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To: Arnie who wrote (7413)	11/25/1997 7:49:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Optima Petroleum Financial Results - Third Quarter 1997 TSE SYMBOL: OPP NASDAQ SYMBOL: OPPCF NOVEMBER 24, 1997 VANCOUVER, BRITISH COLUMBIA--Optima Petroleum Corporation announced today the filing of its 10Q Third Quarter report with the Securities and Exchange Commission, for the period ended September 30, 1997. /T/ CONSOLIDATED BALANCE SHEET HIGHLIGHTS (all figures expressed in CDN $) PERCENT 30 SEP 97 31 DEC 96 CHANGE Working Capital $8,573,236.00 $1,288,511 plus 565 Long Term Liabilities $138,110.00 $3,407,552.00 plus 98 Shareholder's Equity $30,643,464.00 $6,119,670.00 minus 2 Number of Shares 11,001,346 11,318,894 minus 3 /T/ /T/ CONSOLIDATED STATEMENT OF OPERATIONS 3 MONTHS 3 MONTHS PERCENT 30 SEP 97 30 SEP 96 CHANGE Note (1) Total Revenue $1,892,262.00 $3,094,028.00 Revenue, Net of Royalties and Production Taxes $1,083,195.00 $2,454,771.00 EBITDA $446,415.00 $1,704,597.00 EBITDA per Share $0.04 $0.15 Cash Flow per Share $0.05 $0.14 Income (Loss) ($329,034.00) $329,702.00 Income (Loss) per Share ($0.03) $0.03 Gross Revenue Natural Gas $1,004,168.00 $1,908,106.00 Oil $888,094.00 $1,185,922.00 Volume Natural Gas (mcf) 287,952 811,541 Oil (bbls) 33,010 39,474 Weighted Average Number of Shares 11,212,969 10,816,953 3 MONTHS PERCENT 30 SEP 96 CHANGE (US Operations) Note(2) Total Revenue $2,464,937.00 minus 23 Revenue, Net of Royalties and Production Taxes $1,826,246.00 minus 25 EBITDA $1,243,015.00 minus 73 EBITDA per Share $0.11 minus 73 Cash Flow per Share $0.09 minus 64 Income (Loss) $654,736.00 minus 199 Income (Loss) per Share $0.06 N/A Gross Revenue Natural Gas $1,445,231.00 minus 31 Oil $1,019,706.00 minus 13 Volume Natural Gas (mcf) 418,853 minus 31 Oil (bbls) 34,150 minus 3 Note (1): Incorporates results from Canadian operations disposed of effective January 1, 1997. Note (2): Comparatives of U.S. Operations only /T/ /T/ CONSOLIDATED STATEMENT OF OPERATIONS 9 MONTHS 9 MONTHS 30 SEP 97 30 SEP 96 Note (1) Total Revenue $6,467,944.00 $8,972,277.00 Revenue, Net of Royalties and Production Taxes $4,247,722.00 $7,054,511.00 EBITDA $2,259,698.00 $4,804,086.00 EBITDA per Share $0.20 $0.44 Cash Flow per Share $0.19 $0.40 Income (Loss) $75,487.00 $925,040.00 Income (Loss) per Share $0.01 $0.09 Gross Revenue Natural Gas $3,343,767.00 $6,079,278.00 Oil $3,124,177.00 $2,892,999.00 Volume Natural Gas (mcf) 926,280 2,482,386 Oil (bbls) 111,018 101,981 Weighted Average Number of Shares 11,212,969 10,816,953 9 MONTHS PERCENT 30 SEP 96 CHANGE (US) Note (2) Total Revenue $6,749,282.00 minus 4 Revenue, Net of Royalties and Production Taxes $5,065,829.00 minus 16 EBITDA $3,403,189.00 minus 33 EBITDA per Share $0.31 minus 35 Cash Flow per Share $0.30 minus 36 Income (Loss) $920,978.00 minus 91 Income (Loss) per Share $0.09 minus 89 Gross Revenue Natural Gas $4,485,048.00 minus 25 Oil $2,264,234.00 plus 38 Volume Natural Gas (mcf) 1,263,432 minus 27 Oil (bbls) 78,665 plus 41 Note (1): Incorporates results from Canadian operations disposed of effective January 1, 1997. Note (2): Comparatives of U.S. Operations only /T/ MANAGEMENT DISCUSSION Definitive Merger Agreement Optima Petroleum Corporation and Middle Bay Oil Company, Inc. (NASDAQ: MBOC) in a joint press release dated November 18, 1997 announced that they are continuing to negotiate terms of a proposed merger agreement previously announced on October 27, 1997. Both companies have extended the prior deadline of November 18, 1997 for reaching a definitive agreement to December 5, 1997. Results of Operations Three Months Ended September 30, 1997 as compared to Three Months Ended September 30, 1996. A comparison of EBITDA between U.S. operations showed a decline of 74 percent from $1,243,015 to $446,415 (from $0.11 to $0.04 per share) due to an operating revenue decline combined with a $225,000 retroactive adjustment to royalties booked in the quarter. Income per share for the U.S. operations also decreased by $0.07 per share from the 1996 third quarter to the 1997 third quarter, or from net income of $329,702 to a net loss of ($329,034) the previous year. The gain on the sale of Canadian petroleum and natural gas interests was adjusted downward due to the payment of unanticipated Canadian crown royalty adjustments for the 1994 - 1996 period. A 130,901 mcf decrease in gas volume in the U.S. is responsible for 78 percent of the $572,675 decrease in total revenue. The remaining decrease results from a $2.96 decrease in U.S. oil prices between the third quarter 1997 and the third quarter 1996. Additionally, delays in our development drilling program at Backridge and East Haynesville have resulted in new producing wells not coming onstream until the latter part of the fourth quarter, 1997. The decrease in gas production is primarily due to a severe decline at Turtle Bayou, Louisiana. Currently the Company is recompleting three wells at Turtle Bayou in previously unexploited pay zones. The sale of Canadian operations has made a significant impact on the balance sheet. Total assets at September 30, 1997 were $31,898,334 as compared to $41,214,668 a year earlier and $33,421,251 as at June 30, 1997. Working capital was $8,573,236 at the end of the third quarter of 1997 as compared to $2,917,301 a year earlier. Property additions and drilling costs of $1,160,676 and along with the repurchase of 204,000 common shares for $544,880 reduced working capital by $1,604,823 as compared to June 30, 1997. To date in 1997, a total of 350,000 common shares have been repurchased at an average cost of $2.92 per share. Optima Petroleum Corporation is an independent oil and gas exploration company rapidly expanding its production base in the U.S. Gulf Coast. Common shares trade actively on NASDAQ (OPPCF) and the TSE (OPP).

