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To: Arnie who wrote (9758)	3/25/1998 10:25:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Pan East Announces 1997 Operating and Financial Results and Outlook for 1998 TSE SYMBOL: PEC MARCH 25, 1998 CALGARY, ALBERTA-- 1997 CAPITAL PROGRAM AND FINDING COSTS Pan East participated in the drilling of 14 (6.9 net) wells in 1997 resulting in 9 (4.1 net) gas wells and 5 (2.8 net) abandoned wells for a success rate of 64 percent. The wells averaged 3,000 meters (9,900 feet), with the deepest being 3,600 meters (11,900 feet) and Pan East operated 12 of these wells. Net capital expenditures in 1997 totaled $23.0 million of which 86 percent or $19.7 million was incurred for land acquisitions, seismic and drilling and completion costs with the remainder on production equipment. Proceeds from minor property dispositions were $2.0 million. Finding and on-stream costs based on the total capital program divided by the total reserves added, were $0.55 per McfE for established reserves (proven plus 50 percent probable) and $0.56 per McfE for proven reserves only. Reserve additions replaced 1997 production by 400 percent. PRODUCTION Pan East's current production is concentrated in the Kaybob/Edson and Strachan Deep Basin areas in northwest Alberta and Midwinter in northeast British Columbia. Pan East operates the majority of its production consisting entirely of natural gas, associated liquids and sulphur. Total production in 1997, on an equivalent basis, was 28.0 MmcfE/day essentially unchanged from the 27.8 MmcfE/day recorded in 1996. FINANCIAL RESULTS Revenue from oil and gas operations was unchanged in 1997 from 1996. Cash flow from operations was lower in the same period. This was attributable primarily to hedging activities entered into in the fall of 1996. As a result of these hedging activities, Pan East received a natural gas price of $1.47 which was lower than the industry average for the same period. This was compounded by the higher royalty rate charged by the crown associated with industry average gas prices. In 1996, Pan East reported a one-time income transaction of $1.1 million. Finally, higher general and administrative expenses were realized as the company added to its technical staff in anticipation of the expanded capital budget in 1998. This lower level of cash flow and higher depletion and depreciation charges resulted in the company reporting a net loss in 1997. /T/ 1997 1996 --------------------------------- PRODUCTION AND PRICES Average Daily Production Natural Gas (Mmcf/d) 24.7 23.4 Liquids (Bbl/d) 186 280 Sulphur (LT/d) 153 160 Natural Gas Equivalent (MmcfE/d) 28.0 27.8 Average Product Prices Natural Gas ($/Mcf) 1.47 1.46 Liquids ($/Bbl) 24.27 24.04 Sulphur ($/LT) 6.91 10.73 Financial ($000 except per share amounts) Gas, Liquids and Sulphur Revenue 15,282 15,577 Cash Flow From Operations 6,540 9,901 Per Share 0.14 0.26 Net Earnings (Loss) (3,594) 1,144 Per Share (0.08) 0.03 /T/ 1998 OUTLOOK At December 31, 1997, Pan East had cash and working capital of $14.8 million. These funds combined with cash flow and available credit lines will finance a 1998 capital program budgeted at $50 million. Pan East anticipates drilling 30 to 35 wells in 1998 with an average working interest of 40 percent. To date in 1998, Pan East has participated in the drilling of 13 (5.1 net) wells resulting in 7 (2.6 net) gas wells, one (.6 net) oil well and 2 (0.7 net) dry holes for an 80 percent success rate to date with 3 (1.2 net) wells currently drilling. The Company anticipates production increases of 15 MmcfE per day during the second quarter bringing Pan East's daily production to approximately 40 MmcfE. Pan East's Exploration Manager, Andrew Boland, commented "this years drilling inventory is our strongest yet. We will be drilling some exciting prospects with promising upside."

