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

To: Kerm Yerman who wrote (9930)	4/3/1998 4:56:00 PM
From: Kerm Yerman	Respond to of 15196

MARKET ACTIVITY / KERM'S SPEC 20 WEEKLY REPORT ENDING MARCH 27, 1998 (7) \!/ ~(@ @)~ -------------------------o00O(_)O00o----------------------- Speculative Twenty Weekly Trading Summary Report For Week Ending 03/27/98 .oooO ( ) Oooo. -----------------------\ (----( )------------------------ \_) ) / (_/ COMPANY STK ( 52-WEEK ) (TRADING ACTIVITY WEEKLY SUMMARY) REC NAME SYM HIGH LOW HIGH LOW LAST CHG VOLUME B-A-H BADGER DAYLIGHTING T-BAD 7.00 3.55 ^ 7.50 6.25 7.30 +1.05 170,926 A BIG BEAR EXPLORATION A-BDX 3.20 0.70 ^ 1.30 1.10 1.25 -0.02 98,300 B BONAVISTA PETROLEUM T-BNP 5.85 1.25 ^ 5.85 5.50 5.70 +0.20 371,320 A CANBAIKAL RESOURCES A-CBQ 2.30 0.60 ^ 1.20 0.90 1.10 +0.10 18,140 B COMPTON PETROLEUM T-CMT 2.25 0.75 ^ 1.49 1.39 1.43 +0.04 287,600 B DRAIG ENERGY A-DRA 1.75 0.60 ^ 1.40 1.30 1.40 +0.10 7,000 H ENERCHEM INT'L T-ECH 3.65 1.40 ^ 3.25 3.05 3.05 -0.05 290,855 A HYDUKE CAPITAL RES. A-HYD 4.20 1.00 ^ 1.99 1.80 1.90 -0.09 19,600 B PAN EAST PETROLEUM T-PEC 4.70 1.20 ^ 1.98 1.80 1.90 0.00 578,750 B PEAK ENERGY SERVICES T-PES 7.15 3.00 ^ 3.75 3.20 3.35 +0.20 539,135 B RICHLAND PETROLEUM T-RLP.A 5.75 2.85 ^ 4.00 3.20 3.20 +0.10 24,200 B SPIRE ENERGY T-SEY 2.05 1.20 ^ 1.75 1.60 1.75 +0.25 16,500 A TETHYS ENERGY T-TET 4.29 1.50 ^ 3.20 3.00 3.19 +0.34 54,000 A TETONKA DRILLING T-TDI 3.35 1.40 ^ 1.95 1.65 1.93 +0.33 242,685 B THUNDER ENERGY T-THY 3.25 0.90 ^ 2.20 1.80 2.20 +0.45 131,710 B TRICAN WELL SERVICE T-TCW 8.50 3.95 ^ 4.85 4.50 4.75 +0.35 75,400 B UPTON RESOURCES T-URC 11.50 3.15 ^ 4.00 3.65 3.80 +0.10 100,955 B WENZEL DOWNHOLE A-WZL 1.80 0.33 ^ 1.20 0.96 1.00 -0.20 117,400 B WOLVERINE ENERGY A-WVE 1.70 0.90 ^ 1.10 0.90 1.05 +0.06 181,800 A ZARGON OIL & GAS T-ZAR 4.35 2.05 ^ A TSE ( 52 WEEK ) ( WEEK ENDING SUMMARY ) INDEX HIGH LOW HIGH LOW CLOSE CHANGE VOLUME TORONTO 300 7623.92 5657.96 ^ 7623.92 7441.87 7622.53 +209.73 344,883,500 O&G COMPOSITE 8094.31 5473.37 ^ 6734.87 6588.55 6706.45 +350.16 65,156,400 INTEGRATED OIL 9729.68 6145.69 ^ 9095.90 8807.40 8926.10 +272.11 8,108,200 O&G PRODUCERS 7461.88 4778.84 ^ 5975.41 5838.75 5948.31 +341.91 53,651,700 O&G SERVICES 4353.30 2086.81 ^ 3076.93 2891.87 3043.84 +243.71 3,396,500 New High or New Low B-A-H = Buy - Accumulate - Hold ** Strong Buy Best viewed by "Remove Navigation".

