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To: Kerm Yerman who wrote (10232)	4/20/1998 7:46:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Gentry Resources reports 1997 Results CALGARY, April 20 /CNW/ - Gentry Resources Ltd. is pleased to announce its financial results for the year ended December 31, 1997. Gentry continued to achieve record additions to its production volumes, revenues, cash flow and reserves. Gentry's international strategy was also very successful, with the addition of large high-reward international exploration projects in West Africa and Australia. Corporate Highlights Highlights and major accomplishments for the year ended December 31, 1997 include: - Gross revenues of $4,547,205, up 38 percent from $3,285,389 posted in 1996. - Cash flow from operations of $1,082,306, up 28 percent from the $843,274 generated in 1996. - Average daily crude oil and natural gas production of 552 boe, up 46 percent from 379 boe posted in 1996. - Total proven and probable reserves of 3,275 mboe, up 50 percent from 2,183 mboe recorded at the end of 1996. - Proven and probable reserves were added at a cost of $2.45 per boe in 1997, up slightly from Gentry's record low of $2.08 in 1996, but still significantly below the industry average. - Reserve additions of 1,294 mboe replaced 1997 production by a factor of 642%. Gentry's reserve life index now stands at 11.2 years. - Participation in the drilling of 63 wells with a 95 percent success rate. - Four significant production sharing contracts with the Governments of C“te d'Ivoire and Gabon, West Africa, were entered into with partners such as Ranger Oil, Clyde Expro plc (a subsidiary of Gulf Canada Resources), and Energy Africa Limited. Financial Highlights << 1997 1996 % Change ---- ---- -------- Gross Revenue 4,547 3,285 38% Cash flow from operations 1,082 843 28% Cash flow per common share .07 .06 14% Earnings (before tax) 16 289 (94%) Earnings per common share (before tax) - .02 (95%) Capital Expenditures 4,699 2,957 59% Operational Highlights 1997 1996 % Change ____ ____ ________ Production Crude Oil and NGLs (bbls/d) 470 323 45% Natural Gas (mcf/d) 824 557 48% Oil Equivalent (boe/d) 552 379 46% Exit Rate (boe/d) 651 439 48% Average Selling Price Crude Oil (bbl) $23.05 $24.35 (5%) Natural Gas (mcf) $ 1.73 $ 1.61 7% Oil Equivalent ($/boe) $22.20 $23.13 (4%) Reserves Crude Oil and NGLs (mbbls) 3,055 1,964 56% Natural Gas (mmcf) 2,197 2,195 - ----- ----- Total (mboe) 3,275 2,183 50% Shares Outstanding at year end 15,767,192 13,879,192 14% >> Corporate Activity For the year, Gentry's domestic activities focused on developing reserves on its existing land base. A pool extension in the Baldwinton area of southern Saskatchewan added low-cost, crude oil reserves and led to six wells being successfully drilled with an additional six wells planned for late 1998. In excess of 200,000 net barrels of reserves were added at approximately $2.30 per barrel and had a significant impact on 1997 corporate results. The $1.7 million acquisition of a number of producing properties within the Company's core southern Saskatchewan and central Alberta areas resulted in increased interests in a number of the Company's existing properties. A $375,000 acquisition of a 50 percent working interest in a non-unit well and additional interests in the Virden Roselea unit in Manitoba was also completed and offers significant, long-life reserves, which are expected to have a substantial impact in 1998 and 1999. A successful horizontal well was recently drilled and an additional two to three wells are planned for the unit in mid-1998. At Steelman in southeastern Saskatchewan, six successful horizontal wells were recently drilled and are expected to lead to additional drilling in 1998 and 1999. In the Dollard unit of southwestern Saskatchewan, a total of eight successful oil wells were drilled and tied into existing production facilities. An additional 10 wells are planned in 1998. While western Canadian-based activities contributed to Gentry's financial and operational performance, international prospects offer a longer-term strategic growth opportunity. Gentry was successful in identifying specific exploration prospects, negotiating the rights to these concessions and attracting quality industry participants, bringing significant international expertise and capital to these highly prospective projects. Gentry is participating with major international companies in the C“te d'Ivoire and Gabon projects. Corporate Outlook Gentry anticipates significant growth in 1998 and continues to be opportunity driven in its efforts to add shareholder value through its strategic acquisitions and drilling programs, and particularly through its carefully conceived high-impact international exploration programs. Gentry is continuing with its $3 million capital program for 1998, and its participation in the drilling of 80 gross wells. This increased level of drilling activity will generate immediate cash flow and allow production performance to continue the growth trend Gentry has consistently maintained over the past five years. Production growth in excess of 35 percent is our target for 1998. Longer term objectives in western Canada will see the Company increasing its working interest participation in its core areas. The Company will also seek out new core areas where low risk development will add immediate cash flow. The criteria for new areas will include pursuing high quality crude and natural gas in areas where Gentry can take a controlling interest and begin to more actively manage its growth. The Company's international programs are well planned over the next year, and are generating their own momentum as the various exploration programs progress. Gentry is well positioned to continue to create significant increases in its operating and financial results through 1998 and beyond. ------------------------------------- Hugh G. Ross, President & CEO