To: Arnie who wrote (9758)	3/25/1998 10:29:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Gold Star Energy Inc. Announces Proposed Special Warrants Private Placement and Share Consolidation ASE SYMBOL: GSN MARCH 25, 1998 CALGARY, ALBERTA--Gold Star Energy Inc. ("Gold Star") (GSN - ASE) announced today that it has engaged a consortium led by Eagle & Partners Inc. and including Newcrest Capital Inc. and Griffiths McBurney & Partners as agents for sale, by way of private placement on a best efforts basis, a minimum of 9,000,000 and a maximum of 18,000,000 Special Warrants at a subscription price of $0.35 per Special Warrant. Each Special Warrant will entitle the holder to one unit without payment of additional consideration, each unit consisting of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at any time on or before the date which is 18 months from the date of closing of the offering, at a price of $0.50 per share. Each unit will consist of 1.1 shares and 0.55 warrants if receipts for the final prospectus qualifying the issue of the common shares and warrants are not received within 150 days from the date of closing of the offering. The proposed private placement is subject to regulatory approval and subject to obtaining that approval, is expected to close on or before April 30, 1998. The net proceeds of the offering will be used to finance the acquisition and exploitation of interests in two oil concessions in Argentina, as announced on January 14, 1998. Upon closing, Gold Star's net production will be approximately 300 BOPD at a cost of less than $16,000 per producing barrel, and will hold interests in over 600,000 acres of developed and undeveloped land. A reserve report completed in January 1998, by Gilbert Laustsen Jung Associates Ltd., recognizes proved producing reserves of over 500,000 bbls plus an additional 2,400,000 bbls proven undeveloped and 2,400,000 bbls probable undeveloped, net to Gold Star. This represents a reserve acquisition cost of only $1.25 per barrel proved plus one-half probable and significant production growth potential. Gold Star intends to convene an annual and general special meeting of its shareholders on May 8, 1998, and intends to present before the meeting a proposal to consolidate its issued common shares on the basis one new common share for each three old common shares held. The proposed share consolidation would occur after the completion of the special warrants offering. The proposed share consolidation is subject to regulatory approval and the approval of two-thirds of the shareholders present in person or represented by proxy at the meeting.

To: Arnie who wrote (9758)	3/25/1998 10:31:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Raider Resources Announces Financial and Operating Results TSE SYMBOL: RAI MARCH 25, 1998 CALGARY, ALBERTA--Raider Resources Ltd. is pleased to announce financial and operating results for the year ended December 31, 1997. Oil and gas revenues for 1997 reached $5.9 million which is a 59 percent increase from $3.7 million for 1996. Cash flow increased 124 percent to $3 million or $0.26 per share for 1997 from $1.3 million or $0.37 per share for 1996. Net income was $226 thousand or $0.02 per share this year as compared to $82 thousand or $0.02 per share for last year. Production of oil and natural gas liquids averaged 262 barrels per day in 1997 as compared to 222 barrels per day in 1996 and production of natural gas averaged 4.8 million cubic feet of gas per day in 1997 against 2.6 million cubic feet of gas per day in 1996. Proved plus probable reserves as evaluated by McDaniel & Associates Consultants Ltd. at December 31, 1997 totaled 21 BCF of natural gas and almost 1 million BBL of oil and natural gas liquids. /T/ 1997 1996 ---- ---- Oil and Gas Sales $5,937,205 $3,724,232 Funds from Operations $3,023,446 $1,352,171 per Share $0.26 $0.37 Net Income $226,309 $82,193 per Share $0.02 $0.02 Production: Oil and NGL 94,453 BBL 80,978 BBL per day 262 BBL 222 BBL Natural Gas 1,752,627 MCF 959,825 MCF per day 4,802 MCF 2,630 MCF BOE per day 742 BOE 485 BOE /T/

