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

To: Kerm Yerman who wrote (15143)	2/3/1999 9:42:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / HEGCO Announces Two New Discovery Wells and an Acquisition ASE SYMBOL: HEG FEBRUARY 3, 1999 OVERLAND PARK, KANSAS-- New Discovery Wells HEGCO Canada, Inc., today announced two new discovery wells. The Company has entered into an agreement to purchase a 24 percent interest in the Buchanan No. 1-13, and offset rights covering an additional 1,200 acres in Hughes County, Oklahoma. The well has tested 1.233 million cubic feet of gas per day at a total depth of 1,020 feet. Gas contracts have been negotiated and a pipeline is currently being installed. HEGCO also has the option to purchase an additional 10 percent interest in these properties. Secondly, HEGCO participated in the drilling of the K. Cavanaugh No. 1 well. Pipe has been set to a total depth of 6,000 feet to test and produce one of three gas and/or oil bearing zones. HEGCO owns a 12.5 percent interest in this well including offset rights. HEGCO has the option to purchase an additional 12.5 percent interest. HEGCO has participated or purchased these properties in line with the Company's stated Sphere 2 strategy of acquiring working interests using a combination of drilling credits, excess drilling rig capacity, cash and/or stock. Acquisition of the Eastern Oklahoma Project HEGCO has entered into an agreement to acquire working interests of between 73 percent and 80 percent before payout representing proved undeveloped reserves of approximately 1.3 bcf of gas, and probable reserves of approximately 2.0 bcf of gas and 200,000 barrels of oil (gross to the Company). Probable reserves have been discounted by 50 percent to account for risk. Under the terms of the agreement, HEGCO is being carried at no cost for the drilling of the first five wells. The purchase price is approximately $500,000USD and will be paid for through the issuance of HEGCO common shares. Management anticipates that this project will not only increase the Company's monthly revenues, but will also prove up additional drilling locations not included in the engineering report. The first location of this project is already underway, with drilling equipment set to spud this week. Certain of these transactions are subject to approval by the Alberta Stock Exchange. HEGCO management is pleased with the progress currently being made and remains committed to continuing the advancement of Company assets from probable to proven and from proven to producing in a cost effective manner. HEGCO Canada, Inc., is an Alberta Canada Corporation trading on The Alberta Stock Exchange under the Symbol: "HEG". The Corporation is an oil and gas production, service and drilling company with operations in Oklahoma and Arkansas. HEGCO is the developer and operator of multiple producing fields in Oklahoma and an oil servicing company which services over 150 companies in the mid continent area. On Behalf of the Board:

To: Kerm Yerman who wrote (15143)	2/3/1999 9:45:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Shiningbank Adds Gas Production and Facility Interests at Penhold TSE SYMBOL: SHN.UN FEBRUARY 3, 1999 CALGARY, ALBERTA--Shiningbank Energy Income Fund ("Shiningbank") continues to add to its gas production and facility infrastructure in the Penhold area of Alberta. Today the Fund announced the acquisition of 40 barrels of oil equivalent (boe) per day of production (80 percent gas), and a 20 percent working interest in the Canadian Forest Penhold gas processing facility, together with the related third party processing revenue for a cost of $626,600. The Penhold property produced 240 boe/d in February, 1998 when Shiningbank purchased and commenced operating the assets. Through a series of partner buyouts, well reactivations and production enhancements, production has been increased to 370 boe/d. Operating costs have been reduced from $7.25/boe at the time of acquisition to 1999's projection of $6.20/boe. The trust units of Shiningbank are listed on The Toronto Stock Exchange under the trading symbol "SHN.UN".

To: Kerm Yerman who wrote (15143)	2/3/1999 9:50:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY FUNDS / NCE Petrofund (NCF.UN) TSE/ME Normal Course Issuer Bid TSE, ME SYMBOL: NCF.UN FEBRUARY 3, 1999 TORONTO, ONTARIO-- John Driscoll, President of NCE Petrofund, announced today that, NCE Petrofund (the "Fund") intends to purchase up to 10 percent (4,870,790 trust units) of its public float in connection with a normal course issuer bid. As at the close of business on January 29, 1999 there were 48,812,696 units of the Fund issued and outstanding. All units purchased pursuant to the bid will be cancelled. Bid period The bid will commence February 5, 1999, and will remain open until the close of business on February 4, 2000, unless terminated earlier by the Fund. TSE / ME unit purchases The normal course issuer bid will be made through the facilities of The Toronto Stock Exchange and Montreal Exchange from time to time during the 12-month period beginning on the date of acceptance of the bid by the exchanges. Units undervalued The Board of Directors of NCE Petrofund Management Corp., the manager of the Fund, believes the trust units, which are currently trading at a significant discount to net asset value, are under-valued. NCE Petrofund NCE Petrofund is a member of NCE Resources Group which was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services.

To: Kerm Yerman who wrote (15143)	2/3/1999 9:52:00 PM
From: Herb Duncan	Read Replies (4) \| Respond to of 15196

CORP / Investment Advisory Clients of Southeastern Asset Management, Inc. Have Acquired 12.8 Percent of the Ordinary Shares of Gulf Canada Resources Limited For Investment Purposes NASDAQ SYMBOL: LLSCX FEBRUARY 3, 1999 MEMPHIS, TENNESSEE--Investment advisory clients of Southeastern Asset Management, Inc. ("Southeastern"), an investment adviser registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, have acquired as of February 2, 1999, 44,810,960 ordinary shares of Gulf Canada Resources Limited ("Gulf Canada"), amounting to approximately 12.8 percent of the 348,935,744 shares outstanding. Of this total, Southeastern has the sole power to vote 12,345,000 shares, shared power to vote 30,333,960 shares (held by Longleaf Partners Small-Cap Fund and Longleaf Partners International Fund), and no power to vote 2,132,000 shares. Southeastern does not own any shares for its own account. The 7,970,560 shares purchased since December 31, 1998 were acquired in unsolicited transactions executed on the New York or Toronto stock exchanges without payment of any premium other than normal brokerage commissions, or were acquired in direct purchases from less than 15 institutional sellers. The acquisition of shares on behalf of investment advisory clients of Southeastern is believed to qualify as an exempt offer not subject to the take-over bids provisions of the Canada Business Corporations Act. All of the subject shares were acquired for long-term investment purposes in the ordinary course of business by Southeastern's investment advisory clients without any intent to change management or influence management policies or operations, and Southeastern expressly disclaims that its clients' ownership of these shares constitutes control. Gulf Canada has adopted a shareholder rights plan which prevents ownership of 20 percent or more of its outstanding shares without approval of its Board of Directors. Southeastern Asset Management, Inc., located in Memphis, Tennessee, has more than $13 billion in client assets under management, including Longleaf Partners Fund, Longleaf Partners Small-Cap Fund, Longleaf Partners Realty Fund and Longleaf Partners International Fund, which are open-end investment companies registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940. Authorized by Charles D. Reaves; Vice President and General Counsel; Southeastern Asset Management, Inc., 6410 Poplar Ave., Suite 900, Memphis, TN 38119. Telephone (901) 761-2474