Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Arnie who wrote (9698)	3/23/1998 7:45:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Paramount Announces Record 1997 Results TSE SYMBOL: POU MARCH 23, 1998 CALGARY, ALBERTA-- /T/ Condensed Results Annual Fourth Quarter ($000's) ($000's) 1997 1996 1997 1996 Revenue (before royalty) $128,493 $100,644 $47,819 $30,649 Cash flow $70,911 $63,107 $25,314 $19,239 Per share $1.42 $1.32 $0.49 $0.40 Net earnings $23,389 $25,462 $3,068 $10,542 Per share $0.47 $0.53 $0.06 $0.22 Net capital expenditures $184,170 $63,127 $104,800 $21,138 Weighted average number of shares outstanding (,000's) 49,782 47,937 51,866 48,642 /T/ Paramount Resources Ltd. announced today its audited results for 1997. Strong operational results pushed the financial results to record highs. Record production levels of 162.5 MMcfeq/d were achieved (148.6 MMcf/d of natural gas and 1392 Bbl/d of crude oil/liquids) representing a 14 percent increase over 1996 levels. Furthermore, year end exit rates of approximately 190 MMcf/d and 2000 Bbl/d, or 210 MMcfeq/d, represent an increase of 29 percent over the 1997 averages. High energy prices realized were also a major factor in the overall improved financial performance. The average gas price realized in 1997 was $2.12/Mcf as compared with $1.84/Mcf for 1996. Crude oil prices realized were down slightly at $26.36/Bbl in 1997 as compared with $27.91/Bbl in 1996. Net capital expenditures for 1997 were $184.2 million including the $72 million for the purchase of the Reserve Royalty Corp. properties coincident with their acquisition of Jordan Petroleum Ltd. Paramount acquired 40 MMcf/d, 120 Bcf of proven reserves and 164,000 net acres of land. Total revenue for 1997 was $128.5 million, a 28 percent increase over 1996 results. This significant increase in revenues reflects the benefit of substantially higher growth in volumes sold over 1996 together with higher natural gas prices realized in 1997 over 1996. Cash flow from operations was $70.9 million ($1.42 per share) as compared with $63.1 million ($1.32 per share) for 1996, an increase of 12 percent. Net earnings were $23.4 million ($0.47 per share), down slightly from the 1996 results of $25.5 million ($0.53 per share). The higher weighted average number of shares outstanding reflects primarily the issue of 4.0 million shares on November 4, 1997, for net proceeds of $62.9 million. OUTLOOK Paramount has an extremely active program planned for 1998. Significant 1998 production increases are expected at East Liege, Teepee Creek, Corner, Kettle River and North Quigley in northeast Alberta, at Kaybob and Obed in central Alberta, at Zaremba in northeast British Columbia, at Pedigree and Sousa in northwest Alberta, and at Midale in southeast Saskatchewan. This activity should add a further 45 MMcfeq/d leading the Company to anticipate 1998 average production rates of 230 MMcf/d and 3500 Bbls/d, totalling 265 MMcfeq/d. Paramount's common shares are listed for trading on The Toronto Stock Exchange under the symbol "POU". /T/ PARAMOUNT RESOURCES LTD. CONSOLIDATED RESULTS AT DECEMBER 31, 1997 Year Ended Percent 1997 1996 Change OPERATING Daily sales Natural gas (MMcf/d) 148.6 127.1 17 Crude oil and liquids (Bbl/d) 1,392 1,517 (8) Proven and probable reserves (escalated price) Natural gas (Bcf) 636 476 34 Crude oil and liquids (MBbl) 34,740 10,662 226 Land holdings (000's acres) Net 2,032 1,464 39 Gross 3,555 2,288 55 Wells drilled (gross) Natural gas 81 78 4 Crude oil 28 17 65 Standing 10 0 -- Service 5 0 -- Dry and abandoned 23 11 (9) ----------------------------- Total 147 106 39 ----------------------------- Success ratio (gross) (in percent) 84 90 (7) FINANCIAL ($ thousands except per share amounts) Total revenues, before royalties 128,493 100,644 28 Cash flow generated from operations 70,911 63,107 12 Per common share $1.42 $1.32 8 Net earnings 23,389 25,462 (8) Per common share $0.47 $0.53 (11) Capital expenditures Drilling and seismic 52,000 24,100 116 Crown land purchases 9,500 9,500 0 Property acquisitions including subsidiary 77,900 26,000 200 Plant/gathering and equipment 67,400 30,600 120 ------------------------------ Total capital expenditures 206,800 90,200 129 Less proceeds on dispositions 22,600 27,100 (17) ------------------------------ Net capital expenditures 184,200 63,100 33 ------------------------------ Net debt (Bank loans adjusted for working capital/deficiency) 137,387 80,000 72 Total assets 469,954 306,463 53 Weighted average number of common shares outstanding (000's) 49,782 47,937 3.85 Number of common shares outstanding at year end (000's) 53,954 49,203 9.66 /T/

