporation, baa3 by Moody's Investors Service, Inc., B+ by Canadian Bond Rating Service Inc. and Pfd-3 by Dominion Bond Rating Service Limited. The offering is being underwritten by a syndicate lead managed by Merrill Lynch & Co.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:01:00 AM
From: Kerm Yerman	Respond to of 15196

DIVIDEND / Gulf Canada Resources Confirms January 99 Dividend Rate for Series 1 Preference Shares DENVER, COLORADO, Jan. 29 /CNW/ - Gulf Canada Resources Limited today announced that the dividend rate for the month of January 1999 for Gulf Canada Resources Limited's Fixed/Adjustable Rate Senior Preference Shares, Series 1, has been calculated at $0.023 per share. The dividend is payable February 12, 1999 to shareholders of record at the close of business on January 29, 1999.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:03:00 AM
From: Kerm Yerman	Respond to of 15196

ASE BULLETIN / Delisting - AltaQuest Energy Corporation - AQF CALGARY, Jan. 29 /CNW/ - BULLETIN NO.: 9901 - 053 DELISTING ALTAQUEST ENERGY CORPORATION (AQF) The common shares of AltaQuest Energy Corporation will be delisted at the close of business on TUESDAY, FEBRUARY 2, 1999, at the request of the Company. The common shares of the Company will continue to trade on the Toronto Stock Exchange. BY ORDER OF THE BOARD OF GOVERNORS

To: Kerm Yerman who wrote (15083)	1/30/1999 10:05:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP ANNOUNCEMENT / Chauvco Resources International Ltd. Announces Bankruptcy in Canada CALGARY, Jan. 29 /CNW/ - Chauvco Resources International Ltd., a Bermuda company, announces that the Court of Queen's Bench of Alberta in the Judicial District of Calgary has adjudged the Company bankrupt in Canada following a three day contested hearing. A receiving order appointing KPMG as trustee is expected to be filed with the Court early next week. The Company had been petitioned into bankruptcy by a contractor for services provided to one of the Company's Gabon subsidiaries in connection with its Gabon operations. The Company has not yet decided whether to appeal the judgment. Chauvco has significant claims against the same contractor and is seeking damages for breach of contract and negligence pursuant to arbitration proceedings commenced in accordance with the terms of the service contract with the contractor and prior to the contractor filing the petition for bankruptcy. Chauvco anticipates that these arbitration proceedings which are being conducted at the International Chamber of Commerce in London, England will continue. Chauvco also previously announced that both the Toronto and Montreal stock exchanges suspended trading in the shares of Chauvco effective July 16, 1998 for failing to meet continued listing requirements. The Toronto and Montreal stock exchanges delisted Chauvco's shares effective January 12, 1999 at the request of the Company.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:06:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / The Enerplus Group Releases 1998 Income Tax Information CALGARY, Jan. 29 /CNW/ - Enerplus Resources Fund - Series G, EnerMark Income Fund, Westrock Energy Income Fund I and Westrock Energy Income Fund II have finalized the tax breakdown of all distributions paid in each Fund for 1998. This information is available on the Internet at www.enerplus.com, or will be faxed, mailed or e-mailed to anyone wishing to receive it.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:08:00 AM
From: Kerm Yerman	Respond to of 15196

