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

To: Kerm Yerman who wrote (15108)	2/1/1999 8:45:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Canadian 88 Energy Corp. Commences Drilling on Large Foothills Overthrust Play in Wyoming TSE, ASE, AMEX SYMBOL: EEE FEBRUARY 1, 1999 CALGARY, ALBERTA--Canadian 88 Energy Corp. (AMEX:EEE/TSE:EEE/ASE:EEE) of Calgary, Alberta, Canada announced today that it has commenced drilling on its Windy Point foothills thrust sheet play in southwest Wyoming through its wholly owned subsidiary Canadian 88 Energy (U.S.A.), Inc. The initial test well is one of the first deep exploration wells to be drilled in southwest Wyoming in the last ten years and it is being directionally drilled to a total depth of 14,000 feet into the Mississippian aged Mission Canyon formation on the Windy Point Federal Unit in the Overthrust Belt of Wyoming's Green River Basin. "The prospect is targetting a large reserve accumulation of 200 to 500 Bcf of natural gas with analogous well deliverability in the area of 20 to 40 mmcf/d", Canadian 88 V.P. of Exploration Cam Taylor said in Calgary today. "This play is a look-a-like prospect to our large deep gas prospects in the foothills of Southern Alberta like Waterton and Wildcat Hills. It is an excellent opportunity to apply the experience and expertise gained by our technical teams in the Alberta Foothills Corridor to this under-exploited region of the Wyoming's Rocky Mountain Foothills Corridor. Plays like Windy Point really allow Canadian 88 Energy Corp. to exhibit our competitive advantage in this portion of the U.S. deep basin" Mr. Taylor said. The Windy Point Federal Exploration Unit comprises some 7,029 gross acres in the Foothills Overthrust Belt in Lincoln County, Wyoming. The acreage is located approximately 35 miles north of Evanston , Wyoming in a prolific oil and gas producing area. Canadian 88's prospect is targetting a large seismically defined satellite feature adjacent to the giant Whitney Canyon/Carter Creek Field, located approximately four miles southeast of the Windy Point Federal Unit boundaries which has estimated natural gas reserves of 5.3 Tcf and 115 mmbbls of liquids. The well is being directionally drilled re-entering an existing well from a surface location in NESW of Section 10, T19N-R120W at a cost of approximately US$2.5 to 3.0 million with Canadian 88 Energy (U.S.A.), Inc. paying 85 percent of the costs to earn 75 percent in the prospect and Prize Energy Inc. (ASE:PZI) paying 15 percent of costs to earn 12.5 percent in the prospect. Redwood Energy, Ltd. (VSE:RWD) and Legacy Energy Corporation, a private Denver company have carried interests of 10.15635 percent and 2.34365 percent, respectively, in the test well. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with its 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 (15108)	2/1/1999 8:50:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Diversified Income Trust (NCD.UN) TSE/ME January Distribution 1.5 Cents ($0.015) Per Unit TSE, ME SYMBOL: NCD.UN FEBRUARY 1, 1999 TORONTO, ONTARIO-- John Driscoll, President of NCE Resources Group, announced today the distribution for the month of January, 1999, for NCE Diversified Income Trust. - The distribution for January, 1999, is 1.5 cents ($0.015) per unit. - The distribution will be payable on February 5, 1999, to holders of record on January 29, 1999. - The total value of the January distribution is $330,787. - Distributions of the Trust for the last 12 months are $0.394 per unit. Trading information NCE Diversified Income Trust trades on The Toronto Stock Exchange and the Montreal Exchange under the symbol NCD.UN. - The price for NCE Diversified Income Trust on The Toronto Stock Exchange at the close of market on January 29, 1999, was $3.00. - The Net Asset Value Per Unit (NAVPU) as at January 22, 1999, was $3.90 per unit. - NCE Diversified has a monthly distribution reinvestment plan. Distributions Distributions are paid monthly and tend to fluctuate because many of the Trust's portfolio holdings pay their distributions quarterly. This means that NCE Diversified Income Trust's distributions are highest at the end of each quarter. NCE Diversified Income Trust NCE Diversified Income Trust is a closed-end trust with the objective of maximizing distributions to unitholders by investing in energy-related royalty and income trusts and, to a lesser extent, real estate investment trusts (REITs). Holdings As at January 22, 1999, the holdings in the portfolio by asset value weighting were: /T/ 1. Superior Propane Income Fund 2. Canadian Oil Sands Trust 3. Northland Power Income Trust 4. Pembina Pipeline Income Fund 5. ARC Energy Trust 6. Pengrowth Energy Trust 7. NAL Oil & Gas Trust 8 Orion Energy Trust 9. PrimeWest Energy Trust 10. H & R Real Estate Investment Trust 11. Luscar Coal Income Fund 12. Enermark Income Fund 13. Riocan REIT 14. Residential Equities REIT 15. Starcor Energy Trust 16. RealFund Trust 17. CAP REIT 18. Labrador Iron Ore Income Fund 19. Morguard REIT 20. Morrison Facilities Income Fund 21. Legacy Hotel REIT 22. CHIP REIT /T/ This represents 100 percent of the portfolio's holdings. NCE Resources Group NCE Resources Group is an oil and gas investment management organization, providing a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (15108)	2/1/1999 8:55:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Shiningbank Energy Announces Closing of $10.45 Million Special Warrant Financing TSE SYMBOL: SHN.UN FEBRUARY 1, 1999 CALGARY, ALBERTA--Shiningbank Energy Management Inc., manager of the Shiningbank Energy Income Fund (the "Fund"), is pleased to announce that the Fund has completed the closing of its previously announced private placement of 1,100,000 special warrants at a price of $9.50 per special warrant for gross proceeds of $10,450,000. The proceeds of the financing have been placed on deposit with the Fund's bank, thereby increasing the amount available on the Fund's operating credit facility. CIBC Wood Gundy Securities Inc. acted as underwriter for the financing. Shiningbank Energy Income Fund is an oil and gas royalty trust and its units are listed on The Toronto Stock Exchange under the trading symbol "SHN.UN".