To: Kerm Yerman who wrote (9930)	4/3/1998 5:04:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Alpine oil Services 1997 Results ALPINE OIL SERVICES CORPORATION ANNOUNCES YEAREND EARNINGS AND CASHFLOW INCREASES 1998-04-03 CALGARY, ALBERTA 1997 1996 ---- ---- Revenue $32,697,505 $23,722,202 Gross Margin 11,976,066 7,379,755 Net Earnings (Loss) 2,095,047 (268,072) Earnings (Loss) Per Share $0.12 ($0.02) Cash Flow From Operations 6,239,263 2,824,575 Cash Flow From Operations Per Share $0.34 $0.17 Weighted Average Shares Outstanding 18,065,283 16,772,190 Mr. Rod Hauser, President of Alpine Oil Services Corporation, today announced audited financial results for the year ended December 31, 1997. Revenue increased 38% to $32.6 million from $23.7 million over the same period last year. This increase was due to market growth in Canada, the establishment of operations in the United States, and favorable overall market conditions in North America. Alpine generated a net profit of $2.1 million for 1997 compared to a net loss of $0.3 million in 1996. Earnings per share increased to $0.12, from a loss of $0.02 in the prior year. Revenues from wireline, production and underbalanced drilling services increased 18% to $18.1 million over 1996 results of $15.3 million. This was due to market growth for wireline services in Canada, and expanding results for underbalanced drilling and frac recovery services in Canada. Drill stem testing and telemetry revenues increased 23% to $7.1 million from $5.8 million as a result of increased acceptance of Alpine's telemetry technology, expansion of services to the United States, and a shift to natural gas exploration activities in Canada. Equipment sales and other service revenue increased substantially as well, up 187% to $7.4 million from $2.6 million in 1996. Alpine was able to secure sales for existing and newly released proprietary tools and equipment lines in a variety of countries. The performance of Alpine's operation in Argentina was disappointing. Alpine Argentina S.A. showed a loss of $1.3 million on revenue of $3.3 million. The remaining 49% ownership of Testing Alpine S.A. was purchased from our local partners in March 1997. Consequently, these numbers reflect one-time expenses relating to the reduction of certain operating expenses. This operation is very important to the Company, and management is confident it will benefit from a strategic redeployment of assets to other more active areas in Argentina outside of the Neuquen basin, where activity levels were drastically reduced due to lower oil prices. Direct costs decreased as a percentage of revenues as economics of size were realized in Canada, and lower manufacturing costs were incurred with the Sale of proprietary equipment. Direct costs decreased to 63% from 69% of total revenue. Selling, general and administrative expenses remained stable at $4.1 million, due largely to efforts at streamlining operations. Selling, general and administrative costs were 12.5% of revenue, compared to 17.2% last year. Looking ahead, Alpine believes that the market for its energy services will continue to be buoyant, even in the face of much lower commodity prices year-to-date. The majority of Alpine's services in Canada relate to the natural gas exploration cycle; as natural gas pipeline capacity increases substantially over the next year, the demand for Alpine's services in North America will continue to strengthen. On a global level, Alpine will continue to maximize its returns and minimize its risks by entering into strategic joint ventures, and by engaging in technology exchanges and equipment sales that inevitably lead to further business opportunities and greater profitability. With the introduction of our new underbalanced rotating blowout preventers, we expect to see an increase in the utilization of our surface pressure control systems, due to the cost savings for our customers. Over the past three months, we have made arrangements for the supply of an integrated underbalanced drilling package for our customers which includes nitrogen membrane gas supply systems, which will consequently assist Alpine's international marketing efforts. Alpine Oil Services is a vertically integrated oil field service company, providing specialized technology to the international petroleum exploration, production and processing industries worldwide. Alpine operates in these sectors by developing, manufacturing, operating and marketing proprietary, leading-edge technologies for companies in North and South America, South East Asia, the Middle East and Europe.