To: Arnie who wrote (9698)	3/23/1998 7:51:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Quest Energy Inc. Announces Drilling Success at S.E. Taber ASE SYMBOL: QTI MARCH 23, 1998 CALGARY, ALBERTA--Quest Energy Inc. has successfully drilled the first well on its' Taber S.E. property in Southern Alberta. This well, coupled with re-works done on the existing wellbores has boosted production from this property to 125 BOPD from 25 BOPD. With success at a recent Crown Land Sale, Quest now holds a 100 percent Working Interest on 2,720 acres on the play and has identified nine (9) initial development drilling locations on the prospect. Also, on its' producing property in the Turin Area in Southern Alberta, Quest has identified at least four (4) drilling locations as a result of its' recently shot 3-D Seismic Program. Quest operates and maintains a 60 percent Working Interest in this property. Development drilling on both of the above properties is scheduled to commence after spring breakup.

To: Arnie who wrote (9698)	3/23/1998 7:53:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / American Eco Earns $9.7 Million Order from SRS Joint Venture in Venezuela CBOE SYMBOL: EOQ TSE SYMBOL: ECX BERLIN SYMBOL: AEOGR NASDAQ SYMBOL: ECGOF MARCH 23, 1998 HOUSTON, TEXAS--AMERICAN ECO CORPORATION announced that its Separation and Recovery Systems, Inc. (SRS) subsidiary and Joint Venture partner SRS Recupertec of Caracas, Venezuela have been awarded a second resource recovery contract for US$9.7 million from Venezuela National Oil Company, PDVSA, Petroleo Y Gas S.A. SRS Recupertec provides resource recovery and environmental remediation services including the use of the SRS SAREX Process for the recovery of oil production and oil refining wastes by separating valuable oil from oily sludge's and detoxification of the remaining solids for recycle or safe disposal. SRS Recupertec anticipates additional follow-on projects with PDVSA, Petroleo Y Gas S.A. Recently, the Venezuelan government has opened up the national oil industry to multinational participation. The multinational oil companies require strict adherence to U.S. environmental standards which has precipitated a move by Venezuela to address environmental concerns. The transaction includes the sale of SAREX Process equipment by SRS, to the joint venture company SRS Recupertec. The SAREX process is cutting edge technology utilized in refinery and chemical plants for the recovery of valuable oil resources and for the remediation of contaminated industrial sites, The SRS SAREX Process is field proven over the past ten years, and has been utilized in the United States, France, Mexico, Australia, Taiwan, and South Africa. Michael E. McGinnis, Chairman & CEO of American Eco, stated, "The acceleration of our South American neighbors for sound environmental practices is continuing to bear fruit as we see within a nine month period, a second order for SAREX equipment that is five (5) times greater than the initial project started in 1997." American Eco is a leading North American provider of single-source construction, management, maintenance, specialty fabrication, engineering and environmental remediation services in the refining, petrochemical, utility, forest products and offshore manufacturing industries.

