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

To: Kerm Yerman who wrote (15118)	2/2/1999 5:47:00 PM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Veritas DGC Inc. Acquisition VERITAS ACQUIRES TIME SEISMIC EXCHANGE LTD. HOUSTON, TEXAS-- Veritas DGC Inc. announced today the completion of its acquisition of the parent company of Time Seismic Exchange Ltd. ("Time Seismic" or "Time"), a Canadian seismic data library company. Time Seismic will continue to operate as a separate business unit under the leadership of Richard Earle. Time will continue to build its growing library of non-exclusive 2D and 3D seismic data for customers in Canada. Time Seismic owns over 3,800 kilometers of 2D data in the Western Canadian basin. Time will be adding an additional 225 kilometers of 2D data to its latest library program. Veritas DGC Inc., (NYSE &TSE: VTS) headquartered in Houston, is a leading provider of land, transition zone and marine-based seismic data acquisition, seismic data processing, and multiclient data sales to the petroleum industry. Veritas operates seven divisions in selected markets worldwide and, based on revenue, is the fifth largest geophysical services provider.

To: Kerm Yerman who wrote (15118)	2/2/1999 5:49:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Cubacan Exploration Inc. Financing Activity Update CALGARY, Feb. 2 /CNW/ - Cubacan Exploration Inc. (''Cubacan'') is pleased to announce the signing of an Engagement Letter Agreement with Dominick & Dominick Securities Inc. of Toronto which, if fully subscribed, would raise up to $8,500,000 through a Prospectus Rights Offering. Management intends to participate in the offering and anticipates the preliminary prospectus to be filed later this month. The prospectus proceeds will be used to finance the Company's ongoing capital requirements for its exploration and development activities throughout 1999. EXPLORATION ACTIVITY UPDATE Block 22 Cubacan currently holds a 15% working interest through Macdonald Oil Exploration Ltd. (''MACO'' on CDN) on this block which is currently operated by Genoil Inc. (''GNOL'' on CDN), a company controlled by Beau Canada Exploration Ltd. Genoil recently completed an additional 100 km 2-D seismic program which has identified a drillable prospect. It is anticipated that the Angelito IX well will commence drilling in the second quarter of 1999 with Genoil, Macdonald and Cubacan as participants. Block 17 La Victoria South: Cubacan is actively seeking joint venture partners to participate in drilling of Cubacan's third target, La Victoria South No. 1, which is scheduled for the third quarter of 1999. This prospect is a carbonate reef play located at a depth of approximately 3,600 meters. This structure has a 4 km(2) area of closure and a vertical closure of approximately 300 meters, as verified by an independent engineering firm. Farola North No.1: Cubacan delayed the production testing of this well to the third quarter of 1999 as a result of the inability to obtain financing in this prevailing equity market. Once the funds are in place to proceed, the Company intends to production test Farola North No. 1 and actively pursue other drilling locations in the immediate area. Block 16 Cubacan management elected to relinquish its interest in block 16 back to Cupet at the end of 1998. While a difficult decision, management felt in light of continuing low commodity prices and soft equity market, that it was prudent to direct all available capital toward the Company' short term drillable prospects located on Block 17 and Block 22. Cubacan is a Calgary based junior oil and gas exploration company with interests solely in Cuba. Cubacan is listed on the Alberta Stock Exchange (ASE) with shares trading under the ''CCX''. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

To: Kerm Yerman who wrote (15118)	2/2/1999 5:51:00 PM
From: Kerm Yerman	Respond to of 15196