To: Arnie who wrote (9758)	3/25/1998 10:36:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES-TOP 20 LISTED / Canadian 88 Energy Corp. Announces New Foothills Wildcat Wells at Caroline, Ricinus and Wildcat Hills ASE, TSE SYMBOL: EEE MARCH 25, 1998 CALGARY, ALBERTA--Canadian 88 Energy Corp. of Calgary, Alberta announced today the spudding of three new pool wildcats wells in the Caroline, Ricinus and Wildcat Hills areas of West Central Alberta. The wells are being drilled as part of Canadian 88's expanded foothills natural gas drilling program targeting large foothills natural gas reserve accumulations. Canadian 88's new Caroline well at L.S.D. 7 of Sec. 19 - Twp. 33 - Rge. 5 - W5M is being drilled to a total depth of 4,000 meters to evaluate all formations down to the Cambrian. The well being drilled is immediately offsetting a 3,200 acre drilling license in Twp. 33 - Rge. 5 - W5M which sold for a record bonus of $8.25 million at the March 5, 1998 Alberta Petroleum and Natural Gas Rights Sale. In addition, Canadian 88 has spudded a new pool Wildcat well at L.S.D. 2 of Sec. 33 - Twp. 31 - Rge. 10 - W5M at Yara Creek on the Company's Wildcat Hills exploration play. The well is evaluating the first of three large foothills Mississipian thrust sheets the Company has identified in the area for drilling during 1998. Reserve potential of these thrust sheets range from 100 to 500 Bcf apiece. Canadian 88 paid $1.58 million in total bonuses for 8,320 acres in the Wildcat Hills area at the March 5, 1998 Alberta Government Land Sale with offsetting lands purchased by Petro-Canada and Shell Canada Limited totaling $1.26 million for 5,760 acres. Furthermore in the Ricinus arc of West Central Alberta, Canadian 88 has spudded a deep test in L.S.D. 2 of Sec. 6 - Twp 34 - Rge. 8 - W5M to evaluate the Viking Formation northwest of the prolife Bearberry gas field where the Company has extensive exploration acreage. All three foothills wells will drill through break-up and they are expected to take from 60 to 90 days to drilling at a cost of approximately $3 million apiece. In other developments, the Company said that intermediate casing is currently being run on its L.S.D. 3 of Sec. 16 - Twp. - 37 - Rge. 7 W5M Cheddarville well being drilled into the Leduc formation at a total depth of 3,570 meters and two rigs are currently drilling on schedule without difficulty on the Company's large Waterton natural gas play. Canadian 88 has successfully drilled and completed 4 deep Mississipian wells at Waterton with wells #5 and #6 currently drilling ahead at 3,014 meters and 2,901 meters at L.S.D. 16 of Sec. 13. - Twp. 7 - Rge. 3 - W5M and L.S.D. 3 of Sec. 7 - Twp. 7 - Rge. 2 - W5M, respectively. Canadian 88 has budgeted $130 million of capital spending in Western Canada during 1998 alongside its $150 million Rocky Mountain Exploration (RMX) Fund focusing on foothills natural gas exploration and development. Canadian 88 Energy Corp. (EEE) is an independent public oil and gas company with head offices in Calgary, Alberta, Canada.

To: Arnie who wrote (9758)	3/25/1998 10:39:00 PM
From: Herb Duncan	Respond to of 15196

CORP / Alberta Stock Exchange Accepts Prairie Pacific Energy Corporation's Notice of Intention to Make a Normal Course Issuer Bid ASE SYMBOL: PRP MARCH 25, 1998 CALGARY, ALBERTA--Prairie Pacific Energy Corporation (ASE: PRP) today announced The Alberta Stock Exchange has conditionally approved the Company's intention to make a Normal Course Issuer Bid for up to 7.8 percent of the public float of its stock. "Purchasing shares at the prevailing trading price, relative to the value per share of the discounted worth of Prairie Pacific's oil and gas reserves, together with working capital, represents an attractive and appropriate action," Prairie Pacific's President Malcolm Todd said. Prairie Pacific was successful in acquiring 506,570 common shares at an average of $0.70 per share during the period April 3, 1989 to February 23, 1998 under previous Normal Course Issuer Bids. Prairie Pacific will commence with the Bid to acquire up to 330,000 common shares on April 1, 1998 and will continue until March 31, 1999, or until the maximum number of shares sought are purchased. This amount represents 4.9 percent of the total 6,743,323 common shares issued and outstanding and 7.8 percent of the public float of 4,217,619 shares. The purchase of any common shares through this Bid will be effected through the facilities of The Alberta Stock Exchange. Purchases connected with this Bid will be transacted through Mr. Paul Chave of Levesque Securities Inc., Calgary. Prairie Pacific expects to purchase shares as available at such prices as Prairie Pacific believes practical and in the best interests of Prairie Pacific.

