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

To: Herb Duncan who wrote (9655)	3/21/1998 12:49:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / WestCastle Energy Trust Announces 1998 First Quarterly Distribution WESTCASTLE ENERGY TRUST TSE SYMBOL: WCL.UN OTC Bulletin Board SYMBOL: WCTS MARCH 20, 1998 CALGARY, ALBERTA-- THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO UNITED STATES WIRE SERVICES. WestCastle Energy Trust today announced the 1998 first quarterly distribution to Unitholders. The record date for the distribution is March 31, 1998 and the distribution will be made on April 15, 1998. The amount of the distribution will be $0.20 per unit or approximately $4.1 million, based on the estimated distributable income for the period from January 1, 1998 through March 31, 1998. Prices received by the Trust from crude oil production has been negatively impacting by approximately $7.00 per barrel resulting in this quarters distribution being $0.10 per unit lower than expected. Management continues to examine opportunities to streamline operations and reduce operating costs while exploring options for enhancing production. In this regard, we are currently installing booster compression in our Crossfield and Parkland properties. We believe that this program could add 300 boes/day of production. In the Medicine Hat area we have completed the downhole abandonment of 180 uneconomic wells and have between 50 and 75 more scheduled in the near term. This abandonment program will not affect production volumes but will reduce operating costs. Other production efficiencies have been identified in Medicine Hat and will be implemented in due course. In the next quarter, WestCastle staff will target the Pembina and Dodsland areas to identify production opportunities and implement optimization strategies.