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

To: Herb Duncan who wrote (15148)	2/4/1999 8:05:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / FIRSTLAND Energy Limited: Exploration Update ASE SYMBOL: FLD FEBRUARY 4, 1999 CALGARY, ALBERTA--FIRSTLAND Energy Limited (FIRSTLAND) announces that the 10-27-94-8 W6 well drilled on Company lands in the Chinchaga (Halverson) area reached a total depth of 2755 meters and was subsequently abandoned. At the Otter Lakes in north central Alberta a 1750 meter test slated to be drilled this winter has been cancelled. An industry partner currently holds an option to drill the well next year. At Frog Lake, in east central Alberta, a gas well drilled on Company lands is currently producing in excess of 800 mcf/day. FIRSTLAND holds a 15 percent overriding royalty in the well convertible to a 55 percent working interest after payout. FIRSTLAND holds non-convertible overriding royalties on two gas wells at Acadia Valley (15 percent) and one gas well at Lethbridge (5 percent) that have recently been put on stream. Also a Chinchaga/Botha, FIRSTLAND holds a non-convertible royalty (15 percent) on two gas wells that are expected to be on stream shortly.

To: Herb Duncan who wrote (15148)	2/4/1999 8:06:00 PM
From: Herb Duncan	Respond to of 15196

CORP / NRI On-Line Inc. Announces the Signing of Contracts ASE SYMBOL: NDA FEBRUARY 4, 1999 CALGARY, ALBERTA--NRI On-line Inc. (NDA: ASE) today announced the signing of two major contracts. A five-year contract has been signed with Talisman Energy for the storage and maintenance, additional archival services, on-line data services and copy services of Talisman Energy's seismic library. Additionally, a contract was signed with Mobil Oil Canada to copy a significant block of marine data from the East Coast of Canada. Talisman is one of NRI's pioneer clients, and NRI is very pleased to have them re-commit for another five-year term. To date, NRI has archived approximately 100,000 reels for Talisman and maintains a library of approximately 6 terabytes of data. Mobil Oil Canada's contract involves marine data for the SOEP (Sable Offshore Energy Project) group of companies, operating off the East Coast of Canada. SOEP is comprised of Mobil Oil, Shell Canada and Imperial Oil. NRI will store and copy a 6 to 8 terabyte marine project file. NRI presently stores a 2 terabyte 2D marine file for the Parex Group, some data for the Atlantic GeoScience Council from the east coast and a smaller 3D(3 terabyte) project for the SOEP group of companies. Additionally, NRI has an existing contract with Mobil to convert and transcribe their (how much... You could say 'their entire' or 'a substantial part of their') seismic library for storage at NRI. NRI is a high volume virtual data storage and management company. Through NRI's open system solution, the company archives, manages and delivers integrated data on-line over wide area communications networks.

To: Herb Duncan who wrote (15148)	2/4/1999 8:09:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Murphy Oil Reviews Conference Call TSE SYMBOL: MUR.U NYSE SYMBOL: MUR FEBRUARY 4, 1999 EL DORADO, ARKANSAS--Claiborne P. Deming, President and Chief Executive Officer of Murphy Oil Corporation (NYSE - MUR) (TSE - MUR.U), provided an update of operating activities to the investment community and media representatives during a conference call on February 1, 1999. "Murphy, like every other oil company, is in the throes of a difficult situation," Deming said. "Our balance sheet provides the freeboard to allow us to continue a meaningful capital program anchored by a firm slate of development prospects. While thankful for the flexibility this provides, we must continue the prudent management of available resources." Highlights of the review of operations during the conference call follow: Exploration and Production -- Two deepwater wells are currently drilling in the Gulf of Mexico, one in the 'Auger' basin at Garden Banks 341 (Habanero, 33.8 percent), and one in the 'Enchilada' basin at Garden Banks Block 168 (Wadden Zee, 33.3 percent). A natural gas discovery well at East Cameron Block 38 (33.3 percent) is being completed and first production is expected by mid-year. -- Industry conditions will cause a slower pace of drilling on the Gulf of Mexico shelf this year. A well at Eugene Island Block 59 (30 percent, 18 percent carried) should spud near the end of the first quarter. In the deepwater Gulf, a well at Mississippi Canyon Block 538 (Medusa, 75 percent) will likely commence in the third quarter, and an offset well to the discovery in Viosca Knoll Block 827 (North Marlin, 30 percent) is expected to spud at mid-year. Should follow up drilling be necessary to evaluate any success at the currently drilling Garden Banks wells, activity at Mississippi Canyon Block 816 (Mamba, 30 percent) and Green Canyon Block 24 (Sidewinder, 42.5 percent) may be delayed until next year. -- Onshore South Louisiana, an offset to the discovery at the N.E. Wright field (50 percent) should spud in the late second quarter/early third quarter time frame. -- Frontier activity is highlighted by the successful conclusion of negotiations regarding several blocks offshore Malaysia. Murphy will be the operator and retain an 85 percent working interest in two shallow water blocks offshore Sarawak and an 80 percent working interest in a deepwater block offshore Sabah. -- Production in 1999 should average approximately 69,000 barrels of liquids and 230 million cubic feet of natural gas per day. Normal decline in U.S. gas production is being largely offset by new production from Eugene Island Block 335 (60 percent), South Pelto Block 18 (20 percent) and the Guidry well in the N.E. Wright field (50 percent). Refining, Marketing and Transportation -- The Meraux, Louisiana refinery is in turnaround and is expected to be back on stream in mid-February. Margins at the Superior, Wisconsin refinery are positive owing to the continued weakness in heavy oil pricing. The Milford Haven refinery has been in partial turnaround and margins there are weak. The Wal-Mart program is ramping up, with 32 service stations in operation, four under construction, and approximately 20 new sites in the process of obtaining governmental permits. The forward-looking statements reflected in this release are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. No assurance can be given that the results discussed herein will be attained, and certain important factors that may cause actual results to differ materially are contained in Murphy's January 15, 1997 Form 8-K on file with the SEC.

