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Gold/Mining/Energy : KERM'S KORNER
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To: SofaSpud who wrote (12443)9/23/1998 8:55:00 PM
From: Kerm Yerman  Read Replies (1) of 15196
 
EARNINGS / Grace Resources First Quarter Report

CALGARY, Sept. 23 /CNW/ - GRACE RESOURCES INC. (''GRI'') reports that for
the three-month period ended July 31, 1998, its loss was $18,955 ($0.005 per
share) as compared to a loss of $8,666 ($0.001 per share) for the same period
in 1997. This increase was caused by expenditures incurred to facilitate the
company's acquisition of oil and gas properties as its Major Transaction. The
transaction was completed and announced in August, subsequent to the quarter
end.

Grace intends to add shareholder value by pursuing advantageous oil and
gas asset acquisitions.

Grace Resources Inc. (''GRI'') is a publicly traded company on The
Alberta Stock Exchange.

The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein.
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