Post Practice For KK - Temporary Message Board

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Gold/Mining/Energy : Post Practice For KK - Temporary

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To: RJL who wrote (67)	5/29/1998 2:51:00 AM
From: Kerm Yerman	of 122

Richard Your postings are good. One last thing --- separate paragraphs as reflected below. ---------------------------------------------------------------------- (ORIGINAL) Production for the first quarter reached 600 barrels oil equivalent per day, a 32% increase over the corresponding period last year. Production is broken down into 4.14 million cubic feet per day of natural gas and 186 barrels per day of crude oil and natural gas liquids. Two gaswells (0.06 net) were drilled during the quarter at no cost to the company. Cash flow from operations was $282,000 or $5.22 per barrel equivalent produced. Cash flow for the quarter was negatively impacted by non recurring operating cost adjustments of some $150,000 relating to the Atlee property acquisition. This adjustment also resulted in a loss for the quarter of $44,000. Positive earnings are projected for the balance of the year along with cash flow for the last three quarters of 1998 projected at $8.00 per barrel equivalent produced. Sales revenues after royalties were down 17% on a unit of production basis from the first quarter of last year to $17.54 per barrel equivalent. Development drilling at Provost is scheduled to start later in the summer. Prism has an average 43% working interest in ten prospective Viking oil locations and several infill gas locations in the 31.2% interest Provost Unit. ---------------------------------------------------------------------- (SEPARATION) Production for the first quarter reached 600 barrels oil equivalent per day, a 32% increase over the corresponding period last year. Production is broken down into 4.14 million cubic feet per day of natural gas and 186 barrels per day of crude oil and natural gas liquids. Two gaswells (0.06 net) were drilled during the quarter at no cost to the company. Cash flow from operations was $282,000 or $5.22 per barrel equivalent produced. Cash flow for the quarter was negatively impacted by non recurring operating cost adjustments of some $150,000 relating to the Atlee property acquisition. This adjustment also resulted in a loss for the quarter of $44,000. Positive earnings are projected for the balance of the year along with cash flow for the last three quarters of 1998 projected at $8.00 per barrel equivalent produced. Sales revenues after royalties were down 17% on a unit of production basis from the first quarter of last year to $17.54 per barrel equivalent. Development drilling at Provost is scheduled to start later in the summer. Prism has an average 43% working interest in ten prospective Viking oil locations and several infill gas locations in the 31.2% interest Provost Unit.

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