CORP ANNOUNCEMENT / Newstar Resources Inc. Announces Corporate Turnaround Plan HOUSTON, TX and MONROE, MI, Feb. 2 /CNW/ - Newstar Resources Inc wishes to announce the implementation of an aggressive corporate turnaround plan. The foundation of the plan is to stabilize the Company's vendor debt, seek the cooperation of its senior and other lenders, and develop its core natural gas assets in Michigan and Texas. Recently, Newstar concluded an agreement with a key group of creditors, which included Baker Hughes, Midway Tristate, Schlumberger, Weatherford and others, implementing a corporate turnaround strategy. The plan considers all trade creditors and lenders. It also contemplates the importance of realizing the value in Newstar's undeveloped acreage. To assist with implementing the plan, the Company has hired Mr. David L. Pratt as Workout Manager, an independent consultant who is experienced with oil and gas turnarounds. To implement the plan, Mr. Pratt will have the necessary authority to negotiate joint venture and other agreements, buy or sell assets for the benefit of the Company, and evaluate current general and administrative costs. Also, Newstar's primary lender, CIBC Oppenheimer has noticed the company of defaults in certain loan provisions, including maintenance of the required current ratio and existence of liens on certain properties. CIBC Oppenheimer also has redetermined the Company's borrowing base from $10 million to $6 million and according to the credit agreement the company can cure the deficiency over a six-month period. Newstar has met with CIBC to discuss the curing of defaults and possible turnaround scenarios. Another meeting is set for early February at which Newstar will present its plan. Subsequent to that meeting, Newstar, its Workout Manager and vendor representatives will present a plan to all creditors and solicit their input and co-operation. ''Faced with the weakest industry conditions in over a decade, the Company is taking decisive action to protect its future cash flow and the interests of the Company's creditors and shareholders,'' said Jack Piedmonte, President. ''The Company's current working capital deficiency has severely hampered Company growth and, consequently, is at the root of Newstar's stock price erosion.'' ''Although management has already executed a cost reduction program, more cuts will be forthcoming. Newstar has a tremendous inventory of undeveloped proven properties that are ready to drill. Developing these properties will have an immediate impact by significantly increasing cash flow and increasing the Company's bank borrowing base. Therefore, a core element of our turnaround plan includes developing these properties. I believe that Mr. Pratt will greatly assist in these efforts,'' continued Piedmonte. Michigan-based Newstar Resources Inc. is an independent natural gas and oil exploration and production company with operations in Michigan, Ohio and Texas. The company is listed on the Nasdaq National Market System under the symbol NERIF and the Toronto Stock Exchange under the symbol NER. Newstar cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such factors including, but not limited to, volatility of oil and gas prices, product demand, market competition, imprecision of reserve estimates, the Company's ability to replace and expand oil and gas reserves, and other risks detailed herein and from time to time in the Securities and Exchange Commissions filings of the Company.

To: Kerm Yerman who wrote (15118)	2/2/1999 5:54:00 PM
From: Kerm Yerman	Read Replies (8) \| Respond to of 15196

FIELD ACTIVITIES / Ranger Oil Limited Banff and Pierce Fields in the U.K. North Sea on Production CALGARY, Feb. 2 /CNW/ - Ranger Oil Limited is pleased to announce that the Banff and Pierce fields commenced production during this past weekend. The Banff field is expected to reach full production of 60,000 barrels of oil per day (bopd) shortly and Pierce will achieve its plateau rate of 45,000 bopd in two months time. Combined, these fields will provide Ranger approximately 22,000 barrels per day of light oil and 8 million cubic feet of sales gas per day. The Kyle field, which lies 12 kms. from the Banff field, will be tied into the Banff facilities this summer and contribute an additional 4,000 bopd net to Ranger. Both the Banff and Pierce fields were discovered by Ranger and are located approximately 200 kms. east of Aberdeen in the U.K. sector of the North Sea. The Pierce field is named after Ranger's late founder, Jack Pierce. Fred Dyment, Ranger's President and C.E.O. commented, ''The start-up of these two fields represents a new milestone for Ranger in the North Sea. Both fields were discovered by Ranger and developed utilizing cost-effective and innovative concepts. The combined production from Banff and Pierce will represent approximately 30 percent of Ranger's total oil production this year and will set the stage for a further increase with the commencement of the Kyle field in about six months time.'' Ranger's interests in the fields are as follows: Field Percent Banff 26.2 Pierce 15.6 Kyle 40.0