To: Kerm Yerman who wrote (9930)	4/3/1998 5:12:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Hurricane Hydrocarbons 1997 Results HURRICANE REPORTS SIX MONTH EARNINGS OF US$0.37 PER SHARE CALGARY, April 2 /CNW/ - Hurricane Hydrocarbons Ltd. today released its results for the six month period ended December 31, 1997. The short fiscal period reflects the adoption by Hurricane of a December 31 year end. Highlights of activities include the commencement of production from the South Kumkol field in December of 1997 and a significant increase in the company's proved reserves as at the year end. With total revenue of US$94.8 million, the company reported earnings of US$15.8 million and cash flow from operations of US$32.0 million for the six month period. This represents earnings of US$0.37 per share and cash flow of US$0.75 per share based on an average of 42.8 million shares outstanding during the period. Because of the short fiscal period and the fact that the operations in Kazakhstan were acquired December 1, 1996, a comparison of these results with the prior year would not be meaningful. CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS (Expressed in thousands of United States Dollars) Six Months Ended ---------------- December 31, 1997 ------------------------------------------------------------------------- (Audited) ------------------------------------------------------------------------- REVENUE Sales $ 93,907 Interest and other income 897 --------- 94,804 --------- EXPENSES Production 28,444 Royalties 6,850 General and administrative 13,729 Interest on long-term debt 6,903 Depletion and depreciation 15,933 Foreign exchange loss 32 --------- 71,891 --------- Income before income taxes 22,913 Income taxes 7,069 --------- Net income 15,844 Retained earnings, beginning of period 12,418 Preferred share dividends (32) Retained earnings, end of period $ 28,230 ------------- ------------- PER SHARE INFORMATION EXPRESSED IN UNITED STATES DOLLARS SIX MONTHS ENDED DECEMBER 31,1997 BASIC FULLY DILUTED ----- ------------- Earnings $0.37 $0.33 Cash Flow $0.75 $0.65 EBITDA $1.05 Production over the six month period was 8.6 million barrels and sales were 8.8 million barrels. During the first three months of 1998, production has averaged approximately 55,000 barrels of oil per day. For a ten day period in October and November, Hurricane halted production while modifications were made to the company's central processing facility to allow it to handle the increasing volumes of production anticipated in the near future. A further plant expansion is planned for later in 1998. In a report issued by McDaniel & Associates Consultants Ltd., Hurricane's proved and probable oil reserves as of January 1, 1998 were estimated at 429 million barrels versus 389 million barrels as of September 1, 1997. The proved reserves as of January 1, 1998 were estimated at 239 million barrels versus 153 million barrels as of September 1, 1997. The Annual General Meeting has been called for Monday, May 25, 1998 in Calgary, Alberta. Hurricane is an independent international energy corporation engaged in the acquisition, exploration, development and production of oil, principally in the Republic of Kazakhstan. Hurricane Hydrocarbons Ltd. is listed on the Alberta (ASE) and Toronto (TSE) stock exchanges under the trading symbol HHL.A and on Nasdaq under the symbol HHLAF. Hurricane is a member of the TSE 300 and TSE 200 composite indices. BACKGROUNDER Hurricane is reporting its financial results for the six month fiscal period ended December 31, 1997. Previously, Hurricane reported on the basis of a June 30 year end. In order to compare the results for the calendar year with the forecast issued previously, the results for the six months ended June 30, 1997 compiled from the previously issued unaudited quarterly reports, have been added to the results for the six month period ended December 31, 1997. EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS Calendar Year Ended Forecast July 1 to Jan. 1 to December 31, 1997 Minus Dec. 31, June 30, 1997 Actual 1997 (Unaudited) (Unaudited) Forecast Results ---------------------------------------------------------- Revenue Oil sales $ 93,907 $ 72,983 $ 166,890 $ 172,021 $ 5,131 Interest 897 557 1,454 627 (827) ---------------------------------------------------------- 94,804 73,540 168,344 172,648 4,304 Expenses Production 28,444 17,780 46,224 45,219 (1,005) Royalties 6,850 3,462 10,312 10,059 (253) G&A 13,729 14,136 27,865 27,355 (510) Interest 6,903 2,645 9,548 9,643 95 DD&A 15,933 14,281 30,214 30,924 710 F/X (gain) loss 32 (65) (33) (97) (64) ---------------------------------------------------------- 71,891 52,239 124,130 123,103 (1,027) ---------------------------------------------------------- Income before tax 22,913 21,301 44,214 49,545 5,331 Income tax 7,069 9,367 16,436 18,877 2,441 ---------------------------------------------------------- Net income $ 15,844 $ 11,934 $ 27,778 $ 30,668 $ 2,890 ---------------------------------------------------------- ---------------------------------------------------------- Per Share Information(x) Basic Earnings $ 0.37 $ 0.28 $ 0.65 $ 0.72 Cash Flow $ 0.75 $ 0.61 $ 1.35 $ 1.44 EBITDA $ 1.05 $ 0.88 $ 1.93 $ 2.09 (x) All per share calculations have been based on 42.8 million weighted average number of shares outstanding during the six months ended December 3l, 1997. The comparison shows that sales for the calendar year 1997 were $5.1 million less than forecasted. This results primarily from the fact that production during