DIVIDEND / Suncor Energy Inc. Cash Dividend CALGARY, Jan. 29 /CNW/ - Suncor Energy Inc. has declared a cash dividend of 17 cents per share on its common shares, payable March 25, 1999, to shareholders of record at the date of close of business on March 15, 1999.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:10:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Suncor Board Approves Oil Sands Expansion Project Spending and Q4 Dividend CALGARY, Jan. 29 /CNW/ - Today Suncor Energy Inc.'s Board of Directors approved spending of approximately C$2 billion for Project Millennium, the planned expansion of the company's oil sands plant at Fort McMurray, Alberta. The project is currently before the Alberta Energy and Utilities Board, which must approve the project before construction can begin. The Board approval builds on the Production Enhancement Phase of the project, which is currently under way at an estimated cost of C$190 million. Project Millennium is designed to more than double the current production from Suncor's oil sands operation in 2002. Planned spending in 1999 for the Millennium phase is C$750 million. The Board also approved a cash dividend of 17 cents per share on Suncor Energy Inc. common shares, payable March 25, 1999, to shareholders of record at the date of close of business on March 15, 1999. Suncor Energy is a Canada-based international integrated energy company operating an oil sands plant in Fort McMurray, Alberta; a conventional exploration and production business in Western Canada; a refining and marketing operation in Ontario; and an oil shale development project in Queensland, Australia. Suncor Energy common shares are listed for trading on the Toronto, Montreal and New York stock exchanges. For more information, visit Suncor's website at www.suncor.com.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:12:00 AM
From: Kerm Yerman	Respond to of 15196

FINANCING / Compton Petroleum Corporation Announces Closing of Private Placement and Re-Activation of Normal Course Issuer Bid CALGARY, Jan. 29 /CNW/ - COMPTON PETROLEUM CORPORATION (''Compton'' or the ''Corporation'') announced that, on December 31, 1998, it closed its previously announced private placement of flow-through common shares at $1.90 per share. Gross proceeds of approximately $13,282,000 were raised through a syndicate comprised of Peters & Co. Limited, FirstEnergy Capital Corp. and Newcrest Capital Inc. The net proceeds from the offering will be used to fund on-going oil and gas exploration and development activities of Compton. Compton also announced that, on February 1, 1999, it will re-activate its normal course issuer bid commenced on September 8, 1998 to purchase up to approximately 7,000,000 common shares through the facilities of The Toronto Stock Exchange (''TSE''). Such bid had been suspended by Compton during the course of its private placement of flow-through common shares. Any shares purchased by Compton under the bid will be on the open market through the facilities of the TSE pursuant to the rules of the TSE governing normal course issuer bids. The price that Compton will pay for any common shares purchased pursuant to the bid will be the prevailing market price of such shares on the TSE at the time of such purchase. After they are purchased back by Compton pursuant to the bid, the common shares will be cancelled. As of January 20, 1999, Compton had acquired 389,300 common shares under the bid. Compton Petroleum Corporation is a Calgary, Alberta based exploration and production company. Following its acquisition of J.M. Huber Canada Limited in December, 1998, Compton has reserves in excess of 33 million boe, approximately 80% of which are natural gas and associated gas liquids. The common shares of Compton are listed on the TSE and trade under the symbol ''CMT''.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:14:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Solana Extends Deadline for Warrants; Begins Colombia Operations CALGARY, Jan. 29 /CNW/ - Solana Petroleum Corp. announced today it has extended the expiry date for the exercise of 3,000,000 warrants issued last October. The Company said The Alberta Stock Exchange has conditionally approved the extension to March 31 from February 26. Solana's initial public offering of 6,000,000 units, at $0.50 each, consisted of one common share and one warrant. Two warrants entitle the holder to purchase one common share at $0.75 by February 26, 1999, now extended to the end of March. James B. Taylor, Solana chairman, said the extension will provide time to determine preliminary test results from Mateguafa No.1, an exploratory well drilled last year in the high-potential Llanos Basin of northeastern Colombia. The rig is on site now and testing has begun. Rig mobilization was delayed due to an unusually long rainy season. Testing is expected to take approximately 30 days. Mr. Taylor, a former executive vice president of Occidental Oil and Gas Corporation, and a team of former senior executives of major oil companies founded Solana last year. It began trading on the ASE in November 1998, raising approximately $4,400,000 gross in capital for the exploration and development of oil properties in Colombia. Solana Petroleum Exploration (Colombia) Limited, a wholly-owned subsidiary, holds a 10 percent working interest in the Tapir Association Contract governing the area in the Llanos Basin on which the well is located, and is awaiting the approval of Ecopetrol, Colombia's state-owned oil company, on the assignment of an additional 28.125 percent. The other partners are operator Mohave Colombia Corporation, Doreal Energy Corporation and Seven Seas Petroleum Inc. Solana Colombia also has a contract to acquire a 50 percent working interest in the Cano Caranal Association contract in the Llanos Basin, with operator Mohave Colombia Corporation as partner, and is also awaiting Ecopetrol's approval of that assignment. On January 14, Mr. Taylor told oil and gas investors at the by-invitation-only Westergaard-Strain conference in New York that any production established on either of the two lease areas will have ready access to markets. The Llanos Basin is served by pipelines with excess capacity available that pass through both of Solana's blocks and end at the Caribbean oil export terminal of Covenas. Mr. Taylor's management team has many years of first-hand experience in Colombia and other oil-producing regions, with companies such as Occidental, Shell, Texaco, Arakis and British Petroleum. The Solana board and executive include the president & CEO, J. Bruce Carruthers II, former head of Occidental's international trade/countertrade operations who worked in Colombia as manager of petroleum supply; Oscar A. Blake, Solana vice president business development and former Occidental executive vice president and general counsel, and Raymond P. Cej, a Solana director and a former senior executive at Shell Canada who was president and CEO of Arakis Energy Corp. until it was acquired by Talisman Energy last fall. Solana also announced that effective January 15 it has retained the services of The Osborne Group Inc. to assist it on investor relations activities with the investment community and with other related services. The Osborne Group, based in Calgary, specializes in investor relations and corporate governance, and has affiliated offices in Toronto, Montreal and Vancouver. Solana Petroleum is a Calgary-based international oil and gas exploration and development company currently focusing on its interests in Colombia. The Company's common shares are listed on the Alberta Stock Exchange and trade under the symbol SOP.