To: Arnie who wrote (9758)	3/25/1998 10:41:00 PM
From: Herb Duncan	Respond to of 15196

FINANCING / Benz Energy Ltd. Completes $27,500,000 Private Placement VSE SYMBOL: BZG MARCH 25, 1998 HOUSTON, TEXAS--Benz Energy Ltd. today announced the completion of its private placement of US$27,500,000 principal amount of 9 percent Convertible Debentures at a price of 100.00 percent. The Debentures are due March 31, 2003. The Debentures are convertible at any time into common shares at a price of Cdn$1.70 per share, and the Company may require conversion of the Debentures into common shares after 18 months, subject to certain restrictions, or may elect to redeem remaining Debentures after four years. Conversion prior to the date of the third coupon will earn converting holders a 5 percent increase in the amount of common shares issued. Aggregate net proceeds of approximately US$25.0 million will be used for planned and ongoing oil and gas prospect drilling, leasing and seismic data acquisition activities in the onshore Gulf of Mexico region, repayment of a portion of its outstanding debt and other working capital uses. The Debentures were not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration. This press release is not for dissemination in the United States or to or through any service disseminating information in the United States.

To: Arnie who wrote (9758)	3/25/1998 10:45:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Petrofund (NCF.UN) 1997 Year End Results TSE SYMBOL: NCF.UN MARCH 25, 1998 TORONTO, ONTARIO-- John Driscoll, President of NCE Resources Group, is pleased to announce the results for the year ended December 31, 1997, for NCE Petrofund. Operating highlights Operating highlights for the year included: - Production averaged 10,166 barrels of oil equivalent (boe) per day in 1997, compared to 4,968 boe per day in 1996. - Production revenue was $23.20 per boe. Financial highlights The 1997 financial highlights were as follows: - Gross production revenue was $86.1 million, compared to $42.2 million in 1996. - Net income was $8.3 million, compared to $6.3 million in 1996 - Distributable income was $37.3 million, compared to $20.8 million in 1996. - Distributable income per unit, based upon weighted average number of units, was $0.766, compared to $0.784 in 1996. - Total distributions paid were $0.79 per unit, compared to $0.51 in 1996. - Units issued and outstanding as at December 31, 1997 were 48.7 million. Current price The price for an NCE Petrofund unit on the Toronto Stock Exchange at the close of the market, on March 24, 1998, was $3.94. NCE Petrofund NCE Petrofund is a royalty trust that derives income from producing oil and gas properties, primarily located in Western Canada. It trades on the Toronto Stock Exchange under the symbol NCF.UN. Net Asset Value The Net Asset Value per unit is $4.85 based on a 12 percent discount. Current price The price for an NCE Petrofund unit on the Toronto Stock Exchange at the close of the market, on March 24, 1998, was $3.94 NCE Petrofund NCE Petrofund is a royalty trust that derives income from producing oil and gas properties, primarily located in Western Canada. It trades on the Toronto Stock Exchange under the symbol NCF.UN. NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services. Based on total oil and gas production, NCE ranks among the top 40 oil and gas companies in Canada. Hours of service (x): Monday -- Thursday 8 a.m. - 8 p.m. Fridays 8 a.m. - 6 p.m. Eastern Time (x) except on Canadian statutory holidays.