the last quarter was halted for a period of ten days to allow for modifications to be made to the Company's central oil processing facility. These modifications were necessary to increase the capacity of the facility in anticipation of production increases in the near future. As a result of this shut down, production was approximately 500,000 barrels below forecast. Interest income was higher than forecast by $0.8 million and total expenses were $1.0 million higher than forecast as a result of slightly higher production expenses. The income before tax was lower than forecast by $5.3 million. This was partly offset by a $2.4 million lower charge for income tax resulting in a net income which was lower than forecast by $2.9 million. The results for the quarter ended December 31, 1997 are set out below and are compared with the results for the quarter ended September 30, 1997. EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS << Three Months Ended Dec. 31, 1997 Sept. 30, 1997 ------------------------------------ Daily oil production (bbls) 44,774 48,581 Daily oil sales (bbls) 46,616 49,314 Revenue Oil sales $ 46,957 $ 46,951 Interest 827 70 ------------------------------------ 47,784 47,021 Expenses Production 15,097 13,348 Royalties 3,249 3,602 G&A 7,510 6,218 Interest 4,413 2,490 DD&A 8,512 7,421 F/X (gain) or loss 64 (32) ------------------------------------ 38,845 33,047 ------------------------------------ Income Before tax 8,939 13,974 Income tax 2,553 4,516 ------------------------------------ Net income $ 6,386 $ 9,458 ------------------------------------ ------------------------------------ Per Share Information(x) Basic Earnings $ 0.15 $ 0.22 Cash Flow $ 0.35 $ 0.39 EBITDA $ 0.49 $ 0.56 (x) All per share calculations have been based on 42.8 million weighted average number of shares outstanding during the six months ended December 31, 1997. Production and sales volumes were lower in the December quarter than in the September quarter as a result of the shut down in October and November. Revenues per barrel were higher in the December quarter due primarily to a higher percentage of sales being in the form of refined product. Production expenses on the other hand were higher on a per barrel basis, reflecting a reduction in the carrying value of inventory as well as the lower production and sales volumes.

To: Kerm Yerman who wrote (9930)	4/3/1998 5:16:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Oiltec Resources Ltd. Drilling Update RED RIVER DRILLING UPDATE--100% SUCCESS IN 1998! CALGARY, April 3 /CNW/ - Oiltec Resources Ltd. (TSE:OLT) is pleased to report that it has achieved a 100% success rate on four Red River wells drilled in the first quarter of 1998. Three of the four wells are currently producing light gravity crude at a rate of 912 (446 net) BOPD. Two of the producers are flowing while the third has been equipped to pump. The fourth well has just been cased and will be completed in mid-April following spring break-up. Oiltec will move onto its eighth Red River location as soon as surface conditions permit. Including the 1997 activity, Oiltec now has an 86% Red River success rate, completing six of the seven wells drilled. The two successful wells drilled in the fourth quarter of 1997 continue to flow at a combined rate of 556 (326 net) BOPD. Oiltec now has a number of Red River development locations that have been defined by its exploration success. Oiltec will likely apply its horizontal drilling expertise to at least one of those development locations in 1998.

To: Kerm Yerman who wrote (9930)	4/3/1998 5:20:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITION - TOP 20 / Petro-Canada Signs Tunisia Agreement TUNISIA EXPLORATION AGREEMENT SIGNED BY PETRO-CANADA CALGARY, April 3 /CNW/ - Petro-Canada has signed an agreement with the Tunisian national oil company, ETAP, to jointly explore on a large and relatively unexplored block of land in south-central Tunisia. Petro-Canada and ETAP have acquired exclusive rights to conduct geological and geophysical studies, as well as seismic reprocessing and acquisition, on the Tataouine block, covering approximately 1.8 million acres (720 000 hectares) in the Berkine (Ghadames) Basin. This basin is relatively unexplored in Tunisia, but has provided a number of substantial oil discoveries recently in adjacent areas of Algeria. Petro-Canada has committed to spend $5 million in Tunisia in 1998 and 1999. Following the initial two-year term, Petro-Canada will have an option to extend the agreement. ''The agreement with ETAP represents an excellent opportunity for Petro-Canada to explore a large block of land, with potentially substantial rewards,'' said Norm McIntyre, Petro-Canada executive vice-president. ''Pursuit of this opportunity is consistent with our strategy to expand our international presence and build on our nearby Algerian exploration success.'' Petro-Canada's exploration program in Algeria has yielded several discoveries on its 2 million acre Tinrhert block. The Company is producing oil from its Tamadanet field, evaluating recent gas and condensate discoveries, and conducting further exploratory drilling. A map showing the location of the Tataouine block is available from the contacts below. Petro-Canada is one of Canada's largest oil and gas companies, operating in both the upstream and the downstream sectors of the industry. Its common and variable voting shares trade on Canadian exchanges under the symbol PCA, and its variable voting shares trade on the New York Stock Exchange under the symbol PCZ.