To: Kerm Yerman who wrote (15108)	2/1/1999 8:59:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Pursuit Announces Update on Corporate Activities TSE SYMBOL: PUT FEBRUARY 1, 1999 CALGARY, ALBERTA--Pursuit Resources Corp. announced a summary of 1998 estimated results and an estimate of 1999 performance. The 1999 estimates are based on current corporate expectations for commodity prices and capital spending. Crude oil and natural gas production increased 11 percent in 1998 to average approximately 3,850 barrels per day of oil equivalent with an exit rate of 4,000 barrels per day of oil equivalent. Following are the Company's current expectations of operating results: /T/ Operating Results 1997 1998E 1999E Production Crude oil and liquids (bbls/d) 1,585 1,600 1,750 Natural gas (Mmcf/d) 18.9 22.5 27.0 Barrel of oil equivalent (BOE/d) 3,470 3,850 4,450 Prices Oil - WTI ($US/bbl) $20.60 $14.50 $14.00 Oil - Corp. average $20.46 $12.00 $15.00 Gas - Henry Hub NYMEX ($US/Mcf) $ 2.58 $ 2.15 $ 2.03 Corp. average $ 1.23 $ 1.90 $ 2.35 ------------------------------------------------------------ /T/ Pursuit participated in the drilling of 32 wells in 1998 achieving a 93 percent success rate. One-third of the 1998 wells were exploration wells. The 1998 capital expenditure program is estimated to have achieved greater than 150 percent replacement of production with finding and development costs of less than $6.00 per barrel of oil equivalent. The Company's line of credit and current rates of cash flow ensure flexibility in its planned 1999 capital program. This flexibility will facilitate the further exploitation of Pursuit's significant oil and gas reserves through an active drilling program with further emphasis on natural gas. Selective acquisitions will be evaluated in areas which would benefit the Company. /T/ Financial Results (000s, except per share amounts) 1997 1998E 1999E Gross revenue $25,215 $22,600 $32,700 Cash flow $ 12,202 $ 8,000 $15,500 Per share Basic $ 0.52 $ 0.33 $ 0.61 Fully diluted $ 0.51 $ 0.33 $ 0.60 Capital expenditures (net) $ 63,454 $12,500 $12,000 Ending debt, net of working capital $ 32,129 $35,500 $31,000 ----------------------------------------------------------- /T/ Pursuit is a Calgary-based, publicly traded oil and natural gas company with operations in British Columbia, Alberta and Saskatchewan.