To: Arnie who wrote (9758)	3/25/1998 10:50:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Diversified Income Trust (NCD.UN) 1997 Year End Results TSE, ME SYMBOL: NCD.UN MARCH 25, 1998 TORONTO, ONTARIO-- John Driscoll, President of NCE Resources Group, is pleased to announce the results for the year ended December 31, 1997 for NCE Diversified Income Trust. Inception The Trust began operations on February 27, 1997. Operating highlights Operating highlights for the year included: - Gross investment revenue was $9.5 million. - Net investment income was $6.8 million. - Capital gains realized during the year were $0.9 million. - Unitholder distributions totalled $7.7 million in 1997. - Total units issued and outstanding were 22,998,478. - The net asset value was $5.28 per unit. Distributions Income and capital gains distributed in 1997 totalled $0.33 per unit. Cash distributions to unitholders began in April 1997. Current price The price for an NCE Diversified Income Trust unit on the Toronto Stock Exchange at the close of the market, on March 24, 1998, was $3.93. NCE Diversified Income Trust NCE Diversified Income Trust is a closed-end investment trust with the objective of maximizing distributions to unitholders by investing in energy-related royalty and income trusts and, to a lesser extent, other investment trusts. It trades on the Montreal Exchange and the Toronto Stock Exchange under the symbol NCD.UN. NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services. Based on total oil and gas production, NCE ranks among the top 40 oil and gas companies in Canada. Hours of service (x): Monday -- Thursday 8 a.m. - 8 p.m. Fridays 8 a.m. - 6 p.m. Eastern Time (x) except on Canadian statutory holidays.

To: Arnie who wrote (9758)	3/25/1998 10:52:00 PM
From: Herb Duncan	Respond to of 15196

PROPERTY ACQUISITION / Millennium Proposes to Acquire $4.2 Million in Assets ASE SYMBOL: MLN MARCH 25, 1998 CALGARY, ALBERTA--Millennium Energy Inc. announces that it has entered into a letter of intent with two limited partnerships to acquire a number of oil and gas properties in Alberta and Saskatchewan. The purchase price of $4.2 million will be satisfied by Millennium issuing 16.8 million common shares to the vendors at a price of $0.25 per share. The approval of The Alberta Stock Exchange is required for the completion of the transaction, which was negotiated at arm's length. Trading in the shares of Millennium will be halted pending the filing of the documents prescribed by The Alberta Stock Exchange. The acquisition will add approximately 283 Boe/day of production, consisting of 225 Bbls of oil and natural gas liquids and 630 Mcf of gas. Cash flow from the properties has been estimated at $1 million for 1998. Reserves, on a proved + 1/2 probable basis, have been prepared for management of the vendor and audited by Sproule Associates Limited, independent engineers, at 732 Mboe. /T/ Property Daily Production (Boe) Reserves (Mboe) ---------------------------------------------------------- Medicine River, Alberta 75 286 Neilburg, Saskatchewan 61 133 Hayter, Alberta 59 101 Westerose, Alberta 39 97 Chauvin, Alberta 34 104 Others 15 11 --- --- Total 283 732 /T/ Closing is expected to occur as soon as practicable following regulatory, shareholder and limited partner approval. Upon closing, the management of Millennium has agreed to nominate representatives of the vendor who will hold 2 of 5, or 3 of 7 positions on Millennium's board of directors. The transaction, if completed, will represent significant growth for Millennium and will provide a solid cash flow base from which the company can continue to pursue its exploration initiatives. Millennium has already completed two 3-D seismic programs at Ramsey and Seal West and is preparing a 5-well drilling program on farm-in lands at Lac la Biche. The company is also in the process of finalizing its proposal to acquire a 100,000 hectare (66,667 net) concession in Colombia, South America.

To: Arnie who wrote (9758)	3/25/1998 10:54:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Energy Trust (NCA.UN) 1997 Year End Results TSE, ME SYMBOL: NCA.UN MARCH 25, 1998 TORONTO, ONTARIO-- John Driscoll, President of NCE Resources Group, is pleased to announce the results for the year ended December 31, 1997 for NCE Energy Trust. Acquisition The Trust purchased the Canadian assets of Lateral Vector Resources Inc. for $44.5 million, including adjustments, effective August 15, 1997. Operating highlights Operating highlights for the year included: - Production averaged 1,707 barrels of oil equivalent (boe) per day. - Production revenue was $23.13 per boe. Financial highlights Financial highlights (x), based on four months of production, were: - Gross production revenue was $5.5 million. - Distributable income was $2.0 million - Loss for the year was $0.5 million - Distributable income per unit, based upon weighted average number of units, was $0.602 - Total distributions paid in 1997 were $0.32. - Units issued and outstanding as at December 31, 1997 were 3.3 million. (x) (1996 comparative figures not available as fund was created in 1997) Net Asset Value The Net Asset Value per unit is $8.38 based on a 12 percent discount. Current price The price for an NCE Energy Trust unit on the Toronto Stock Exchange at the close of the market, on March 24, 1998, was $7.00. NCE Energy Trust NCE Energy Trust is an investment trust designed to acquire Canadian oil and gas companies. The units trade on the Montreal Exchange and the Toronto Stock Exchange under the symbol NCA.UN. NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. NCE investment funds have interests in over 5,000 wells. NCE employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. It provides a full range of technical, operational, administrative and investor services. Based on total oil and gas production, NCE ranks among the top 40 oil and gas companies in Canada. Hours of service (x): Monday -- Thursday 8 a.m. - 8 p.m. Fridays 8 a.m. - 6 p.m. Eastern Time (x) except on Canadian statutory holidays.

