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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Kayaker who wrote (4877)	3/31/1998 11:11:00 AM
From: Herb Duncan	Read Replies (3) \| Respond to of 24921

Kerm, anyone do you know anything about this company. FOR: ICE DRILLING ENTERPRISES INC. ASE SYMBOL: IDF MARCH 31, 1998 Ice Drilling Enterprises Inc. Announces Significant Increase in Revenue and Cash Flow CALGARY, ALBERTA--ICE Drilling Enterprises Inc. ("ICE") is pleased to announce unaudited financial results for the third quarter ended January 31, 1998. Revenues for this nine month period increased from $635,761 in 1997 to $5,377,833 in 1998. Net earnings increased from a loss of $136,671 to net earnings of $509,371. Cash flow from operations increased from $14,235 in 1997 to $1,289,490 in 1998. With respect to the 1998 operating results, this represents earnings per share of $0.012 ($0.011 fully diluted) and cash flow per share of $0.031 ($0.028 fully diluted). ICE was formed in November 1997 by way of a reverse takeover transaction between Datalogger Inc. and ICE Drilling Services Inc. ICE Drilling Services was identified as the acquirer and Datalogger changed its name to ICE Drilling Enterprises Inc. shortly thereafter. ICE is an oil and gas service company that provides underbalanced, percussion hammer and related drilling services. Our rapid growth is due to strong demand for our enhanced productivity drilling services. We see demand for enhanced production technologies growing regardless of the commodity price of oil and gas, and our plan is to meet this demand. /T/ ------------------------------------------------------------- FINANCIAL HIGHLIGHTS ------------------------------------------------------------- As at, and for the nine months ended, January 31, 1998 1997 ------------------------------------------------------------- Total assets $ 22,597,074 $ 5,740,155 Net assets $ 16,732,616 $ 3,087,933 Revenue $ 5,377,833 $ 635,761 Earnings before interest, taxes and amortization $ 1,435,036 $ 31,465 Cash flow $ 1,289,490 $ 14,235 Cash flow per share - basic $ 0.031 n/a Net earnings (loss) $ 509,371 $ (136,671) Net earnings (loss) per share - basic $ 0.012 n/a Weighted average shares outstanding - basic 41,021,936 n/a Weighted average shares outstanding - fully diluted 46,068,990 n/a Shares outstanding - basic 52,116,175 n/a Shares outstanding - fully diluted 58,310,693 n/a ------------------------------------------------------------- /T/ ICE Drilling Enterprises Inc. is listed on the Alberta Stock Exchange and trades under the symbol IDF.