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Gold/Mining/Energy : HYDUKE Capitol Resources HYD

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To: Tom McIlwain who wrote (57)	10/16/1998 11:01:00 AM
From: Tom McIlwain	Read Replies (1) of 135

Hyduke Capital Resources Ltd - 3mo results Hyduke Capital Resources Ltd HYD Shares issued 7,464,000 1998-10-15 close $0.95 Friday Oct 16 1998 Mr. John Babic reports Net income for the three month period ended July 1998 was $41,000 as compared to $510,149 in the same period of 1997. Revenues for the first quarter of 1998 were $5.1-million compared to $6.8-million in 1997. The decrease in net revenues is largely the result of increased costs in the development of Hyduke's proprietary service rig drawworks which have been mostly absorbed in the first quarter. The effect of the economic downturn in the oil industry has negatively impacted on the company's operating results for this quarter. Heavy oil has been hit especially hard. Management has begun implementing organizational and price changes in reaction to the downturn in demand for oil industry services in May 1998. As a result of these management decisions the company has been able to retain profitability throughout this difficult period for oil and gas servicing companies. The company continues to have a strong balance sheet and is actively exploring expansion opportunities.

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