To: Kerm Yerman who wrote (15083)	1/30/1999 10:19:00 AM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Ultra Petroleum Appoints New CEO ULTRA PETROLEUM ANNOUNCES NEW CHIEF EXECUTIVE OFFICER Date: 1/29/99 7:09:52 PM Dateline: DENVER, COLORADO Stock Symbol: UP Ultra Petroleum's Chairman of the Board, Marc Bruner, announced today that Michael D. Watford will become the company's new Chairman and Chief Executive Officer, effective immediately. Ultra Petroleum announced last month that it was seeking candidates for the newly created senior executive position as part of its efforts to re-organize management and strengthen the company's ability to maximize its resource development now underway in Wyoming. As the new Chairman and Chief Executive, Mr. Watford will join President Jerry Albertus on Ultra Petroleum's senior management team. Marc Bruner will continue as a director of the company. "There is a very good fit between Ultra and Mike Watford," says Bruner. "He has a strong track record of building shareholder value. Ultra has created a tremendous opportunity for asset growth in the Green River Basin. We think Mike is the right individual to guide the company to the next level of corporate development. In addition, this change also allows me to continue my efforts in the development of Ultra, while allowing me the opportunity to pursue additional interests outside the company." Michael Watford is a former Chief Executive Officer of Nuevo Energy Company of Houston, Texas where he presided over the rapid growth of that company between 1994 and 1997. During that period the company tripled its asset size and quadrupled market capitalization to $1.0 billion. During his 25 years in the oil and gas business, Watford has become familiar with virtually every aspect of the industry, through senior management positions in natural gas sales, marketing, exploration & production and corporate finance. "I think the company presents a great opportunity and a challenge that I am looking forward to," says Watford. "The Ultra team has done a magnificent job of putting a key land position together and bringing the company so far so fast. My job will be to move the company through its next major phase of growth." Watford is 45 years old and a native of Houston, Texas. He holds a Bachelor of Science degree in Business Administration from the University of Florida and holds an MBA from the University of New Orleans. Ultra Petroleum is a Vancouver-based natural gas exploration and development company with U.S. headquarters in Denver, Colorado. The company trades on the Toronto Stock Exchange (symbol: UP). Ultra Petroleum is involved in developing the natural gas potential of its extensive land holdings in the north Jonah Field and along the highly prospective Pinedale Anticline in the Green River Basin of southwest Wyoming.