To: Arnie who wrote (9698)	3/23/1998 8:02:00 PM
From: Herb Duncan	Respond to of 15196

PIPELINES / Consumers Gas Marks 150th Anniversary: $150,000 Birthday Present to Help Toronto's Homeless TSE, ME SYMBOL: IPL NASDAQ SYMBOL: IPPIF MARCH 23, 1998 TORONTO, ONTARIO--The old gas lamps of the past, were brought back to life today during a lamplighting ceremony held at the first ever head office of Consumers Gas, in celebration of the company's 150th anniversary. The President of Consumers Gas, Rudy Riedl arrived at the Rosewater Supper Club in a vintage, horse-drawn carriage accompanied by Fort York Guards and Minister Norm Sterling. Standing in front of the historical building, Riedl announced a $150,000 donation for the creation of the "Consumers Gas Homeless Fund," which is designed to allocate financial assistance to the growing problem of homelessness in the city of Toronto. This innovative Fund will be managed by The United Way of Greater Toronto. "We have spent the last 150 years helping our customers make their homes more comfortable for their families, so we feel a fundamental responsibility to help those who are not so fortunate," said Riedl. Mayor Mel Lastman, who was present for the luncheon that took place after the lamplighting ceremony, praised the company for its dedication. "This represents great leadership in the private sector, and shows great commitment to an issue that is very important to all of us," said Lastman. "I'd like to thank Consumers Gas for its continued commitment to our great city. It has made a tremendous contribution to the growth and vitality of the city of Toronto." Past mayors of the city of Toronto, Barbara Hall, June Rawlands and Allan Lamport, also joined Consumers Gas to celebrate its 150th anniversary. Consumers Gas is a progressive Company that has grown for 150 years with the communities it serves and has consistently welcomed change as an opportunity to be leaders in the community. It has built a tradition of community involvement through corporate sponsorships, donations and employee volunteerism. Consumers Gas, is a wholly-owned subsidiary of IPL Energy Inc. of Calgary and is the largest natural gas distribution utility in Canada serving over 1.4 million residential, commercial and industrial customers in south central and eastern Ontario, Quebec and Upper New York State. IPL Energy's common shares trade on the Toronto and Montreal Stock Exchanges in Canada under the symbol "IPL." In the United States the shares trade on the NASDAQ under "IPPIF."

To: Arnie who wrote (9698)	3/23/1998 8:05:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Ionic Energy Inc. Announces Five Month Results Ending December 31, 1997 ASE SYMBOL: IOI MARCH 23, 1998 CALGARY, ALBERTA-- /T/ IONIC ENERGY INC. ANNOUNCES FIVE MONTH RESULTS ENDING DECEMBER 31, 1997 OPERATING Natural gas production Total (mcf) 657,532 Daily (mcf/d) 4,298 Price ($/mcf) $1.92 Crude oil and natural gas liquids Total (bbls) 20,684 Daily (bbls/d) 135 Price ($/bbl) $21.90 Barrels equivalent production (boe/d - 10:1) 565 Net land holdings (acres) Undeveloped 34,106 Optioned 154,800 RESERVES Gas (mmcf) Proved 19,516 Probable 4,095 Total 23,611 Crude oil and natural gas liquids (mstb) Proved 537 Probable 178 Total 715 Total (mboe, 10:1) Proved 2,489 Probable 587 Total 3,076 Present values (discounted at 15 per cent, including ARTC) Proved $ 15,569,000 Probable $ 4,155,000 Total $ 19,724,000 FINANCIAL (5 months) Oil and gas revenues, before royalties $ 1,712,852 Capital expenditures $ 11,621,773 Finding & development cost per boe - proved $ 4.51 Finding & development cost per boe - proved & risked probable $ 4.05 Long term debt $ nil Net asset value (proved & risked probable, 15 per cent discounted) $ 23,197,983 Per share - basic $ 1.66 Per share - basic, post amalgamation $ 1.56 Per share - fully diluted, post amalgamation $ 1.52 Cash flow from operations $ 764,288 Per share - basic $ 0.08 Net earnings $ 175,702 Per share - basic $ 0.02 Number of shares outstanding Basic Weighted average 9,482,548 Total 13,955,487 Post amalgamation 15,001,487 Fully diluted Weighted average 10,041,548 Total 15,370,487 Post amalgamation 16,416,487 /T/ Ionic Energy Inc. announces the results of its first five months of commercial operation (August to December, 1997). Net earnings for the period were $175,702, or $0.02 per basic share. Cash flow from operations was $764,288, or $0.08 per basic share. During that period, Ionic invested $11.6 million at a finding and development cost of $4.51 per proved boe. Investment was funded by private placements of $12.9 million, net. Production for the period averaged 565 boe/d, of which 76 per cent was from natural gas. The 1997 capital program was focused on building a land, production and opportunity base to drive the Corporation's 1998 growth. On January 1, 1998, Ionic Energy amalgamated with Ionic Ventures Inc., an Alberta Stock Exchange Junior Capital Pool Company. The amalgamated company continues the operations and name of Ionic Energy Inc. The net asset value of the amalgamated entity at January 1, 1998 on a proved and risked probable basis for fully diluted post amalgamated shares is $1.52 per share. For 1998, the Company will actively explore its significant west central Alberta undeveloped land holdings and search for value driven acquisition opportunities. Budgeted capital expenditures, adjusted to respond to the volatile crude oil pricing environment, are estimated to be approximately $10 million. Activity will be directed towards those natural gas and light gravity crude oil exploration and development prospects which can be quickly brought on production. To date in 1998, the Corporation has participated in an eight well exploration weighted drilling program, producing four gas discoveries and one infill oil success. Tie in operations and subsequent production increases are scheduled for early in the second quarter of 1998.