To: Arnie who wrote (7413)	11/25/1997 7:52:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP TOP 20 Listed / Newport Petroleum To Make Course Issuer Bid TSE SYMBOL: NPP NOVEMBER 24, 1997 CALGARY, ALBERTA--NEWPORT PETROLEUM CORPORATION announced that it intends, subject to obtaining required regulatory approval, to make a normal course issuer bid to be conducted through the facilities of The Toronto Stock Exchange. Newport Petroleum Corporation intends to purchase up to 7,274,467 of its common shares, being approximately 10 percent of its 72,744,669 outstanding common shares comprising its public float, provided that no more than 2 percent may be purchased in any given thirty day period. Newport Petroleum Corporation's Board of Directors believes that the underlying value of Newport Petroleum Corporation's common shares is not reflected in the current market prices. All shares purchased under the issuer bid will be cancelled, thereby increasing the respective proportionate share interests of all remaining shareholders.

To: Arnie who wrote (7413)	11/25/1997 7:53:00 AM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITIONS / Renco Resources Announces Oil and Gas Acquisition CDN SYMBOL: RNRS NOVEMBER 24, 1997 CALGARY, ALBERTA--Further to news releases of March 4 and July 11, 1997, the Company has acquired three producing oil and gas properties in Oklahoma from Renard Resources Inc., a company controlled by the Company's President, Brian Fox. Two additional properties are also to be acquired, on completion of title work. The properties are to be paid for in stock of the Company at $0.33 per share, amount to be determined by independent engineering appraisal, based on constant dollar cumulative cash flow. The number of shares to be issued will be determined at a later date. The transaction was approved by the shareholders of the Company at the 1997 Annual General Meeting. The Company currently has approximately 18,689,643 outstanding shares.

To: Arnie who wrote (7413)	11/25/1997 7:56:00 AM
From: Herb Duncan	Respond to of 15196

MEDIA / PanAtlas Continues Expansion With New Equity and Joint Venture Funding TSE SYMBOL: PA NOVEMBER 24, 1997 CALGARY, ALBERTA--PanAtlas received regulatory approval and closed a private placement of 1,740,000 units consisting of 1,740,000 common shares and 870,000 warrants at $1.15 per unit for net proceeds of $2,001,000. Each warrant entitles the holder to purchase one additional PanAtlas common share at a price of $1.30 per share anytime within the next twelve months. In addition the Company has executed a $6,450,000 joint venture agreement with a private company. The joint venture partner has committed $4,000,000 and will pay 62 percent of all land, exploration and development expenditures for the first well in a prospect to earn 50 percent of PanAtlas' interest. The private placement will be used to explore and develop properties in Saskatchewan and the joint venture funding will allow PanAtlas to prudently expand our exploration and development program in both Saskatchewan and Alberta by taking in more projects with reduced exposure to risk. PanAtlas is a public oil and gas company based in Calgary with operations focused in Southeast Saskatchewan and Alberta. The Company's common shares trade on The Toronto Stock Exchange under the symbol "PA".

To: Arnie who wrote (7413)	11/25/1997 7:59:00 AM
From: Herb Duncan	Respond to of 15196

MERGERS-ACQUISITIONS / Nu-Sky Energy Inc. And Highview Resources Ltd. To Amalgamate VSE SYMBOL: NUS AND HIGHVIEW RESOURCES LTD. ASE SYMBOL: HVW NOVEMBER 24, 1997 CALGARY, ALBERTA--Nu-Sky Energy Inc. and Highview Resources Ltd. jointly announced today that they have entered into a letter of intent to amalgamate on the basis that each 3.5 common shares of Highview will be exchanged for 1 common share of the amalgamated company and each common share of Nu-Sky will be exchanged for 1 common share of the amalgamated company. The amalgamation is subject to the execution of formal documentation and the receipt of all shareholder and regulatory approvals. It is anticipated that shareholders meetings to approve the amalgamation will be held February of 1998. Upon completion of the transaction, the amalgamated company will have 12,332,278 common shares issued and outstanding. The amalgamated company will have a production base of approximately 200 BOE/d, (85 percent of which is oil).

To: Arnie who wrote (7413)	11/25/1997 8:05:00 AM
From: Herb Duncan	Respond to of 15196

FINANCING / Talon Petroleums Announces $1,000,000 Private Placement, Six Months Results and Activity Update ASE SYMBOL: TAP NOVEMBER 24, 1997 CALGARY, ALBERTA-- PRIVATE PLACEMENT Talon Petroleums Ltd., ("Talon") announces a financing of $1,000,000 by the issuance of 1,111,111 flow through common shares at a price of $0.90 per flow through common share subject to regulatory approval. Yorkton Securities Inc. ("Yorkton") will be acting as agent, and Yorkton, and CIBC Wood Gundy will be placing the securities. The agent will be receiving a commission of 10 percent. The agent may receive the commission in the form of common shares at a deemed value of $0.90 per common share. The closing of the private placement is expected to occur before the end of December. The proceeds of the flow through common share offering are intended to be used in Talon's drilling activities as further described below. SIX MONTH RESULTS AND ACTIVITY UPDATE The third quarter has been active with the drilling of two (2) horizontal Keg River wells on new lands acquired in the Rainbow area this year. The first well (Talon 50 percent, see press release dated Monday November 17, 1997) located at 09-25-110-08W6M has been completed and placed on stream November 21, 1997. The second location at 06-19-110-07W6M (Talon 20 percent) is being cased and drilled horizontally in the Keg River formation with results expected in the next week or two. Talon has spudded a new well on November 22, 1997, in the Peace River Arch area, Alberta which has potential for multiple productive horizons, (50 percent working interest and operatorship), and results are expected in about three weeks. In addition to the above operations an aggressive drilling program with potential large reserve and daily production additions are scheduled for the next four to five months on properties currently secured by Talon. Talon has finalized plans to drill up to an additional nine (9) horizontal wells/laterals in the Sousa/Fire and Rainbow areas, (10-14 percent working interest) during the upcoming winter season and drilling rigs have been secured for such operations. A new well is also planned on Talon's Gordondale property (Talon 50 percent) to test the Charlie Lake formation. Talon and its partner have accumulated 2400 gross acres (1200 net) adjacent to the planned location which will provide additional drilling opportunities, including potential horizontal development, should this well be successful. Talon is participating (50 percent BPO, 30 percent APO) in a farmin well planned in the Snowfall area, Alberta to test the Bluesky and Debolt formations, the drilling of which is anticipated prior to March, 1998. At Haro Alberta, Talon (50 percent) plans on participating in a farmin horizontal re-entry well into the Keg River formation and a drilling rig is being pursued. In addition to finalizing our drilling plans for the remainder of the year, Talon has aggressively pursued and successfully acquired additional lands in the greater Peace river Arch area, Alberta at recent Alberta Crown Sales. Talon has acquired 3360 gross acres (2000 net acres) and development and drilling plans are being finalized with partners. Talon plans on drilling and will operate at least two wells (50 percent) on the acquired lands and if successful, additional development locations can be drilled. Talon currently has 13,800,000 common shares outstanding, no debt and working capital before cash flow of approximately $1.30 MM. Due to the current postal disruption Talon's Financial Statements for the six months ended September 30, 1997 are included as follows, and upon resolution of the postal disruption the quarterly report will be immediately mailed to shareholders. Talon is pleased to present its financial results for the six month period ending September 30, 1997. Highlights of the second quarter results include gross revenues of $888,936 resulting in cash flows of $0.06/share basic and $0.06/share fully diluted, and the reduction Talon's operating costs from $12.86/boe for the year ended March 31, 1997 to $3.36/boe for the six months ended September 30, 1997. /T/ CONSOLIDATED BALANCE SHEET For the six months ended September 30, 1997 (unaudited) ASSETS Cash and term deposits $ 1,897,962 Accounts receivables and prepaid expenses 176,176 ------------------------------------------------------------- 2,074,138 Capital assets 1,937,892 ------------------------------------------------------------- $ 4,012,030 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable and accrued liabilities $ 237,506 ------------------------------------------------------------- 237,506 Site Restoration 40,900 Deferred income taxes 83,000 ------------------------------------------------------------- $ 361,406 ------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital $ 3,335,138 Retained earnings 315,486 ------------------------------------------------------------- 3,650,624 ------------------------------------------------------------- $ 4,012,030 CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS For the six months ended September 30, 1997 (unaudited) Production revenue $ 888,936 Less: royalties (net of ARTC) (48,077) Other Income 26,577 ------------------------------------------------------------- 867,436 Expenses: Depletion, depreciation and site restoration (205,600) Production (118,242) Administration (99,643) ------------------------------------------------------------- Net income, before income taxes 443,951 Deferred income taxes 160,500 Net Income for the period 283,451 ------------------------------------------------------------- Retained earnings, beginning of period $ 32,035 Retained earnings, end of period $ 315,486 CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION For the six months ended September 30, 1997 (unaudited) Cash provided by (used in) OPERATIONS Net income $ 283,451 Add: Depreciation, depletion 205,600 Deferred Income taxes 160,500 ------------------------------------------------------------- Funds from operations before working capital changes $ 649,551 Net change in non-cash working capital items (961,733) ------------------------------------------------------------- $ (312,182) FINANCING Issue of common shares, net $ 1,320,944 INVESTMENTS Purchase of capital assets $ (546,403) ------------------------------------------------------------- Increase (decrease) in cash position 462,359 Cash and term deposits, beginning of period 1,435,603 ------------------------------------------------------------- Cash and term deposits, end of period $ 1,897,962 /T/ Talon will provide a printed copy of the above interim financial statements to each Shareholder who requests them and upon such request, Talon will promptly deliver same without cost to the Shareholder at any address requested.

To: Arnie who wrote (7413)	11/25/1997 8:11:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS TOP 20 LISTED / Part 1 of 2 - Canadian 88 Energy Corp. Announces Record Growth Through the Drillbit: Production, Revenue,Cash Flow and Earnings at All-Time High for First Nine Months of 1997 TSE, ASE SYMBOL: EEE NOVEMBER 24, 1997 CALGARY, ALBERTA--The first nine months of 1997 represented a very exciting time at Canadian 88 as the Company entered into a new phase of growth and ramped-up drilling activities to record levels. HIGHLIGHTS OF THE FIRST NINE MONTHS OF 1997 INCLUDED: - Production (increase of 22 percent), revenue (increase of 49 percent), cash flow (increase of 72 percent), and earnings (increase of 603 percent) all increased to record levels during the first nine months of 1997 compared to the first nine months of 1996. - We are pleased to report that this record growth has been successfully achieved entirely through the drillbit. Since the beginning of the year, 31 predominantly deep foothills wells have been drilled by Canadian 88 (average W.I. 96 percent) with a 90 percent success rate. - Canadian 88 continues to emphasize large high-quality natural gas exploration and development in three focused core areas where we have identified long-life foothills reserves in excess of 1 trillion cubic feet (TCF) of recoverable reserves which we are currently developing through the drillbit using the latest high resolution 3-D seismic and deep conventional and horizontal technology. The results are self-evident in that we lead the industry in record low finding and development costs and successful deep basin drilling. - We are pleased to report our third consecutive major discovery at Waterton 4-19-7-2 W5M has logged over 450 meters of structurally high Mississippian. In addition, we have just finished drilling our fourth consecutive successful deep Leduc test (100 percent Canadian 88) in the Caroline/Chedderville area and new Mississippian gas discoveries have occurred at Olds/Crossfield, as well as oil discoveries at Little Bow in Southern Alberta. - These successes are attributable to the fact that we are the first deep basin player in Canada to go forward with large-scale high resolution 3-D seismic programs over all of our core areas. During the last 12 months we have shot over 600 square miles of high resolution 3-D at Waterton, Caroline/Chedderville and Olds/Crossfield. Our 3-D seismic survey at Olds/Crossfield is the largest 3-D seismic program ever shot in Western Canada. The true value of this major investment is now unfolding. - Our +90 percent W.I. exploration and development projects at Waterton (+500 bcf), Olds/Crossfield (+500 bcf) and Caroline/Chedderville are the envy of the industry and we make no apologies for any delays in placing these major long-life projects onstream in that they are major projects that require timely and orderly development to fully maximize shareholder value which, at the end of September, is estimated to translate into a net asset value of $7.06 per share. FINANCIAL - Cash flow increased 72 percent to a record $26.7 million from $15.5 million in 1996. Earnings of $15.3 million increased sharply from $2.2 million in 1996. Revenues in the first nine months of 1997 increased 49 percent to $54.4 million from $36.4 million in 1996. - Average natural gas production increased 24 percent to a record level of 67.0 mmcf per day from 54.0 mmcf per day in 1996. Production of oil and ngls increased 17 percent to a record level of 2381 barrels per day from 2033 barrels per day in 1996. Canadian 88's average gas price for the nine month period increased 43 percent to $2.06 per mcf compared to $1.44 per mcf during the first nine months of 1996 which continues to give the Company one of the best average gas prices received by the industry in this period. Canadian 88 has locked in gas prices for 50 mmcf per day at a price of $1.90 per mcf for the next year. Natural gas liquids prices also rose 4 percent for the nine months to $23.08 from $22.17 in the first nine months of 1996. - Capital expenditures during the first nine months of 1997 was a record $100.5 million, representing an 82 percent increase from $55.3 million in the first nine months of 1996. Capital expenditures were incurred as follows: $2.3 million to property acquisitions (1996 - $nil); $68.7 million to exploration and development activities (1996 - $32.9 million); $17.6 million to facilities and pipelines (1996 - $14.4 million); and $11.9 million towards aggressive land acquisitions (1996 - $7.9 million). - Total proven gas reserves have increased 34 percent to 615 bcf from 460 bcf at December 31, 1996 with estimated record low proven finding and onstream costs of $5.85 per boe for the nine month period. OPERATIONS AND EXPLORATION Canadian 88 continues working hard on developing what we call the "Canadian 88 Advantage". Canadian 88 continues to be the leader in the application of deep conventional and horizontal drilling techniques in the West Central Alberta Foothills corridor. We are also the leader in the application of large scale 3-D seismic technology in the Western Canadian Sedimentary Basin and we have a distinct advantage over our competition through having aggressively shot three large high resolution 3-D seismic surveys at Waterton (70 square miles), Chedderville (125 square miles) and Olds/Crossfield (400 square miles) during the past twelve months. Canadian 88's leadership position in this area continues to be maintained through a $75 million joint venture recently announced with Western Geophysical Company, a wholly owned subsidiary of Western Atlas International Inc. whereby Western Geophysical will invest $50 million alongside Canadian 88 with our $150 million Rocky Mountain Exploration (RMX) Fund on high resolution 3-D seismic programs to be shot in Western Canada over the next three years. RMX has commenced the shooting of its first high-resolution 3-D seismic program in West Central Alberta and initial interpretations should be available prior to year-end on 100 square miles of new data. In addition to the ramp-up of our seismic and drilling program, major production gains will occur over the next several months. At Chedderville, a multi-well drilling program is currently underway with three rigs operating. Approximately 10 mmcf per day of natural gas production is currently shut-in awaiting tie-in and from 10 to 20 mmcf per day of further production may be expected prior to year-end from the current drilling program which is targeting prolific Leduc reef accumulations of 20 to 50 bcf per well. Our 1-19-36-6 W5M well has just defined a new Leduc reef prospect with further locations pending and to the credit of our exploration team led by Mr. Cam Taylor, it is our fourth consecutive successful Leduc test in the area. At Waterton, we are pleased to report that we have just completed the drilling and logging of our third consecutive successful deep Mississippian test at 4-19-7-2 W5M. The Waterton play discovered by Canadian 88 last year at 4-18-7-2 W5M has evolved to be one of the best deep gas foothills discoveries in Alberta during the last ten years and may contain up to 1 TCF of natural gas, approximately two-thirds of which should lie under Canadian 88 land should a well currently being drilled by a competitor north of our recent discovery prove productive. We are confident we have proved up from between 300 to 500 bcf under our 90 percent W.I. holdings and full field development should occur expeditiously in the new year with six wells onstream adding deliverability of upwards of 70 mmcf per day by the end of the second quarter of 1998. Two rigs are operating on the prospect including a well drilling at 12-32-6-2 W5M on our $3.25 million sale parcel which should reach total depth within the next 30 days. During the last two weeks our engineering group led by Mr. Robin Gill, who recently joined us from Amoco as Operations Manager, completed an Alberta Energy and Utilities Board regulatory hearing into our Waterton pipeline application and we are poised to immediately commence pipeline construction on this important project the instant regulatory approval is granted. At Olds/Crossfield, one of the best deep gas development projects in Western Canada, we have approximately 20 mmcf per day of shut-in natural gas production awaiting expansion of our 100 percent-owned sour gas processing facility. 400 square miles of 3-D seismic data covering our 140 100 percent-owned Canadian 88 sections of land in this area has identified several years of quality drilling prospects not to mention the primary Wabamun target with reserves averaging 10 to 15 bcf per section. Three rigs remain active in the area and our gas plant expansion application has been set down for an Alberta Energy and Utilities Board hearing on January 13, 1998. Given the magnitude of our reserves in this area we have been cautious as to not proceed forward too hastily with custom processing options and risk long-term shareholder value. In addition, in West Central Alberta, two 100 percent Willesden Green Ostracod gas tests at 10-26-26-8 W5M and 3-5-39-6 W5M have been completed and are currently being brought onstream. Both of these wells were drilled as part of a large multi-well drilling program currently underway in the area. At Little Bow in Southern Alberta, a follow-up well at 9-16-14-18 W4M is currently being tied-in and should be on production in December at 200 barrels per day of oil. The initial discovery well at 16-16-14-18 W4M is currently on production at 230 barrels per day of clean oil. Several follow-up locations will be drilled over the next few months. OUTLOOK With the above-mentioned and other exciting exploration and development projects at hand, the Management and Staff of Canadian 88 are committed to moving forward and growing the Company into a major oil and gas producer during the upcoming months and years to come. We have developed the "Canadian 88 Advantage" with growth through the drillbit. The Company has grown ten-fold over the past five years in terms of production, reserves, earnings, cashflow and most importantly, returns to shareholders. As the largest shareholder of the Company, Management is now focused on striving to double or triple value over the upcoming months. We have the high-quality assets to facilitate this growth and we look forward to the future.

To: Arnie who wrote (7413)	11/25/1997 8:14:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS TOP 20 LISTED / Part 2 of 2 - Canadian 88 Energy Corp. Announces Record Growth Through the Drillbit: Production, Revenue, Cash Flow and Earnings at All-Time High for First Nine Months of 1997 TSE, ASE SYMBOL: EEE NOVEMBER 24, 1997 /T/ Canadian 88 Energy Corp. Third Quarter 1997 Financial and Operating Statistics Three Months Nine Months Ended Percent Ended Percent September 30 Change September 30 Change ------------ ------- ------------ ------- 1996 1997 1996 1997 ---- ---- ---- ---- Financial: (000's except per share amount) Production Revenues $13,612 $18,568 36 $36,422 $54,353 49 Cash Flow from Operations $6,066 $8,731 44 $15,553 $26,689 72 Net Earnings $1,033 $1,748 69 $2,171 $15,252 603 Per Common Share: Cash Flow from Operations $0.09 $0.09 0 $0.23 $0.29 26 Net Earnings $0.01 $0.02 100 $0.03 $0.17 467 Average Common Shares (000's) 68,921 90,796 32 68,921 90,796 32 Operations: Production Volumes: Oil & NGL's(bbls/d) 2,409 2,498 4 2,033 2,381 17 Natural gas(mmcf/d) 60 73 21 54 67 24 Sulphur(lt/d) 170 364 114 200 328 64 Sales Prices: Oil & NGL's($/bbl) $24.01 $21.67 -10 $22.17 $23.08 4 Natural Gas($/mcf) $1.35 $1.93 43 $1.44 $2.06 43 Sulphur($/lt) $0.00 $1.43 - $6.66 $1.10 -83 Capital Expenditures (000's): Property Acquisition $ - $ - - $ - $2,269 - Exploration & Development 14,436 24,534 70 32,931 68,712 109 Plants & Facilities 4,989 7,195 44 14,388 17,623 22 Land & Lease 4,090 1,290 -68 7,954 11,938 50 ------ ------ --- ------ ------ --- $23,515 $33,019 40 $55,273$100,542 82 ------ ------ --- ------ ------ --- ------ ------ --- ------ ------ --- Undeveloped Land Acreage position at September 30, 1997: Gross Net Average Acres Acres WI ------- ------- ------- Western Canada 490,565 440,394 91 percent Northwest Territories 215,390 215,390 100 percent ------- ------- ----------- 705,955 655,784 96 percent ------- ------- ----------- ------- ------- ----------- /T/ Canadian 88 Energy Corp. is an independent exploration and production company with shares listed for trading on the Toronto and Alberta Stock Exchanges under the symbol EEE.

To: Arnie who wrote (7413)	11/25/1997 8:16:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Laurasia Resources Limited Financial Results TSE SYMBOL: LUR NOVEMBER 24, 1997 CALGARY, ALBERTA--Laurasia Resources Limited (TSE-LUR) announced today its results for the first nine months of 1997. /T/ Nine months Nine months ended ended Sept 30, 1997 Sept 30, 1996 TOTAL REVENUE 8,685,907 $ 6,389,842 Net Earnings (B.T.) $ 1,817,232 $ 1,949,474 Net Earnings $ 975,763 $ 1,314,474 Net Earnings Per Share 2.1 cents 2.8 cents Total Cash Flow $ 4,280,404 $ 3,426,227 Cash Flow Per Share 9.2 cents 7.4 cents /T/ In the first three quarters of 1997 the Company increased its daily production rate from the 1,321 boe/d in 1996 to 1,622 boe/d. This increase in production volumes in conjunction with stronger oil and gas prices resulted in a 36 percent increase in revenues. Cash flow also increased by 25 percent over the corresponding period of 1996. Fourth quarter production levels and natural gas prices have further improved with the Company producing 1,800 boe/d during the month of October 1997 coupled with natural gas pricing of $2.20/mcf. These prices are forecast to further increase in November and December. Laurasia completed its battery and treating facility at Retlaw in September and October and is now delivering clean oil at the pipeline terminal. 2D and 3D seismic programs have been and are being shot at Bantry, Beacon Hill, Browning and Retlaw. These programs will result in additional drilling at these locales. The Company anticipates a strong fourth quarter with increased production and increased revenues forecast and a successful outlook for 1998 is expected.

To: Arnie who wrote (7413)	11/25/1997 8:19:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Berkley Petroleum Reports Financial Results for First Nine Months of 1997 TSE, ASE SYMBOL: BKP NOVEMBER 24, 1997 CALGARY, ALBERTA--Berkley Petroleum is pleased to report financial results for the first nine months of 1997 and provide an update on recent development activities and exploration drilling. The company is also pleased to report that the nine month production levels have been more than doubled over the past six weeks. Net revenue in the first nine months was $31.4 million compared to $23.1 million in the first nine months of 1996. Cash flow in the first nine months of 1997 was $20.0 million, nine month 1997 net earnings were $6.2 million. Production in the first nine months averaged 7000 barrels of oil equivalent per day. Average natural gas sales price was $1.61 per million cubic feet in the nine months, average oil price was $26.16 per barrel Cdn. /T/ Year Earnings Earn/Share Cash CF/Share Net Revenue (x) (xx) (x) (xx) (x) ---- -------- ---------- ---- -------- ----------- 9mos '96 6.5 .16 17.0 .42 23.1 9mos '97 6.2 .12 20.0 .38 31.4 3Q '96 2.3 .05 6.1 .15 8.8 3Q '97 1.0 .02 4.9 .09 9.9 /T/ (x) Millions of dollars (xx) Stock split three for one in June 1997. The Company participated in 58 wells in the first nine months, resulting in 17 gas wells (7.5 net), 29 oil wells (12.5 net), five suspended wells (1.8 net) and seven dry holes (2.8 net). Production in the third quarter averaged 6965 BOEPD (2218 BPD oil and liquids and 47.5 MMCFPD natural gas). Production in the third quarter and during the first nine months of 1997 has been less than anticipated, primarily due to delays in unitizing and obtaining GPP for the company's three large oil pools at Midale, Pembina and Carstairs. All three are now unitized and all will have GPP prior to year end, enabling the company to achieve the forecast exit target of 20,000 boepd. Plant related shut-ins in NEBC significantly reduced July production volumes and impacted overall third quarter volumes. Current daily production levels are 18,031 BOEPD, and will hit the 20,000 mark in mid-December through further increases and additions at Carstairs, Crossfield, Midale, Froude and Fort St. John. Cash flow and earnings were also lower in the second and third quarters due to the temporary replacement of high net-back shut-in Carstairs production with lower price/lower net back gas production from NEBC. With the new unit production from Midale and Pembina and the resumption of production from Carstairs, corporate net-backs will increase considerably. At Midale in SE Saskatchewan, waterflood approval and GPP were obtained for the Red River A pool in August. The company decided not to increase production volumes until reservoir voidage could be maintained through the waterflood, which is now the situation with the two A pool injection wells, drilled in the third quarter. The three unit horizontal producers have been drilled and are currently being brought on production. Only one of the three horizontals is currently producing, the 15-3-7-11W2 well is producing 1125 BOPD with no water. The Company expects net production in excess of 5000 bopd from the Midale complex by year-end. A new pool discovery in the Devonian Duperow formation was made in September, with the Berkley et al Midale 13-2-7-11W2 flowing clean 45 degree API oil at approximately 425 bpd. Several Duperow follow-up locations exist. Berkley Petroleum and partners have entered into an agreement to acquire the interests of Cavell Energy Corp. in the Midale area for $7.3 million, complementing Berkley's existing production base and opportunity inventory. Berkley Petroleum and partners Paramount Resources and Westminster Resources have also entered into an asset exchange agreement with Upton Resources Ltd. whereby Berkley Petroleum and partners will acquire all of Upton's interests below the Mississippian Frobisher-Alida beds at Midale-Weyburn. A December closing is anticipated, Berkley has a 50 percent interest in both the Cavell and Upton transactions. The acquisitions will add 750 BOPD to Berkley's 1997 exit volumes and provide considerable development opportunity for 1998. At Carstairs, working interest owners have agreed to an interim unitization arrangement for the Carstairs Elkton G pool, operated by Berkley. Contingent upon AEUB approval, a December 1 production start-up date under GPP is currently anticipated. The BPC et al Crossfield E 6-5-30-1W5 horizontal well in the Elkton G oil pool tested oil from the Elkton at rates of 4025 bopd, with a GOR of 127m3/m3 and less than 5 percent drawdown. A second horizontal, BPC et al Crossfield 8-5-30-1W5 is currently drilling. At Crossfield, the BPC et al Crossfield 9-1-28-2W5 new pool Elkton discovery, made in August, will be brought on production at 10 MMCFPDE in late November. A successful follow-up has been drilled at 4-5-28-1W5 and a third well, BPC et al Crossfield 13-6-28-1W5, is currently drilling. 3D seismic and further drilling at Crossfield are anticipated in the first quarter of 1998. The 1997 exploration program has exceeded expectations thus far with significant discoveries in each of the four targeted major reserve growth areas; The NWT, western Alberta deep Devonian, the Alberta Foothills and extensions of the regional S.E. Saskatchewan deep oil play. In the second half of 1997, Berkley Petroleum has been successful in extending the Ordovician light oil play beyond the original Midale discovery. With new pool discoveries at Harthaven, Clairlaw and Froude, a significant regional scope has been demonstrated by Berkley. The Berkley-Founders 7B-2-10-9W2 Harthaven well flowed 600 BOPD of 41 degree API oil on original production test. A 15 square mile 3D seismic survey was subsequently shot and a follow-up well is currently being tested. The Berkley- Richland Clairlaw 4-35-7-5W2 well tested clean 38 degree API oil at rates of 150 bopd. The company is currently defining follow-up locations with a new 3D survey. At Froude, the Berkley et al Froude 2-32-8-10W2 is currently producing 42 degree API oil at rates of 1875 BOPD from the Ordovician. The step-out, Berkley et al Froude 4B2-32 is a successful Ordovician horizontal oil well with GPP. This well will be brought on production during the next several days. Berkley has a net 50 percent working interest in the Froude wells, Paramount Resources and Westminster Resources have a 25 percent interest. Oil has been tested in several other horizons at Froude, an additional 4-6 locations are planned by Berkley and partners over the next three months. An additional four new pool wildcats in new SE Saskatchewan exploration areas, already defined by 3D seismic, are planned by Berkley in the next 2 months. At Waskahigan, the BPC Chevron Waskahigan 11-36-62-25W5 well is currently drilling at 3200 m, with both Leduc and Swan Hills the primary objectives. The well has already encountered three uphole gas zones which are currently behind intermediate casing. Berkley is participating in the currently drilling Chevron et al Musreau 2-29-62-6W6 test, a step-out to the Berkley interest Chevron et al 8-25-62-6W6, cased gas well. Further deep exploration and development tests are planned in the Waskahigan-Simonette-Musreau play corridor during the first quarter of 1998. Berkley Petroleum is currently participating with Imperial in two wells in the Red Cap and Voyager areas of Alberta, Berkley has a net 30 percent working interest. Berkley has received a licence for a new pool wildcat at Voyager, the BPC et al 7-22-45-18W5 well is expected to spud in early December. Also expected to spud in December are the BPC et al Turner V. 12-35-20-3W5 and the Esso-Berkley Turner V. 4-21-21-3W5 wells, both pursuing large volume Mississippian targets. In the NWT, production testing of the C-76 Bovie Lake gas discovery will take place in December when surface access is re-established. The Paramount-Berkley Maxhamish b-57-L 94-0-15 well is currently drilling. Berkley and Paramount are planning a two rig, four well deep drilling program this winter including a step-out to the Bovie discovery and two deep new pool wildcats on separate prospects. Berkley Petroleum's News Releases for the past 14 months can be accessed electronically through Canadian Corporate News website at cdn-news.com

To: Arnie who wrote (7413)	11/25/1997 8:21:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Del Roca Energy Announces Release of First Quarter Report - Three Months Ended Sept 30, 1997 ASE SYMBOL: DER NOVEMBER 24, 1997 CALGARY, ALBERTA-- MANAGEMENT DISCUSSION Del Roca Energy Inc. (the "Corporation") (formerly Coulee Ridge Capital Corp.) started active operations this quarter, with the completion of its major transaction. The Corporation purchased all of the issued and outstanding shares of Del Roca Resources Ltd., a private oil and gas company with existing oil production and approximately $1 million of cash on September 25, 1997. Concurrently, the Corporation purchased the oil and gas assets of BowRio Investments Ltd. effective June 1, 1997 and raised over $500,000 in a private placement. The resulting Corporation, now known as Del Roca Energy Inc. and trading on the ASE under the symbol DER, has oil production of over 60 bbls per day and approximately $1.7 million in cash with which to finance further acquisitions and development of its oil and gas properties. The existing management team from Del Roca Resources Ltd. assumed management control of the new company and provides the guidance and strategic direction for the Corporation. FINANCIAL The major transaction occurred late in the quarter and therefore, the Consolidated Income Statement reflects only 6 days of revenue from the private company. The Consolidated Balance Sheet combines the two companies. As a result of the major transaction, the number of issued and outstanding shares as at September 30, 1997 was 23,639,919. A further 337,000 shares were issued after September 30 due to exercise of options and finalization of the private placement. OPERATIONS Norbuck, Alberta Del Roca owns an average of 53 percent working interest in the Norbuck field in the Pembina area of Alberta. Current production is about 86 bbls/d, 48 bbls/d net to Del Roca. Turin, Alberta Del Roca owns a 20 percent interest in one section of land along with 2 producing vertical wells in the Turin area. Del Roca participated for its 20 percent interest in a horizontal well which was drilled during the quarter. A 3D seismic program is planned for later in the fall and could result in drilling further wells for Taber Sand or Livingstone potential, or both. Net production from the Turin area is currently about 19 bbls/d. Management of Del Roca continues to evaluate both property and corporate acquisition candidates. Del Roca's focus is on properties near the existing core base where development upside can be specifically identified. /T/ CONSOLIDATED STATEMENTS OF INCOME (unaudited) three months ended Sept. 30 ---------------------------------------------- 1997 1996 ---------------------------------------------- REVENUE ---------------------------------------------- Oil and gas production $55,937 $0 Royalties (4,168) 0 Interest 2,002 0 ---------------------------------------------- Total 53,771 0 ---------------------------------------------- EXPENSES ---------------------------------------------- Oil and Gas production 28,684 0 General and Administrative 2,188 0 Deferred Taxes 146 0 Depletion and Depreciation 1,423 0 ---------------------------------------------- Total 32,441 0 ---------------------------------------------- NET INCOME 21,330 0 ---------------------------------------------- CONSOLIDATED BALANCE SHEETS (unaudited) as at Sept. 30 ---------------------------------------------- 1997 1996 ---------------------------------------------- ASSETS ---------------------------------------------- Cash $1,681,275 $253,029 Accounts Receivable 29,498 0 Prepaid Expenses 3,153 0 Property Plant and Equipment 1,385,336 0 ---------------------------------------------- TOTAL ASSETS $3,099,262 $253,029 ---------------------------------------------- LIABILITIES AND EQUITY ---------------------------------------------- Liabilities ---------------------------------------------- Accounts Payable $31,961 0 Deferred Income Tax 4,467 0 Total Liabilities $36,428 0 ---------------------------------------------- Shareholders' Equity ---------------------------------------------- Capital Stock $3,041,504 $253,029 Retained Earnings 21,330 0 Total Equity 3,062,834 0 ---------------------------------------------- TOTAL LIABILITIES and SHAREHOLDERS EQUITY $3,099,262 $253,029 ---------------------------------------------- CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION (unaudited) as at Sept. 30 -------------------------------------------------- Cash provided by (used in): 1997 1996 -------------------------------------------------- OPERATIONS -------------------------------------------------- Net Income $21,330 $0 Depletion and Depreciation 1,423 0 -------------------------------------------------- Funds from Operations 22,753 0 Net change in non-cash Working Capital 6,421 0 -------------------------------------------------- $29,174 0 -------------------------------------------------- FINANCING -------------------------------------------------- Issue of Common Shares 2,778,475 200,000 -------------------------------------------------- INVESTMENTS -------------------------------------------------- Property Plant and Equipment additions (1,356,003) (46,971) Other assets 0 0 -------------------------------------------------- Increase(decrease)in cash 1,451,546 153,029 Cash, beginning of period 229,629 100,000 Cash, end of period $1,681,275 $253,029 -------------------------------------------------- # of Shares Outstanding 23,639,919 4,000,000 -------------------------------------------------- /T/

To: Arnie who wrote (7413)	11/25/1997 8:23:00 AM
From: Herb Duncan	Read Replies (7) \| Respond to of 15196

FINANCING / Bonavista Petroleum Ltd. Announcing $10 Million Equity Financing TSE SYMBOL: BNP NOVEMBER 25, 1997 CALGARY, ALBERTA--(6:00 AM - MST)Bonavista Petroleum Ltd. ("Bonavista") announces today that it has entered into a Bought-Deal financing agreement with a syndicate of investment underwriters led by Newcrest Capital Inc. to issue 2.5 million Special Warrants at $4.00 each, with each Special Warrant being exchangeable into one common share of Bonavista for no additional consideration. This issue is subject to normal regulatory approval and closing is expected on or before December 11, 1997. Bonavista intends on filing a prospectus to qualify the distribution of common shares on exercise of the Special Warrants. Proceeds from this offering will be used to expand Bonavista's 1998 capital program to $25 Million and to fund the acquisition of certain operated gas processing facilities in existing producing areas. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The special warrants offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.