CORP. SERV. 10 LISTED / Fracmaster Revises Earnings Estimates
FRACMASTER'S REVISED 1998 EXPECTATIONS
CALGARY, June 2 /CNW/ - Further to Fracmaster's press release of earlier
today, the Company wishes to provide additional information with respect to
its earnings expectations for 1998.
If current low world crude oil prices persist for the balance of 1998,
the Company expects earnings per share to be in the range of $0.75 to $0.80.
This adjustment downward of approximately 30% from general analysts' estimates
reflects the Company's assumption that crude oil prices will remain at current
low values for the balance of 1998.
Fracmaster Ltd. is an international oil and gas service and production
company which is listed on the New York Stock Exchange, the Toronto Stock
Exchange and the Montreal Exchange, and trades under the symbol ''FMA''. For
further information on the Company, please visit our website at
fracmaster.com.
This press release contains forward-looking statements that are subject
to risk factors associated with the oil and gas business. Fracmaster believes
that the expectations reflected in this release are reasonable, but results
may be affected by a variety of variables including, but not limited to, price
fluctuations, currency fluctuations, drilling and production results of our
customers and partners, industry competition, environmental risks, political
risks and capital restrictions.
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For further information: Les Margetak, President and Chief Executive
Officer, or Gary T. Sherkey, Senior Vice President, Finance & Administration,
Chief Financial Officer, Fracmaster Ltd., (403) 262-2222, Fax: (403) 266-0505
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