To: Herb Duncan who wrote (15148)	2/4/1999 8:10:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Baytex Energy - 1998 Fourth Quarter Asset Disposition Program Update TSE, ASE SYMBOL: BTE.A FEBRUARY 4, 1999 CALGARY, ALBERTA--Baytex Energy Ltd. (BTE.A - TSE, ASE) of Calgary is pleased to announce that its 1998 fourth quarter asset disposition program has generated proceeds totaling $85 million which successfully reduces the Company's indebtedness to the level required to ensure operating flexibility in a low oil price environment. Aggregate production from the disposed properties was 20.8 million cubic feet of gas per day and 570 barrels of oil and liquids per day, yielding a disposition value of $31,945 per producing BOE. Proved reserves disposed were 75 billion cubic feet (119 proved plus probable) of natural gas and 2.1 million barrels (3.1 proved plus probable) of oil and liquids, representing a disposition price of $8.85 per BOE of proved reserves ($5.67 proved plus probable). Total debt as at December 31, 1998, pro forma the proceeds from the above disposition program, would be approximately $119 million compared to the $203 million as at September 30, 1998. This pro forma debt is comprised of $87 million (US$57 million) of 7.23 percent senior secured term notes due November 2004 and $32 million of bank loans and working capital. This represents 2.9 times annualized cash flow based on current production levels utilizing US$13.50 WTI oil and $2.40 wellhead gas pricing assumptions. Baytex has successfully grown its production throughout 1998. Fourth quarter oil and gas production is estimated to average 18,100 BOE per day, which is 9 percent higher than the 16,686 BOE per day in the third quarter and 17 percent higher than the 15,486 BOE per day in the second quarter this year. Current production, after giving effect to the asset disposition, is approximately 15,000 BOE per day consisting of 5,100 barrels of light oil and liquids, 4,300 barrels of heavy oil and 56 million cubic feet of gas. The first quarter development drilling program should increase gas production by up to 8 million cubic feet per day by the end of this quarter. Owing to low oil prices, Baytex has not planned for any significant capital expenditures for its oil properties during the first quarter and this spending curtailment has resulted in the current shut-in of approximately 400 barrels per day of heavy oil production requiring workover expenses. The low oil price environment has caused Baytex to defer approximately one-third of its original 1999 capital budget that was allocated to exploitation drilling of the Company's heavy oil properties, thereby postponing the plan to increase heavy oil production by approximately 3,000 barrels per day during 1999. The remaining capital budget of $31 million is dedicated to development drilling for gas this winter in the Company's northwest Alberta areas, as well as an exploration program for gas in the same northern region. Baytex intends to manage its spending to commensurate with oil price recovery and may re-institute the spending on heavy oil should WTI price exceed the US $13.50 level. Furthermore, in order to ensure a threshold level of cash flow to fund its core programs, the Company has hedged 4,000 barrels of oil per day in 1999 at an average fixed price of C$20.51 for WTI postings on NYMEX. Baytex is pleased to announce the appointment of Mr. Deric S. Orton to the position of Vice-President, Land. Mr. Orton brings 19 years of experience to the Company and, most recently, served in a similar capacity for an intermediate exploration and production company. Over the past few months, Baytex has significantly strengthened its management team and technical groups to better position the Company for continued growth through focused exploration and development in its selected core areas to be augmented by opportunistic asset acquisitions and rationalization. Baytex is also pleased to announce that it has filed a separate Mutual Release and Partial Discontinuance of Action with Rio Alto Exploration Ltd. and with FirstEnergy Capital Corp. pertaining to an action filed in May 1998 in the Court of Queen's Bench of Alberta. Baytex Energy Ltd. is a Canadian company engaged in exploration, development and production of natural gas and crude oil. The Company's Class A shares are listed on The Toronto Stock Exchange and The Alberta Stock Exchange under the trading symbol "BTE.A".