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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Tomas who wrote (65281)	4/26/2000 10:24:00 AM
From: Tomas	Read Replies (1) of 95453

OIL BOOM IS A BLAST - Calgary Sun, April 26 By TODD NOGIER, BUSINESS EDITOR What once were predictions is reality -- we have hit an oil boom. That's what analysts are saying following another oil patch heavyweight's record quarterly numbers. Calgary-based Petro-Canada reported earnings from operations hit $148 million in the first three months of the year -- its best-ever for the period. "Companies are still reluctant to use the 'b' word because they're wanting to be very disciplined -- but it's here. We've hit a boom," said Peter Linder, market analyst with Harris Partners in Calgary. Linder said Petro-Can's numbers, combined with those of Alberta Energy Co. and others, finally puts in print the boom is here and is likely to last for a while. "When the government counts its money from royalty revenues and land sales later this year, they'll be very pleasantly shocked," he said. Market conditions helped boost Alberta Energy's profits a staggering six times higher to $121 million. PanCanadian had a 389% increase in earnings over the quarter while Canadian Occidental's quarterly profits were a record at $137 million. Calgary-based Canadian Hunter Exploration Ltd. reported a 148% increase yesterday in net income for the quarter to $24.8 million. "Calgary is an exciting place right now as the economy seems to be firing on all cylinders -- many sectors are seeing very positive numbers, not just the oilpatch," said Chamber of Commerce president Kevin Gregor. "It's a much better problem when you have money in the bank and I've got to go look for a solution than when I don't have money in the bank and I've got to kick people out of those jobs."

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