Canadian 88 writes down reserves, plans assets sale

Article Abstract:

Canadian 88 Energy Corp. plans to sell some non-core assets to help finance its exploration program. The company has booked 536-billion cubic feet of gas reserves for the year 1999, compared with 754-billion cubic feet at the end of 1998. Canadian 88 were in trouble when its debt levels rose faster than its cash flow. The company also reported a loss of $8-million or 6 cents a share in the late three months of 1999. Quarterly revenue rose to $26.4-million from $17.7-million. The company continues to be hampered by contracts to sell gas at lower than market prices, but the company's finances should improve after these contracts expire at the end of October.

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Arctic pipeline seen as Canadian boon

Article Abstract:

TransCanada Corp.'s chief executive, Hal Kvisle, said that a proposed Arctic gas and oil pipeline could be a major boon to Canada. The 5 billion Canadian dollar project could drive growth in Alberta's northern oil sands.

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Talisman hungry to tap oil reserves in Libya: Close to striking exploration deal

Article Abstract:

Talisman Energy Inc. is planning to tap oil reserves in Libya as the country works to shed its image as a pariah state. The Calgary-based senior producer is close to striking an exploration deal in Libya, giving it access to valuable oil reserves in North Africa and trying to monitor improved relations between Libya and the West.

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