To: Arnie who wrote (9698)	3/23/1998 8:11:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Plexus Announces Results of Exploration Well ASE SYMBOL: PXU MARCH 23, 1998 CALGARY, ALBERTA--PLEXUS ENERGY LTD. (ASE-PXU) and its partners in the ARKOMA JOINT VENTURE, Hampton Court Resources Limited (ASE-HCR), Invader Exploration Inc. (ASE-INX) and Peregrine Oil and Gas Ltd. (ASE-PGG) wish to announce the results of the Joint Venture's CRYSTAL SPRINGS exploration well. The well has been drilled to a total depth of 8,684 feet. Significant porosity was found within several Pennsylvanian (Penn Sd) sandstone intervals and gas shows were encountered within the Penn Sd, Hunton and Arbuckle formations. The well has been abandoned below the base of the Penn Sd due to the absence of commercial reservoir quality rocks in the Hunton and Arbuckle formations. The uphole Penn Sand Interval has been suspended pending further testing and additional exploration activity in the Crystal Springs prospect area. The Arkoma Joint Venture has acquired over 40,000 acres of prospective acreage in Oklahoma and Arkansas, U.S.A. The Joint Venture plan to drill an additional 6 to 12 high potential exploration wells on these prospects during 1998.

To: Arnie who wrote (9698)	3/23/1998 8:18:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Peregine Oil & Gas Announces Results of Exploration Well ASE SYMBOL: PGG MARCH 23, 1998 CALGARY, ALBERTA--Peregrine Oil and Gas Ltd. (ASE-PGG) and its partners in the Arkoma Joint Venture, Hampton Court Resources Limited (ASE-HCR), Invader Exploration Inc. (ASE-INX) and Plexus Energy Ltd. (ASE-PXU) wish to announce the results of the Joint Venture=s Crystal Springs exploration well. The well has been drilled to a total depth of 8,684 feet. Significant porosity was found within several Pennsylvanian (Penn Sd) sandstone intervals and gas shows were encountered within the Penn Sd, Hunton and Arbuckle formations. The well has been abandoned below the base of the Penn Sd due to the absence of commercial reservoir quality rocks in the Hunton and Arbuckle formations. The uphole Penn Sand Interval has been suspended pending further testing and additional exploration activity in the Crystal Springs prospect area. The Arkoma Joint Venture has acquired over 40,000 acres of prospective acreage in Oklahoma and Arkansas, U.S.A. The Joint Venture plan to drill an additional 6 to 12 high potential exploration wells on these prospects during 1998. For additional information on Peregrine or the Arkoma Joint Venture, please contact Mr. Frank Elliott, President.