To: Kerm Yerman who wrote (15108)	2/1/1999 9:03:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Courage Announces Year-End Reserve Evaluation And Production TSE SYMBOL: CEO FEBRUARY 1, 1999 CALGARY, ALBERTA--Courage Energy Inc. (TSE-CEO) announces that its oil and natural gas properties have been evaluated by the independent engineering firm of McDaniel and Associates Consultants Ltd., effective January 1st 1999. The McDaniel report is summarized as follows: /T/ Reserves(Volume): ----------------- OIL NGL GAS TOTAL (bbls) (bbls) (Mcf) (BOE) -------------------------------------------------------------- Proven Remaining: 2,182,400 1,003,500 49,553,000 8,141,200 Probable Additional: 987,700 322,000 11,898,500 2,499,550 (Unrisked) -------------------------------------------------------------- Total: 3,170,100 1,325,500 61,451,500 10,640,750 Present Worth Values ($): ------------------------- Discounted @ Undiscounted 10 12.5 15 (percent) (percent) (percent) -------------------------------------------------------------- Proven Remaining: $103,991,400 $68,122,300 $63,042,100 $58,761,300 Probable Additional: 35,236,700 14,930,200 12,779,500 11,100,200 (Unrisked) -------------------------------------------------------------- Total Reserve Value: $139,228,100 $83,052,500 $75,821,600 $69,861,500 /T/ These reported numbers represent a 41 percent increase in proven reserve volumes over the prior year. The Present Worth Value, discounted at 12.50 percent, represents a 24 percent increase from 1998 despite a 26 percent decrease in the price of oil. New additions prior to adjustments were 3,476,600 proven barrels of oil equivalent (BOE) and an additional 285,360 probable BOE. Production volumes during the month of December averaged 2,510 boe/d. Current production is approximately 2,700 boe/d representing a 34 percent increase compared to the first quarter 1998 average production. Additional production gains during the first quarter 1999 are expected from pipeline construction at Beatton River, British Columbia, Leduc, Alberta and Fiskerton, U.K. Courage is expecting a strong first quarter since most of the production gains are from natural gas that are benefiting from higher prices Courage Energy Inc. is an oil and natural gas company with operations in western Canada and the onshore United Kingdom. The principal business is the exploration, development and production of oil and natural gas. The Company has 24,948,117 common shares issued and outstanding that are listed on the Toronto Stock Exchange under the symbol CEO.

To: Kerm Yerman who wrote (15108)	2/1/1999 9:10:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Algonquin Petroleum Completes Oil Well ASE SYMBOL: AGQ FEBRUARY 1, 1999 CALGARY, ALBERTA--Algonquin Petroleum Corporation (ASE - AGQ) announces that the Talisman Romney 5-9-I horizontal well, in which Algonquin holds an overriding royalty, has been completed as an oil well. It is producing during daylight hours only at the rate *of approximately 16 bopd, no water, and is expected to produce about 30 bopd when it goes on full production. Production from the Zama Member of the Virgo 11-33 gas well, in which Algonquin holds a 2/3 interest, has been suspended due to increased water production. Options for remedial action or recompletion uphole are being evaluated. Production from the Gaiswinkler Colchester South 81-I horizontal well, in which Algonquin holds a 10 percent interest has risen to approximately 45 bopd plus a substantial volume of water.

To: Kerm Yerman who wrote (15108)	2/1/1999 9:12:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / Superior Investment Trust - Purchase of Superior Propane Income Trust Units FEBRUARY 1, 1999 CALGARY, ALBERTA--The Superior Investment Trust announced today the purchase on the open market of 6,500 trust units of the Superior Propane Income Fund (the "Fund") at $15.05 per trust unit. With this purchase, the Superior Investment Trust holds 4,577,195 trust units or slightly more than a 10 percent interest in the Fund. The Superior Investment Trust was formed in May of 1998, when a group of senior executives of Superior Propane Inc. together with funds managed by Enterprise Capital Management Inc. acquired from Union Pacific Resources Inc. ("UPRI") a 10 percent ownership of trust units in the Fund as well as UPRI's rights under the Management and Administration agreements with Superior and the Fund, respectively. As the Fund's outstanding capital increases as a result of the issuance of additional trust units from treasury due to the exercise of options or otherwise, the Superior Investment Trust intends to purchase, from time to time, additional trust units of the Fund to maintain its 10 percent ownership interest. Superior Propane Income Fund trust units trade on the Toronto Stock Exchange under the trading symbol SPF.UN. There are 45.76 million units outstanding.