To: Kerm Yerman who wrote (15118)	2/2/1999 5:57:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITES / Range Petroleum Corporation Activity & Financing RANGE PETROLEUM CORPORATION CLOSES PRIVATE PLACEMENT, CONDUCTS COMPLETION OPERATIONS AT LAMBTON COUNTY AND COMMENCES DRILLING AT CRANBERRY VANCOUVER, BC-- Range Petroleum Corporation reports that it has closed its flow-through and unit private placement for gross proceeds of $2,199,783. Of the 2,749,728 securities subscribed for, 2,094,700 were flow-through shares and 655,028 were units. The units consist of one common share and one-half of one non-transferable share purchase warrant. One half of one warrant plus $0.80 is required to purchase one additional common share for one year. All shares issued are subject to a four-month hold period from closing. Range Conducts Completion Operations The Company reports that it has completed drilling a second oil well in southwestern Ontario and is now conducting completion operations on that well. Range has another well licenced in the gas prone, Bradshaw area and intends to conduct further 3-D seismic programs in the near future. Cranberry, Alberta Well Spudded In Alberta, drilling operations commenced on January 31, 1999 and on the Range et al Botha 13-14-98-3 W6M well. This exploratory well located in the Cranberry/Chinchaga area of Northern Alberta will be drilled to the Precambrian formation at a depth of 8,200 feet. Projected drilling costs are $940,000 and completed cost will be $1,200,000. The well will take approximately 25 days to drill and test. Range will retain 20% W.I. in this well and 10% to 20% W.I. in a total of 48 sections of P&NG leases and licenses controlled by it and its partners surrounding this well. This location resulted from the $3,200,000 3-D seismic program Range participated in last winter with Amoco Canada Petroleum Company Ltd. and CPC Canada Corp. The prospect is a multi-zone gas opportunity with the Slave Point as the primary target.

To: Kerm Yerman who wrote (15118)	2/2/1999 5:59:00 PM
From: Kerm Yerman	Respond to of 15196

PROPERTY ACQUISITION / Dorchester Energy Acquires Assets in Eastern Alberta CALGARY, Feb. 2 /CNW/ - Dorchester Energy Inc. has acquired a 50% working interest in a producing gas property in eastern Alberta. The property consists of 37 sections of land (18.5 sections net) which is producing 1.2 mmscf/d gas (600 mscf/day net) from 6 wells. An independent engineering firm has assigned a value of $1.1 M to Dorchester's net interest for proven producing reserves. The property has also been assigned proven and probable reserves of 2.4 bcf net to Dorchester. The acquisition was financed through a combination of cash and debt.

To: Kerm Yerman who wrote (15118)	2/2/1999 6:01:00 PM
From: Kerm Yerman	Read Replies (7) \| Respond to of 15196

SERVICE SECTOR / Serval Integrated Energy Services Announces $3.25 Million Private Placement CALGARY, Feb. 2 /CNW/ - Serval Integrated Energy Services announced today that it has received subscriptions which will allow it to close a private placement of Subordinated Convertible Debentures totaling $3.25 million, subject to the approval of the Alberta Stock Exchange. Yorkton Securities Inc. acted as agent on behalf of Serval in this transaction. The Subordinated Convertible Debentures are due January 31, 2004, bear interest at 7.5 per cent and are convertible into units of Serval Integrated Energy Services at $3.25 per unit. The proceeds of the debenture will be applied to capital expenditures related to Serval's entry into the coiled tubing drilling market and to working capital. This placement is the second successful financing for Serval in the last month. On January 8, 1999 Serval announced the closing of a $10.4 million sale/leaseback financing with a major U.S.-based financial organization. Serval provides integrated energy services throughout Western Canada. Serval units are listed for trading on the Alberta Stock Exchange under the trading symbol SI.UN. Currently there are 4,778,160 Serval units outstanding.