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

To: Arnie who wrote (10184)	4/20/1998 10:09:00 AM
From: Kerm Yerman	Respond to of 15196

CORP REPORT / Seven Seas Petroleum Reserve Report SEVEN SEAS ANNOUNCES ESTIMATED RESERVES IN COMPLIANCE WITH CANADIAN NATIONAL POLICY 2-B PARAMETERS HOUSTON, April 17 /CNW/ -- Seven Seas Petroleum Inc. (Amex: SEV; Toronto: SVS.U) announced today its estimated proved and probable reserves and future income at December 31, 1997, in accordance with the timely disclosure requirements of The Toronto Stock Exchange and National Policy Statement No. 40 of the Canadian Securities Administrators. The estimates were prepared by Ryder Scott Company Petroleum Engineers (Ryder Scott) in conformity with the guidelines contained in National Policy Statement No. 2-B. Total estimated proven and probable reserves of the Guaduas field of the Company's Emerald Mountain project in Colombia, Seven Seas' net interest therein and the estimates of the present value of Seven Seas' future net revenues before tax are set out in the following table. In conformance with customary practice, the Company has reduced the probable reserves and the probable future net revenues as estimated by Ryder Scott by 50%. Estimated Recoverable Oil Reserves - Unescalated Pricing (Barrels of Oil) Seven Seas Total for Guaduas Field Net Interest (Emerald Mountain) Proved Reserves 32,160,245 132,000,000 Probable Reserves(50%) 77,022,234 594,218,507 Estimated Discounted Value of Future Net Revenues Before Tax - Unescalated Pricing (USD) SEVEN SEAS NET INTEREST Discount Rate Total Proved Total Probable(50%) 0 Percent Discount $241,699,500 $737,883,020 8 Percent Discount $159,471,412 $310,776,379 10 Percent Discount $144,866,418 $258,933,888 15 Percent Discount $115,167,099 $169,367,645 The possible reserves estimated by Ryder Scott Company were not announced. GHK Company Colombia, a wholly owned subsidiary of Seven Seas, is the operator of the Emerald Mountain project. Seven Seas holds a 57.7% interest in the Emerald Mountain project which encompasses the Dindal and Rio Seco Blocks. Seven Seas Petroleum Inc. is an international oil and gas exploration and production company. For more information, contact Herbert C. Williamson III, Chief Financial Officer at 713-622-8218. Statements regarding anticipated oil and gas production and other oil and gas operating activities, including the costs and timing of those activities, are "forward looking statements" within the meaning of the Securities Litigation Reform Act. The statements involve risks that could significantly impact Seven Seas Petroleum Inc. These risks include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services and government regulation and foreign political risks, as well as other risks discussed in detail in the Seven Seas Petroleum Inc.'s filings with the U.S. Securities and Exchange Commission.

To: Arnie who wrote (10184)	4/20/1998 6:23:00 PM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Goal Energy 1997 Results GOAL ENERGY INC. RELEASES 1997 FINANCIAL RESULTS 1998-04-20 CALGARY, ALBERTA GOAL increased average 1997 production to 260 BOEPD, and with first quarter additions, is at current levels of 500 BOEPD. Cash flow increased from $437,812 in 1996, to $917,440 or $0.040 per share in 1997. Net earnings doubled 1996 to $282,055 or $0.013 per share in 1997. Oil and gas revenue doubled 1996 to $1,929,977. The Company's average oil price declined 3% from 1996 to $24.59/Bbl. and average gas prices decreased from $1.91/mcf in 1996 to $1.84/mcf in 1997. Gas prices have improved dramatically in the first quarter with GOAL currently averaging over $2.20/mcf. Royalties declined 28% from 1996 to $2.13/BOE as a result of increased ARTC on the Cold Lake gas production. Lifting costs rose 3% to $5.53/BOE and general and administrative expenses, including interest on debt, decreased to $3.01/BOE from $4.12/BOE in 1996. GOAL's all in net back decreased 6% from 1996 to $9.67/BOE in 1997. GOAL increased proven reserves 87% after production, to 8.2 Bcf and 170,700 Bbls. at a five year average cost of finding of $4.82/BOE. GOAL's 1997 capital budget of $3.7 million was funded primarily from cash flow and bank debt. GOAL's total debt at year-end was $2.6 million against a revolving line limit of $3.1 million, resulting in a debt to cash flow ratio of 1.2. GOAL's strong financial position and leverage to gas places the company in the position to grow dramatically in the current business climate. Management is currently evaluating potential merger candidates as a method to create a corporate infrastructure and add reserves and deliverability which will allow the company to continue the growth achieved over the past two years. GOAL Energy trades on the Alberta Stock Exchange under the symbol GGY. For more information about the company, please contact Steve Kiser at: