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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (9529)	3/12/1998 7:56:00 PM
From: Arnie	Respond to of 15196

ACQUISITION / S.R.I. Oil & Gas acquires a Working Interest S.R.I announced today that it has acquired a working interest in a Turner Valley oil and gas producing property in the Chestermere Area, east of Calgary, Alberta. The net acquisition cost to S.R.I. was $663,300. The net proven reserves to S.R.I. was 130,000 BOE's (barrels of oil equivalent) of which 73% is gas and associated gas liquids. S.R.I. now produces 400 BOE//D, up 25% compared to a year ago. S.R.I. Oil & Gas Inc. is a company dedicated to creating value for its shareholders by investing in the Canadian western sedimentary basin as a joint venture partner and by acting as a merchant banker to public and private oil and gas companies. The common shares of SRI trade on the Montreal Exchange under the symbol "SEL". Source: S.R.I. Oil & Gas Inc. Contact: Alvin S. Schacter, President, Alfred Fischer, Executive Vice-President Telephone: (514)937-6392 (403)234-7296

To: Kerm Yerman who wrote (9529)	3/12/1998 7:57:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / ESker Resources Ltd. updates Results The company wishes to announce that the Petromet et al WildR 2-2-57-24 W5 gas well in which Esker has a 10% working interest, went on production March 9, 1998. Dry sweet gas is flowing into the gathering system at a restricted rate of 7.7 MMcf per day. The Leduc reef zone was acidized and flow tested on March 8, 1998 at rates up to 14 MMcf per day. Esker has a gas contract with Aquila Canada Corp. to purchase the gas and will have a processing and transportation agreement with Petromet Resources Limited, to handle the gas at the Petromet Wildhay River gas plant located 4.5 miles southeast of the well. A second well, in which Esker will have a 10% working interest, is expected to be drilled on our earned acreage in the fall of 1998. At Cherry, our operated oil well has been on production for one month and is producing water free oil at an average restricted rate of 189 bopd. Esker has a 50% working interest in this well and has started shooting a 3D seismic program in the area. Esker's year end independent engineering report (including the Wild River and Cherry wells) has been completed and the results follow. The following table outlines a comparison of the Company's reserves (before royalties) effective January 1, 1997 and January 1, 1998, using an escalated pricing forecast: Reserve Gas Oil & NGL BOE Annual 10% DCV Category (MMcf) (MBbls.) (MBbls.) Change M$ (over previous year) 1997 Proven 4,505 167 618 +21% Probable 126 207 219 ---------------------------------------------------------------------------- TOTAL 4,631 374 837 +49%$ 5,966 1998 Proven 4,564 330 786 +27% Probable 1,032 1,690 1,793 ---------------------------------------------------------------------------- TOTAL 5,596 2,020 2,579 +208% $14,744 The Company's production rate is currently at 277 BOE per day, a 151% incre ase over the 1997 exit rate. The audited financial results for 1997 will b e available by the end of March, 1998.Esker Resources Ltd. trades on The Al berta Stock Exchange (Trading symbol - "ESR") and its telephone number is ( 403) 269-2367 and fax (403) 294-0287. Mr. Ian G. Holmes (President) may be contacted for clarification of any of this information.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:00:00 PM
From: Arnie	Read Replies (6) \| Respond to of 15196

FIELD ACTIVITIES / Ridel Resources reports Results of Engineering Report Ridel Resources Ltd. (Ridel) reports that the results of an independent engineering report on the assets of the Asia Pacific Energy Company, Limited (APEC), as prepared by Sproule International Limited (Sproule), have been obtained. APEC holds a Performance Compensation Contract in the Union of Myanmar (Burma), which allows the company to earn profits derived from the rehabilitation of the Htaukshabin, Kanni, and Peppi oil and gas fields (all contiguous), and the development of deeper reservoirs on the concession. Sproule's opinion of the value of the reserves, in US dollars, are based on an effective date of March 1, 1998, and a 1998 price of $15.95 per barrel of oil. The results are as follows: PETROLEUM RESERVES Remaining Reserves Net Present Value Gross After Income Tax M$ (discounted) At 0% At 10% At 15% ----- ------- ------ OIL, MMBL Proved Developed and 10,705.0 26,091 17,628 14,664 Non-Producing Probable* 3,432.6 7,313 4,057 3,151 ------- ----- ----- ----- Total 14,138.5 33,404 21,685 17,815 *Probable values have been reduced by 50 percent to account for risk CONCLUSIONS Based upon the above information, Ridel intends to exercise its option to acquire the assets of APEC for 15 million shares at a deemed price of CDN$1.00 per share. The total net present value of US$21,685,000 (at a 10% discount rate and after income tax) for the assets of APEC will substantially enhance Ridel's shareholder value. Production to date has been 26.1 million barrels from these fields, with an additional 14.1 million barrels of proved plus probable reserves attainable by rehabilitation and remediation. Ridel intends to develop these opportunities over the next four years. Ridel's direct expenditures on the project to date exceed CDN$1.5 million. The Sproule report was commissioned by Ridel as the purchaser. This transaction is subject to Vancouver Stock Exchange approval. RIDEL RESOURCES LTD. BRENT JARDINE President THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE VANCOUVER STOCK EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. CONTACT: CORPORATE CONCEPTS INC. TELEPHONE: (604) 685-2286 FACSIMILE: (604) 685-0513 TOLL-FREE: 800-361-8333

To: Kerm Yerman who wrote (9529)	3/12/1998 8:08:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Dalton Resources updates Drilling CALGARY, March 12 /CNW/ - Dalton Resources Ltd. (DAL.ASE) announced that a time extension to its share purchase warrants has been granted by the Alberta Stock Exchange. The 2,750,000 warrants issued in May 1996 were scheduled to expire March 15, 1998. The Alberta Stock Exchange has granted an extension to May 5, 1998. Each warrant entitles the holder to acquire one common share at $0.40. Dalton also advises that the drilling of the Strachan 3-22-38-9W5M is proceeding on schedule. The current drilling depth is approximately 3000m in the Lower Mannville formation. Intermediate casing is expected to be set by the first week of April at an approximate depth of 3500m. The final depth of the well is licenced to 4479m and is expected to be reached by May 15th.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:10:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Canadian Natural Resources reports 1997 Results CALGARY, March 12 /CNW/ - CANADIAN NATURAL RESOURCES LIMITED announces its financial results and supplementary operating data for the year ended December 31, 1997. The Company achieved record production, cash flow and income levels in the year. Production volumes increased 52% to average 133,171 barrels of oil equivalent per day while cash flow increased 40% to $503.0 million ($5.13 per share) and net income increased 17% to $111.3 million ($1.14 per share). THREE MONTHS ENDED DECEMBER 31 YEAR ENDED DECEMBER 31 % % 1997 1996 Change 1997 1996 Change ---------------------------- --------------------------- ---------------------------- --------------------------- FINANCIAL ($ thousands, except per share amounts) Gross revenues $ 247,379 $ 225,842 + 10 $ 921,114 $ 636,810 + 45 Cash flow $ 131,025 $ 129,813 + 1 $ 503,012 $ 359,741 + 40 Per share $ 1.33 $ 1.39 - 4 $ 5.13 $ 4.32 + 19 Net income $ 22,899 $ 36,455 - 37 $ 111,293 $ 95,026 + 17 Per share $ 0.24 $ 0.39 - 38 $ 1.14 $ 1.14 - OPERATING Oil and natural gas liquids Daily production (barrels) 76,578 50,257 + 52 70,619 37,399 + 89 Netback per barrel Sales price $ 17.05 $ 24.67 - 31 $ 18.82 $ 23.52 - 20 Royalties $ 2.38 $ 4.86 - 51 $ 3.01 $ 4.50 - 33 Operating costs $ 4.96 $ 5.03 - 1 $ 4.95 $ 5.04 - 2 ---------------------------- --------------------------- $ 9.71 $ 14.78 - 34 $ 10.86 $ 13.98 - 22 ---------------------------- --------------------------- Natural gas Daily production (million cubic feet) 668.6 599.0 + 12 625.5 499.3 + 25 Netback per thousand cubic feet Sales price $ 2.07 $ 2.03 + 2 $ 1.91 $ 1.71 + 12 Royalties $ 0.38 $ 0.30 + 27 $ 0.33 $ 0.23 + 43 Operating costs $ 0.33 $ 0.35 - 6 $ 0.34 $ 0.33 + 3 ---------------------------- --------------------------- $ 1.36 $ 1.38 - 1 $ 1.24 $ 1.15 + 8 ---------------------------- --------------------------- THREE MONTHS ENDED DECEMBER 31 YEAR ENDED DECEMBER 31 % % 1997 1996 Change 1997 1996 Change ---------------------------- --------------------------- ---------------------------- --------------------------- Combined (per barrel of oil equivalent) (x) Daily production 143,439 110,160 + 30 133,171 87,330 + 52 Sales price $ 18.75 $ 22.28 - 16 $ 18.95 $ 19.92 - 5 Royalties 3.05 3.82 - 20 3.14 3.27 - 4 Operating costs 4.29 4.29 - 4.23 4.06 + 4 ---------------------------- --------------------------- Netback per boe 11.41 14.17 - 19 11.58 12.59 - 8 General and administrative 0.31 0.30 + 3 0.26 0.24 + 8 Interest 0.95 0.70 + 36 0.76 0.84 - 10 Capital taxes 0.21 0.36 - 42 0.21 0.26 - 19 ---------------------------- --------------------------- Cash flow per boe 9.94 12.81 - 22 10.35 11.25 - 8 ---------------------------- --------------------------- (x) (10 mcf of natural gas = 1 barrel of oil) YEAR ENDED DECEMBER 31 1997 1996 ----------------------------------------- DRILLING PROGRAM Gross Net Gross Net Oil 486 442.9 228 208.9 Gas 237 199.6 134 128.1 Injection 2 1.5 2 1.0 Dry 75 67.0 64 62.9 ----------------------------------------- 800 711.0 428 400.9 ----------------------------------------- Success Rate 91% 84% ----- ----- YEAR ENDED DECEMBER 31 1997 1996 % Change RESERVES Oil and natural gas liquids (thousands of barrels) Proven 270,420.7 140,931.7 + 92 Probable 81,008.0 49,707.7 + 63 -------------------------------------- Total Proven and Probable 351,428.7 190,639.4 + 84 -------------------------------------- Natural gas (billions of cubic feet) Proven 1,732.7 1,604.8 + 8 Probable 363.2 362.3 - -------------------------------------- Total Proven and Probable 2,095.9 1,967.1 + 7 -------------------------------------- Present worth value of reserves, before income taxes (millions of dollars) 10% discount $ 3,473 $ 2,789 + 25 15% discount $ 2,855 $ 2,296 + 24 YEAR ENDED DECEMBER 31 1997 1996 --------------------------------- NET UNDEVELOPED LAND (thousands of acres) British Columbia 745 667 Alberta 2,974 2,383 Saskatchewan 888 938 Other 331 214 --------------------------------- Total Undeveloped Land 4,938 4,202 --------------------------------- CAPITAL EXPENDITURES (millions of dollars) Net property acquisitions $ 386 $ 165 Land acquisition and retention 98 56 Seismic evaluations 39 32 Well drilling, completion, equipping 351 164 Pipeline and production facilities 241 130 Corporate acquisition - 654 --------------------------------- Total finding and development costs $ 1,115 $ 1,201 --------------------------------- Per barrel of oil equivalent $ 5.02 $ 5.24 --------------------------------- CONDENSED BALANCE SHEET (thousands of dollars) Assets Current assets $ 185,100 $ 150,666 Capital assets 2,746,043 1,911,967 --------------------------------- $ 2,931,143 $ 2,062,633 --------------------------------- Liabilities and Shareholders' Equity Current liabilities $ 203,650 $ 151,502 Long-term debt 1,136,276 588,021 Deferred credits 386,903 248,905 Shareholders' Equity 1,204,314 1,074,205 --------------------------------- $ 2,931,143 $ 2,062,633 --------------------------------- COMMON SHARE DATA (millions of shares) Weighted average 98.0 83.2 Outstanding at December 31 Basic 98.8 97.4 Fully diluted 107.0 106.2 The results for 1997 reflect the achievement of several important benchmarks established by Canadian Natural: - Oil production volumes increased by 89% while natural gas production volumes increased by 25%. On a combined barrel of oil equivalent basis the volumes increased by over 50% compared to the prior year. These increases are well above Canadian Natural's targeted yearly increases. - Continued maintenance of a low operating cost structure with total cash expenses decreasing in 1997 to $8.60 per barrel of oil equivalent compared to $8.67 per barrel of oil equivalent in 1996. - Additions to Canadian Natural's reserve base amounting to 222.3 million barrels of oil equivalent, replacing the Company's 1997 production by 4.6 times. - For the third consecutive year a reduction in finding and on stream costs to $5.02 per barrel of oil equivalent ($5.84 per proven barrel of oil equivalent). This low finding cost enabled Canadian Natural to achieve a recycle ratio of greater than 2. The price of oil has continued to decrease in the first quarter of 1998 and it appears there will be weakness in the price for the short term. As a result of this price weakness Canadian Natural has deferred the drilling of heavy oil wells with high operating costs and will closely monitor the allocation of its capital spending program in 1998. Canadian Natural's capital budget, excluding an acquisition budget of between $110 and $260 million, is currently set at $590 million with a large portion allocated to natural gas development. The Company's large undeveloped land base will continue to provide opportunities to expand Canadian Natural's productive asset base, which is currently producing 685 million cubic feet of natural gas and 80,000 barrels of oil per day after recently shutting in approximately 3,000 barrels per day of higher cost heavy oil.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:15:00 PM
From: Arnie	Respond to of 15196

ACQUISITION - ARNIES TOP 1 / Canadian Occidental acquires Blocks in Gulf of Mexico CALGARY, March 12 /CNW/ - Canadian Occidental Petroleum Ltd. (CXY-TSE, ME, AMEX) announced today that wholly-owned subsidiary CXY Energy of Dallas, Texas (''CXY'') has agreed to acquire 50 per cent of Fina Oil and Chemical Company's interests in 64 lease blocks in the Gulf of Mexico. The acquisition adds approximately 65,000 net acres to CXY's acreage inventory and greatly enhances CXY's exploration opportunities in the deep water regions of the Gulf. Thirty-two drilling prospects have been identified on the blocks. A number of these prospects are in close proximity to recent industry discoveries, including the Macaroni discovery, reputed to contain several hundred million barrels of oil. Twenty-one of the prospects are located in water depths of less than 4000 feet, while 11 are located in deeper water. One or two locations are expected to be drilled in 1998. The majority of the leases pertaining to the blocks have ten years to expiration and will qualify for royalty relief. The deep water Gulf of Mexico is a highly attractive exploration frontier. The area is relatively immature with more than 20 discoveries containing in excess of 100 million barrels of oil equivalent each. In addition, the deep water Gulf is generally characterized by multiple productive horizons and high production rates, which greatly reduces risk, while the technology to find, drill, and develop deep water discoveries is developing rapidly and costs are coming down. Finally, the deep waters of the Gulf are in close proximity to infrastructure and continental U.S. markets, allowing both oil and gas discoveries to be quickly brought on-stream. Victor Zaleschuk, President and CEO of Canadian Occidental, commented, ''We've been in the shallow Gulf for almost 15 years and have watched the development of deep water exploration with interest. We believe it ranks among the best exploration opportunities anywhere in the world at the current time and we are fortunate to acquire such an attractive position in partnership with some of the most successful operators in the region.''

To: Kerm Yerman who wrote (9529)	3/12/1998 8:17:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Morrison MIddlefield Resources report 1997 Results TORONTO, March 12 /CNW/ - Morrison Middlefield Resources Limited (''MMRL'') is pleased to announce its results for the fiscal year ended 1997. The year was highlighted by a record cash flow of $39.7 million, an increase of 14% over the year previous. Earnings remained strong in 1997 reaching $10.8 million. Capital spending for the year was $67.8 million which was $11 million less than 1996. However, for the first time in the Company's history it did not make a major acquisition during the year. A far greater portion of capital expenditures in 1997 was spent on conventional exploration and development activities. Total reserves increased by 64% to 45 million barrels of oil equivalent. The Company's finding and development costs for the year were $5.22 per barrel of oil equivalent on a proven and half probable basis. The comparative financial and operating results for the three and twelve month periods ending December 31, 1997 and 1996 are summarized in the attached tables. Normal Course Issuer Bid MMRL intends to make a normal course issuer bid (the ''Bid'') for its common shares through the facilities of The Toronto Stock Exchange. This Bid is subject to regulatory approval. If regulatory approval is obtained, MMRL may purchase, from time to time, as it considers advisable, up to 980,000 of its issued and outstanding common shares (representing approximately 5% of its 19,612,562 common shares outstanding on March 11, 1998) in the open market through the facilities of The Toronto Stock Exchange. The price which MMRL will pay for any securities purchased will be the prevailing market price of such securities on The Toronto Stock Exchange at the time of such purchase. MMRL will cancel all common shares purchased pursuant to the Bid. The Bid will terminate on March 11, 1999 or such earlier time as the Bid is completed or terminated at the option of MMRL. The Company believes that the current and recent market price of its common shares does not reflect its underlying value. The purchase of common shares may represent an attractive and appropriate use of funds in light of potential benefits to remaining shareholders. Moreover, normal course purchases made by MMRL affords an increased degree of liquidity to those shareholders who wish to dispose of their shares. Dividend MMRL has declared a quarterly dividend of $0.05 per share payable on March 31, 1998 to the common shareholders of record at the close of business on March 24, 1998. The common shares of the company are listed on the Toronto Stock Exchange under the symbol MM. << Three Months Ended Twelve Months Ended ----------------------- ------------------------ Dec. 31/97 Dec. 31/96 Dec. 31/97 Dec. 31/96 Income Statement ($000's) Oil and gas revenues (gross) 16,822 19,936 68,981 56,152 Cash flow from operations 8,536 11,814 39,651 34,799 Earnings before income taxes 3,228 7,877 17,092 17,277 Net earnings 1,595 5,133 10,779 13,858 Per Common Share ($) Cash flow from operations Basic 0.42 0.72 2.23 2.13 Fully diluted 0.42 0.64 2.11 1.91 Net Earnings Basic 0.08 0.31 0.61 0.85 Fully diluted 0.08 0.27 0.59 0.77 Dividends 0.05 0.04 0.20 0.16 Capital Expenditures ($000's) 23,237 52,799 67,763 79,096 As at Dec. 31 ------------------------- 1997 1996 Balance Sheet ($000's) Working capital (146) (14,280) Total assets 214,467 192,160 Long-term debt 46,308 31,480 Shareholders' equity 134,843 96,288 Reserves Crude Oil Natural Total(x) Future Net Cash Flow & NGLs Gas ($000's, discounted) (mbbls) (mmcf) (mboc) 0% 10% 15% (as at December 31, 1997) ------------------------------------------------------------------------- Proven - UK Onshore 6,990 19,309 10,208 140,988 87,599 74,344 - UK Offshore 2,398 1,480 2,645 9,520 5,970 4,640 - Canada 6,098 29,045 9,003 104,062 71,201 61,986 ------------------------------------------------------------------------ 15,486 49,834 21,856 254,570 164,770 140,970 ------------------------------------------------------------------------ Probable - UK Onshore 2,379 39,447 8,953 129,574 47,768 33,288 - UK Offshore 9,891 14,252 12,266 118,100 73,860 59,940 - Canada 1,093 8,262 1,919 20,812 11,115 8,770 ------------------------------------------------------------------------ 13,363 61,961 23,138 268,486 132,743 101,998 ------------------------------------------------------------------------ Total 28,489 111,795 44,994 523,056 297,513 242,968 ------------------------------------------------------------------------ (x) MMRL has adopted the international practice of reporting barrels of oil equivalent for its activities outside Canada using a 6 mcf:1 barrel conversion ratio for gas to oil. For Canadian activities, a 10:1 conversion ratio continues to be used. Three Months Ended Twelve Months Ended --------------------- ---------------------- Dec. 31/97 Dec.31/96 Dec. 31/97 Dec.31/96 Drilling Activity (Gross number of working interest wells drilled) Oil wells 10 3 28 21 Gas wells 1 3 19 4 Injector wells - - 1 - Dry and abandoned wells 6 6 24 8 Total wells 17 12 72 33 Average working interest 70% 61% 50% 67% Canada 7 7 52 15 UK 10 5 20 18 Production Canada: Oil & NGLs (bbl/d) 2,663 2,837 2,695 1,884 Gas (mcf/d) 13,666 14,298 13,686 9,404 UK: Oil & NGLs (bbl/d) 4,005 3,704 3,819 3,512 Gas (mcf/d) 945 926 857 816 Total: Oil & NGLs (bbl/d) 6,668 6,541 6,514 5,396 Gas (mcf/d) 14,611 15,224 14,543 10,220 Average Prices Canada: Oil & NGLs (bbl/d) 21.24 27.22 22.64 23.91 Gas (mcf/d) 2.20 1.77 2.00 1.70 UK: Oil & NGLs (bbl/d) 26.70 31.50 26.12 26.29 Gas (mcf/d) 3.47 3.16 3.06 2.71 Total: Oil & NGLs (bbl/d) 24.36 29.59 24.66 25.44 Gas (mcf/d) 2.29 1.86 2.06 1.78 >>

To: Kerm Yerman who wrote (9529)	3/12/1998 8:23:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Precision Drilling reports 1st 9 months Results CALGARY, March 12 /CNW/ - The combination of the various acquisitions in the Oilfield Services Business have generated a dramatic impact upon the financial performance of Precision Drilling Corporation. Effective September 30, 1997, the Corporation split its common shares on a two for one basis and all per share amounts have been stated given effect to the split. << Financial Highlights CONSOLIDATED STATEMENTS OF EARNING AND RETAINED EARNINGS Three Months Ended Nine Months Ended January 31, January 31, CDN $000's (unaudited) 1998 1997 1998 1997 ------------------------------------------------------------------------- Revenue 295,250 122,824 774,070 306,581 Expenses Operating 176,849 85,189 472,008 214,423 General and administrative 17,522 7,326 43,158 19,046 Depreciation and amortization 21,940 7,192 60,640 16,665 ------------------------------------------------------------------------- 216,311 99,707 575,806 250,134 ------------------------------------------------------------------------- Operating earnings 78,939 23,117 198,264 56,447 Interest (4,534) (202) (12,548) (2,275) Dividend income - - 1,923 653 ------------------------------------------------------------------------- Earnings before income taxes 74,405 22,915 187,639 54,825 Income taxes Current 3,176 9,749 22,653 24,000 Deferred 36,528 1,459 74,753 1,984 ------------------------------------------------------------------------- 39,704 11,208 97,406 25,984 ------------------------------------------------------------------------- Net earnings 34,701 11,707 90,233 28,841 Retained earnings, beginning of period 152,615 72,133 97,358 54,999 Adjustment on purchase and cancellation of share capital (1,886) - (1,886) - Dividends on preferred shares (91) - (366) - ------------------------------------------------------------------------- Retained earnings, end of period 185,339 83,840 185,339 83,840 ------------------------------------------------------------------------- Earnings per share Basic 0.83 0.39 2.17 1.02 Fully diluted 0.78 0.36 2.03 0.95 ------------------------------------------------------------------------- ------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS CDN $000's (unaudited) January 31, ------------------------------------------------------------------------- 1998 1997 Assets Current assets Cash 3,674 5,780 Marketable securities, at cost - 63,287 Accounts receivable 296,691 136,526 Inventory 27,452 26,909 ------------------------------------------------------------------------- 327,817 232,502 Investments 43,437 5,069 Property, plant and equipment, at cost less accumulated depreciation 628,473 308,853 Deferred financing costs, net of amortization of $660 10,260 - Goodwill, net of accumulated amortization of $11,352; 1996 - $2,470 213,486 72,330 ------------------------------------------------------------------------- 1,223,473 618,754 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Liabilities and Shareholders' Equity Current Liabilities Bank indebtedness 26,327 82,177 Accounts payable and accrued liabilities 135,216 63,741 Income taxes payable 6,536 18,258 Current portion of long-term debt 27,484 27,176 ------------------------------------------------------------------------- 195,563 191,352 Long-term debt 227,444 53,680 Deferred income taxes 121,010 33,742 Shareholders' equity Share capital 494,117 256,140 Retained earnings 185,339 83,840 ------------------------------------------------------------------------- 679,456 339,980 ------------------------------------------------------------------------- 1,223,473 618,754 ------------------------------------------------------------------------- ------------------------------------------------------------------------- SEGMENT INFORMATION Three Months Ended Nine Months Ended January 31, January 31, CDN $000's (unaudited) 1998 1997 1998 1997 ------------------------------------------------------------------------- Revenues Oilfield Services Drilling 211,281 61,959 524,947 141,630 Well servicing 16,049 12,281 44,009 21,238 Compression 23,326 15,186 65,882 36,325 Oilfield equipment rental and other 15,101 7,256 39,214 18,433 ------------------------------------------------------------------------- 265,757 96,682 674,052 221,626 ------------------------------------------------------------------------- Industrial Services Industrial process services 17,234 16,335 59,991 55,609 Industrial equipment rental 12,259 9,807 40,027 29,346 ------------------------------------------------------------------------- 29,493 26,142 100,018 84,955 ------------------------------------------------------------------------- Total revenues 295,250 122,824 774,070 306,581 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Operating Earnings Oilfield Services 76,649 21,803 181,851 44,542 Industrial Services 2,290 1,314 16,413 11,905 ------------------------------------------------------------------------- Total operating earnings 78,939 23,117 198,264 56,447 ------------------------------------------------------------------------- Operating Highlights For the nine months ended January 31, 1998 1997 Market Market Precision Industry Share % Precision Industry Share % Number of drilling rigs 207 557 37 85 473 18 Number of operating days (Spud to release) 39,595 101,464 39 14,356 76,800 19 Wells drilled 4,867 12,800 38 2,574 10,504 24 Metres drilled (000's) 5,971 14,800 40 2,658 11,497 23 Rig utilization rate (%) 73 74 62 61 >> The Corporation remains optimistic on the long-term industry fundamentals and believes the requirement for natural gas drilling in anticipation of the increased take-away capacity is expected to more than offset any decrease in heavy oil drilling. Precision Drilling Corporation is listed on The Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:25:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Tethys Energy reports 1997 Results CALGARY, March 12 /CNW/ - An active 1997 acquisition and drilling program resulted in significant increases in cash flow, production and reserves. For the year ended December 31, 1997 Tethys had record cash flow of $4.8 million, a 214% increase over the amount reported in 1996 of $1.5 million. On a per share basis, cash flow increased 81% from $0.16 to $0.29. The cash flow increase was a result of significant growth in daily production volumes of 145% from an average of 585 barrels of oil equivalent (BOE) per day in 1996 to an average of 1,431 BOE per day in 1997. Oil and liquids production increased 198% from 289 barrels per day (Bbl/d) in 1996 to 860 Bbl/d in 1997 and natural gas production increased 93% from 2,959 thousand cubic feet per day (Mcf/d) in 1996 to 5,617 Mcf/d in 1997. Net income remained relatively constant between years at $0.3 million. On a per share basis, net income declined from $0.04 in 1996 to $0.02 in 1997. For the quarter ended December 31, 1997, cash flow from operations was $2.0 million ($0.11 per share), a 131% increase from $0.9 million ($0.06 per share) in 1996. During the fourth quarter of 1997, Tethys experienced exceptional drilling results which resulted in doubling its fourth quarter 1996 average production from 1,006 BOE per day to 2,017 BOE per day in 1997. Fourth quarter 1997 production was comprised of 1,455 barrels of oil per day and 5.6 MMcf per day. Oil and natural gas liquids prices improved 38% from an average of $13.97 per BOE in 1996 to $19.24 per BOE in 1997. The price gain was due to increasing volumes of light oil production in Tethys' product mix. For the quarter ended December 31, 1997, oil and natural gas liquids prices averaged $22.16 compared to $15.84 for the fourth quarter of 1996. Natural gas prices declined from an average of $2.04 for the year ended December 31, 1996 to an average of $1.74 for 1997. Natural gas prices remained constant between the fourth quarter of 1997 and 1996 at $1.77 per mcf. Capital expenditures increased 489% from $6.1 million in 1996 to $36.0 million in 1997. The 1997 capital expenditures were comprised of acquisitions of $24.5 million, drilling and completions of $8.6 million and land and other of $2.8 million. Tethys drilled 11 (8.1 net) wells in 1997 resulting in 3 (net 1.5) gas wells, 6 (net 5.1) oil wells and 2 (net 1.5) dry and abandoned wells, for an overall success rate of 82%. Tethys acquired Mercury Energy Corporation Ltd. in September 1997 which provided Tethys with an additional land base of over 15,000 acres, 700 barrels of oil per day, and 10 firm drilling locations. Tethys has had a very successful drilling program on these lands resulting in the addition of an average of 700 barrels of light oil per day in the first quarter of 1998. << SUMMARY OF OPERATIONS AND FINANCIAL RESULTS Three months ended Year ended December 31, % December 31, % 1997 1996 change 1997 1996 change -------------------- -------------------- FINANCIAL Revenues 3,388,433 1,433,749 136% 8,267,621 3,299,670 151% Net income 64,295 357,089 82% 330,327 344,588 -4% Net income per share 0.00 0.03 N/A 0.02 0.04 -50% Cash flow from operations 2,026,629 876,792 131% 4,834,402 1,539,792 214% Cash flow per share 0.11 0.06 83% 0.29 0.16 81% Weighted average number of shares outstanding 18,939,489 13,680,057 38% 16,827,038 9,399,847 79% Capital additions 9,292,095 4,684,682 85% 35,962,958 6,102,612 489% AVERAGE PRICES Oil & natural gas liquids ($/bbl) 22.16 15.84 40% 19.24 13.97 38% Gas($/Mcf) 1.77 1.72 3% 1.74 1.55 12% Gas hedging($/mcf) 0.00 0.05 N/A 0.00 0.49 N/A ---------------------------- --------------------------- Gas price after hedging($/Mcf) 1.77 1.77 0% 1.74 2.04 -15% DAILY PRODUCTION, BEFORE ROYALTIES Oil and natural gas liquids (bbls) 1,455 548 166% 860 289 198% Natural gas (mcf) 5,617 4,579 23% 5,708 2,959 93% ---------------------------- --------------------------- Barrel of oil equivalent 2,017 1,006 100% 1,431 585 145% December 31, 1997 1996 ---------------- BALANCE SHEET Current assets 5,313,390 5,683,168 -7% Current liabilities 8,380,610 5,496,633 52% Working capital (3,067,220) 186,535 -1744% Property, plant and equipment 43,044,159 10,635,081 305% Long term debt 14,944,358 - N/A Future site restoration liability 319,389 98,371 225% Deferred income taxes 1,177,908 257,463 358% Shareholders' equity 23,535,284 10,465,782 125% Common shares outstanding 21,034,757 13,830,047 52% RESERVES Oil and natural gas liquids (thousand barrels) Proved 3,284 1,328 147% Probable additional 2,221 528 321% ------------------------------ Total proved plus probable additional 5,505 1,856 197% Natural gas (million cubic feet) Proved 11,256 9,738 16% Probable additional 5,119 4,269 20% Total proved plus probable additional 16,375 14,007 17% ------------------------------ UNDEVELOPED LAND Gross (acres) 142,204 47,677 198% Net (acres) 114,672 27,763 313% >>

To: Kerm Yerman who wrote (9529)	3/12/1998 8:28:00 PM
From: Arnie	Respond to of 15196

FINANCING / Startech Energy enters Bought Deal Agreement CALGARY, March 12 /CNW/ - Startech Energy Inc. announced today that it has entered into a bought deal with an underwriting syndicate led by Griffiths McBurney & Partners, and including FirstEnergy Capital Corp. Pursuant to the terms of the underwriting agreement, Startech will issue 4,500,000 common shares at a purchase price of $6.50 per common share for total proceeds of $29,250,000. The financing is scheduled to close on April 8, 1998. Proceeds from the issue will initially be used to reduce bank debt and will provide the Company with the financial flexibility to execute its long term growth strategy in the present low crude oil pricing environment.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:29:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Search Energy reports 1997 Results CALGARY, March 12 /CNW/ - SEARCH ENERGY CORP. (TSE - ''SGY'') announces its audited financial results for the year ended December 31, 1997. Profit/ Year Revenue(x) Cash Flow(x) C.F./Share Profit(x) Share ---- ---------- ------------ ---------- --------- ------- Fourth Quarter 1996 $1.02 $0.36 $0.07 $0.06 $0.01 1997 $3.14 $1.08 $0.04 $0.19 $0.01 Fiscal Y.T.D. 1996 $2.68 $0.83 $0.18 $0.19 $0.04 1997 $10.95 $4.03 $0.18 $0.72 $0.03 (x) Millions of Dollars In 1997 daily production of oil was 922 Bbls, compared to 258 Bbls in 1996. Oil prices softened slightly to average $24.87 per Bbl in 1997 as compared to $27.07 in 1996. Gas production grew by over nine times, averaging 3.65 Mmcf per day in 1997 against 0.37 Mmcf in 1996. Gas prices nearly doubled, averaging $1.88 per Mcf in 1997 compared to $0.99 per Mcf in 1996. Oil production in the fourth quarter of 1997 was 968 Bopd as compared to 338 Bopd in the fourth quarter of 1996. Gas production averaged 4.56 Mmcf per day in 1997, an eleven times increase over 1996 fourth quarter production of 0.37 Mmcf per day. The Company exited 1997 producing 1,068 Bopd and 5.59 Mmcf per day. Search is currently producing approximately 1,125 Bopd and 6.9 Mmcf per day. Search spent $19.2 million on capital expenditures in 1997, the vast majority of which was the $16.5 million spent to acquire Lionheart Energy Corp. Proven reserve additions were 2,264 MBoe while proven plus probable were 2,679 MBoe. Finding costs for the year were $8.49 per Boe for proven reserves, and $7.17 per Boe for proven plus probable reserves. During 1997 the Company drilled 14 (6.6 net) wells, resulting in 4 (2.2 net) oil wells, 2 (1.3 net) gas wells and 1 (0.3 net) service well. In 1998, Search will direct its drilling activities toward gas targets primarily on its Wainwright, Alberta property where it holds an average working interest of 72.5% in 76 sections of land essentially all of which has recently been surveyed with 3-Dimensional seismic. As well the Company will continue to drill for light oil in its Southeastern Saskatchewan and Manitoba focus area where it recently completed a two-legged horizontal well (net 32%) at Gainsborough which had initial production of 425 Bopd. Two more wells are planned in this area after spring break-up. Search has reached an agreement to unitize its Giroux Lake property in Central Alberta and a water flood will be initiated by the end of March 1998 which will allow the pool to produce under good production practices resulting in a net increase to Search of an anticipated 100 Bopd. Search is a growth oriented Canadian junior oil and gas company engaged in exploration, acquisition and production of crude oil and natural gas reserves in Alberta, Saskatchewan and British Columbia.

To: Kerm Yerman who wrote (9529)	3/12/1998 8:32:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / HEGCO Canada perforates The El Grande Well EDMOND, Oklahoma, March 12 /CNW/ - HEGCO Canada, Inc., announced today that it perforated 10 sections, within a 690 foot interval, of the El Grande well, on Wednesday, March 11, 1998. Today, March 12, 1998 the Company will retrieve the perforating guns from within the well bore and begin the isolation, clean up and testing of each of the sections within the 690 foot interval. The testing procedure and evaluation of this well will take place over the next several weeks. Management is unaware of any adverse conditions at the well site and continues to be encouraged by the results of its logs and the completion of each step toward the final testing of this well. HEGCO Canada, Inc., is an Alberta, Canada corporation trading on the Alberta Stock Exchange under the symbol, ''HEG''. The Company is an oil & gas production, servicing and drilling company operating in Oklahoma and Arkansas. On behalf of the Board: Douglas C. Hewitt,

To: Kerm Yerman who wrote (9529)	3/12/1998 8:35:00 PM
From: Arnie	Respond to of 15196

PIPELINES / Pembina Pipeline Income 1997 Results Exceed Forecast CALGARY, March 12 /CNW/ - Pembina Pipeline Income Fund announced today financial results from the commencement of the Fund's operations on October 24, 1997 to December 31, 1997. Distributable cash of $8.7 million ($0.14 per unit) was generated on revenues of $20.8 million. This compares favourably to the financial forecast in the Fund's initial public offering prospectus which anticipated distributable cash of $7.6 million ($0.12 per unit) and revenue of $20.0 million. Pipeline throughput volumes for the period averaged 355,200 barrels per day of crude oil, condensate and natural gas liquids. There is no comparative prior year data as this is the initial reporting period of the Fund. Highlights: For the period October 24, 1997 through December 31, 1997 ($000's except per unit amounts) Actual Prorated Forecast(1) ------------------------------------------------------------------------ Revenue $ 20,759 $ 20,025 Distributable cash flow $ 8,740 $ 7,550 Distributable cash flow per unit $ 0.14 $ 0.12 ------------------------------------------------------------------------ (1) The amounts reflect a forecast presented in the Initial Public Offering Prospectus dated October 15, 1997 prorated from the commencement of the Fund on October 24, 1997. Cash distributions for the period were higher than expected due to increased throughput volumes and lower maintenance capital expenditures than anticipated. The Peace system benefited from the completion of an expansion to its system in September 1997 which resulted in the addition of 66,000 barrels per day of throughput capacity. The expansion is also expected to have an important impact on 1998 results as Peace will have capacity to respond to two major connections to the system. One connection at Dawson Creek, British Columbia will add an incremental 19,000 barrels per day of upstream pipeline capacity while the other connection at LaGlace, Alberta is expected to add approximately 20,000 barrels per day of new pipeline connected volumes. Pembina Pipeline Income Fund is a Canadian income fund engaged, through its wholly-owned subsidiary Pembina Pipeline Corporation, in the transportation of crude oil, condensate and natural gas liquids in Western Canada. The Fund's units trade as installment receipts on the Toronto Stock Exchange under the symbol PlF.IR. The final installment of $4.00 per unit is due October 23, 1998.