To: Arnie who wrote (9758)	3/25/1998 10:59:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Highridge Announces Record Results TSE SYMBOL: HRE MARCH 25, 1998 CALGARY, ALBERTA--HIGHRIDGE EXPLORATION LTD. ("HRE" - TSE) announces the following record results for the year ended December 31, 1997: The following summarizes the highlights of the company's year: /T/ Percent 1997 1996 Change Undeveloped Land Holdings Gross Acres 170,304 160,223 6 Net Acres 121,737 108,296 12 Farmin and Option 42,880 20,640 108 Gas Reserves (MMcf) Proved 42,797 32,726 31 Probable 15,203 13,238 15 ------- ------- Total 58,000 45,964 26 Oil & NGL Reserves (MBbl) Proved 3,351 2,164 55 Probable 2,370 874 171 ------- ------- Total 5,721 3,038 88 Net Asset Value (@ 15 percent) ($000) 62,237 57,638 8 Per Share ($/share) 4.91 4.59 7 Net Asset Value (@ 10 percent) ($000) 76,974 68,201 13 Per Share ($/share) 6.07 5.43 12 Established Reserves On-Stream Costs ($/BOE) 6.75 3.54 91 Operating Costs ($/BOE) 4.87 5.36 (9) Established Reserve Replacement Ratio 5.5 6.1 (10) Recycle Ratio 1.7 2.8 (39) Highridge also announces the following financial results: Fourth Quarter Percent Twelve Months Percent 1997 1996 Change 1997 1996 Change Natural Gas Production (Mcf/d) 9,728 10,890 (11) 9,930 6,624 50 Oil & NGL Production (Bbl/d) 879 782 12 833 499 67 Gas Price ($/Mcf) 2.21 1.94 14 1.94 1.73 12 Oil & NGL Price ($/Bbl) 22.64 28.55 (21) 23.19 24.65 (6) Net Revenue ($000) 3,278 3,527 (7) 12,292 7,831 57 Cash Flow ($000) 1,854 2,138 (13) 7,344 3,442 113 Per Share ($/share) 0.15 0.17 (12) 0.58 0.31 87 Cash Flow from Continuing Operations ($000) 1,854 2,134 (13) 7,344 4,201 75 Per Share ($/share) 0.15 0.17 (12) 0.58 0.38 53 Net Earnings ($000) 255 958 (73) 2,169 2,789 (22) Per Share ($/share) 0.02 0.08 (75) 0.17 0.25 (32) Net Earnings from Continuing Operations ($000) 255 876 (71) 2,169 1,881 15 Per Share ($/share) 0.02 0.07 (71) 0.17 0.17 -- Working Capital ($000) (1,405) 1,029 -- (1,405) 1,029 -- Debt ($000) 14,306 -- -- 14,306 -- -- /T/ These results are affected by the disposition of the U.S. properties effective January 1, 1996 for $10.4 million which resulted in lower cash flow, cash taxes payable and increased earnings. The continuing operations does not include the effects of the disposition. Highridge is a public energy company active in Central Alberta in Canada. Current production is 3,000 BOE/d. The common shares of Highridge are listed on The Toronto Stock Exchange and trade under the symbol "HRE".