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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9830)	3/30/1998 11:46:00 PM
From: Kerm Yerman	of 15196

SERVICE SECTOR - SPEC 20 LISTED / Tetonka Drilling 1997 Results TETONKA DRILLING INC. RESULTS OF OPERATIONS FOR THE PERIOD ENDING DECEMBER 31, 1997 CALGARY, March 30 /CNW/ - Tetonka Drilling Inc. is pleased to announce its audited financial results for the initial six month period ending December 31, 1997. Revenues were $1.38 million compared to projected revenues of $1.15 million. Funds provided by operations were $392 thousand ($0.11 per share) which was 78 percent higher than projected funds flow from operations of $141,000. Net income for the period was $141 thousand ($0.04 per share) compared to projected net income of $21 thousand. Tetonka commenced revenue generating operations on September 29, 1997 upon fielding the Company's first new build drilling rig. The Company commissioned its second rig on November 24, 1997 and completed construction of its third rig by December 31. Rig 3 began drilling operations on January 2, 1998. The Company has maintained its forecast rig construction, operating schedule and financial projections for the period ending December 31, 1997 and is pleased to report that it has completed construction of its sixth rig as of the date of this release.

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