To: Kerm Yerman who wrote (15108)	2/1/1999 10:10:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Fletcher Challenge Energy Chooses Kelman Technologies for the Archival, Storage and Management of Their Exploration Data Library KTI's DMASS Solution Chosen to Improve Efficiency, Add Value, and Reduce Exploration Costs CALGARY, Feb. 1 /CNW/ - Kelman Technologies Inc. a high technology solutions provider specializing in the energy services industry, announced today that Fletcher Challenge Energy Canada Inc. a Calgary-based oil and gas exploration, development and production company, has signed an agreement to archive and maintain essential components of their seismic library, on-line, through Kelman's Archive Division. The agreement was signed as a result of a successful 'pilot' project, conducted and evaluated in late 1998. ''We have thoroughly evaluated the Kelman Solution in addressing our on-line data management and retrieval requirements for our seismic data,'' said Jeff Allison, Geophysical Operations Supervisor at Fletcher Challenge Energy Canada. ''We have been extremely impressed with Kelman's professional services and attention to detail. It is obvious that this solution has been engineered end to end,'' he said. Kelman's comprehensive suite of seismic data management services extend from fundamental, bit for bit data reproduction services to fully integrated on-line seismic data collections. Kelman's flagship service, DMASS, allows instantaneous retrieval of seismic data, 24 hours a day, seven days a week, providing clients with clear cost savings and improved exploration workflow. DMASS transparently delivers data to client sites through a secure, high-speed fibre optic connection. Kelman's service includes stringent quality control and data audit practices during the archival process and for every on-line transaction, allowing client companies to confidently leverage the full value of this critical asset through immediate desktop access or data sales and trades. This agreement enhances and strengthens Kelman as a leader in the electronic information transaction business. KTI services oil and gas exploration clients with a full suite of geophysical processing, data archiving and on-line management services. Its two divisions, Kelman Seismic Processing and Kelman Archives support a growing number of international clients from its two offices in Calgary, Alberta and Houston, Texas. Kelman Technologies Inc. is a publicly traded company listed on The Toronto Stock exchange, trading symbol KTI. Fletcher Challenge Energy Canada Inc. is a Calgary-based company engaged in the exploration, development and production of oil and gas, primarily in the Plains region of western Canada. FCE Canada earns approximately one-third of the revenues for Fletcher Challenge Energy, a global energy enterprise listed on the New Zealand, Australia and New York stock exchanges.

To: Kerm Yerman who wrote (15108)	2/1/1999 10:12:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Bakrie Minarak Energy Inc. Yemen Drilling Update CALGARY, Feb. 1 /CNW/ - Bakrie Minarak Energy Inc. (ASE:BAK.A) announces its first exploration well on the R-2 Block in Yemen is being plugged and abandoned. The Daw'an no.1 is the first well drilled on the Block and is located 30 kilometers from the nearest well. Two sandstone intervals had positive indications of oil in the mud tanks, side wall cores, and on log analysis. Interval 1342-1349 m. tested at a rate of 1,562 barrels of water per day with minor amounts of oil. The second, from 1297-1306.5 m., tested 1,646 barrels of water per day with minor oil shows. A third test interval higher in the hole was cancelled. The well results will be assessed and integrated with existing geological and geophysical data to assist in planning the future program for exploration in this 700,000 acre block. Bakrie has a 50% interest in the R-2 Block.

To: Kerm Yerman who wrote (15108)	2/1/1999 10:15:00 PM
From: Kerm Yerman	Read Replies (7) \| Respond to of 15196

SERVICE SECTOR / International Datashare Corporation - Shareholders Rights Plan Update CALGARY, ALBERTA--The Company announces that on January 25, 1999, the Board of Directors adopted a Shareholders Rights Plan (the "SRP"). The SRP, as adopted, is subject to both regulatory and shareholder approval. The Company will seek shareholder approval of the SRP at the Annual General Meeting to be held on March 2, 1999, at the Company's Head office, in the City of Calgary. Details of the SRP are contained in the Information Circular which has been disseminated to the shareholders, copies of which may be obtained from the Company. In addition, a draft copy of the Shareholders Rights Agreement is available for review at the Company's Head Office.