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Gold/Mining/Energy : KERM'S KORNER

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To: Arnie who wrote (9201)	2/23/1998 8:30:00 PM
From: Herb Duncan	of 15196

EARNINGS / Ramarro Resources Inc. 1998 First Quarter Results ASE SYMBOL: RMA FEBRUARY 23, 1998 CALGARY, ALBERTA--Ramarro Resources Inc. announces its 1998 first quarter results for the period ended December 31, 1997. /T/ FIRST QUARTER 1997 1996 -------------------- Revenue $795,050 $654,058 Cash generated from operations $343,058 $269,237 Cash flow per share $ 0.021 $ 0.024 Net earnings $128,213 $111,511 Per share $ 0.008 $ 0.010 Natural gas sales Total (mmcf) 247.9 197.9 Daily (mmcf) 2.69 2.15 Average natural gas price per mcf $2.22 $2.04 /T/ Increased natural gas volumes and better prices produced enhanced financial results for the first quarter of the 1998 fiscal year. The number of common shares now outstanding is significantly higher due to the shares issued for the acquisition of Ripple Resources and for the conversion of preferred shares and debentures. Subsequent to the end of the quarter a second well was drilled at Orion in NE British Columbia and is presently being tested. This well completed the terms of earning under a farmout agreement.

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