EARNINGS / Maxwell First Quarter 1998 Results Show Improvement
ASE, VSE SYMBOL: MWL
MAY 26, 1998
CALGARY, ALBERTA--The Board of Directors of Maxwell Oil & Gas Ltd.
is pleased to announce the Company's first quarter, 1998 unaudited
financials.
Results for the three month period ended March 31, 1998 showed
revenue from petroleum and natural gas sales (net of royalties)
was $1,037,109 versus the $769,758 reported for the same period a
year ago, while revenue from petroleum and natural gas contracts
that the Company has in place provided incremental revenue of
$591,355 versus the $326,287 reported a year ago. Cash flow for
the three months climbed to $1,137,268 ($0.13 per share) versus
the $613,087 ($0.08 per share) reported for the same period a year
ago, while earnings for the three month period increased to
$157,637 ($0.02 per share) versus $11,740 ($0.00 per share) a year
ago.
As a consequence of two recent acquisitions at Mica, B.C. and
Mitsue, Alberta and continued drilling success at the Company's
Blue Rapids, Alberta property, average production for the quarter
jumped to 648 barrels of oil equivalent per day (boepd), versus a
December, 1997 exit rate of 475 boepd.
Interested parties are reminded that Maxwell will be presenting at
the SEPAC Investment Symposium at 4:50 p.m. on Tuesday, May 26,
1998, in the Mayfair Room of Calgary's Westin Hotel and that the
Company's Annual General Meeting will be held at 4500 Bankers Hall
East, 855 - 2nd Street S.W., Calgary, Alberta on Thursday, May 28,
1998, at 3:00 p.m.
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