To: Kerm Yerman who wrote (10232)	4/20/1998 7:48:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / Bakrie Minarak Energy acquires Interests from Midwest Energy CALGARY, April 20 /CNW/ - Bakrie Minarak Energy Inc. (ASE:BAK.A) announces that it has signed an agreement to acquire all of the petroleum interests in England and France presently owned by Midwest Energy Companies Inc. of Tulsa, Oklahoma in return for 8,759,000 common shares of the Company. The English interest consists of a 75% working interest in a 58,320 acre exploration license located onshore in the Weald oil basin of southeastern England. The primary producing reservoir in the basin is the Great Oolite Formation, which produces oil in the Humbly Grove, Stockbridge and Storrington Fields all of which are in the immediate vicinity of the exploration license. The Storrington oil pool (presently being developed by another company) is located in the centre of the license. As part of the license commitment, Midwest carried out a seismic program during the summer of 1996 through a farm-out agreement. Interpretation of the seismic data has identified seven structures on the license, each of which could be matured into a drillable location with the Great Oolite being the main objective. From these, two drilling locations have been selected on the most promising structure, which, based upon the estimates contained in an independent economic and risk evaluation may have a potential volume of approximately 8 million barrels of oil. The Company plans to drill two wells in early 1999. The French interests are located in the Paris and the Aquitaine basins. In the Paris Basin, the Company will hold a 25% working interest in 65,455 acres in the Courgivaux license. This license, with both oil and gas potential directly offsets the large producing Villerperdue Field to the north. The operator, Coparex, is currently finalizing two years of seismic work in the area and is expected to commence drilling in early 1999. In the Aquitaine Basin of southwestern France, the company holds a 100% working interest in 207,000 highly prospective acres in the Larcis-Antin permit immediately adjacent to large reserves of oil and natural gas currently being produced by Elf Aquitaine. These interests, combined with the Company's 33.33% interest in the 700,000 acre Block R2 in the East Shabwa region of Yemen, provides additional dimension to a portfolio of highly significant exploration properties each of which has been selected to maximize shareholder value. In Yemen, the Company completed approximately 800 Km of seismic on the R2 block during the summer of 1997. Interpretation of the seismic data has defined fifteen drillable prospects. Based on this data, the Company has selected a location for its first drilling site, upon which the prospect, based upon the estimates contained in an independent economic and risk evaluation, may have a potential volume of approximately 150 million bbls of oil. The Company is currently negotiating a drilling contract for this first location. The Daw'an No.1 well, located approximately 60 Km west of major oil production, will be drilled to a depth of 1,800 metres commencing in May of 1998. The purchase of the English and French properties is subject to approval of the Alberta Stock Exchange which is expected to be obtained in connection with a public prospectus.

To: Kerm Yerman who wrote (10232)	4/20/1998 7:53:00 PM
From: Arnie	Respond to of 15196

CORP. / Union Pacific Resources Group Board approves Sale of Assets FORT WORTH, Texas, April 20 /CNW/ -- Union Pacific Resources Group Inc. (NYSE: UPR) today announced that the Company's Board of Directors has authorized management to proceed with a deleveraging program designed to obtain a strong investment grade credit rating within 18 months. UPR's plan to reduce the debt incurred by the acquisition of Norcen Energy Resources, Ltd. (Norcen) includes the sale of certain oil and gas producing properties and monetization of the Company's gas gathering, processing and marketing business (GPM). "We are committed to this program and it is our objective to accomplish this deleveraging without issuing common stock," said Jack L. Messman, UPR's chairman and CEO. "We intend to have our balance sheet and credit statistics in order well within our outside target of 18 months. The Board's action demonstrates our focus on achieving this objective as well as showing our resolve to maximize long term shareholder value." Messman noted that UPR is offering producing properties which the Company has determined are non-strategic following the Norcen acquisition. He said UPR intends to have data rooms for both the producing properties and GPM operations set up by June 15. The Company also announced that it has reduced its 1998 capital budget from $1.6 billion to $1.3 billion. This reduction aligns capital expenditures with anticipated cash flow and includes anticipated capital spending associated with the Norcen acquisition. Union Pacific Resources is one of the nation's largest domestic independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past six years and is the state of Texas' #1 gas producer. This press release, other than historical financial information, contains forward looking statements that involve risks and uncertainties including planned construction and drilling activity, expected production efforts and volumes and budgeted capital expenditures and other risks and uncertainties detailed in the Company's SEC reports, including the report on Form 10-Q for the year ended December 31, 1997. Actual results may vary materially.

To: Kerm Yerman who wrote (10232)	4/20/1998 7:56:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Chieftain Resources reports Natural Gas Discovery DALLAS, TX, April 20 /CNW/ - Chieftain Stock Symbol: CID Chieftain International, Inc. (AMEX & TSE: CID) has participated in the drilling of a natural gas discovery on Matagorda Island Block 634. The No. C-2 well was drilled as an exploratory well to a total depth of 13,122 feet and encountered five natural gas zones. Chieftain estimates that the C-2 well will begin production in the second quarter of 1998 at a projected flow rate of 15 mmcfd and 150 bd of condensate. Chieftain has a 24% interest in the well. Other interests are held by Enron Oil & Gas Company, 24%, Oryx Energy Company, 30%, and Sante Fe Energy Resources, Inc., 22%. This release contains forward-looking statements that are subject to risk factors associated with the oil and gas business. The Company believes that the expectations reflected in these statements are reasonable, but may be affected by a variety of variables including, but not limited to: price fluctuations, currency fluctuations, drilling and production results, imprecision of reserve estimates, loss of market, industry competition, environmental risks, political risks, and capital restrictions.

To: Kerm Yerman who wrote (10232)	4/20/1998 7:59:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Occidental Petroleum reports 1st 3 months Results LOS ANGELES, April 20 /CNW/ -- Occidental Petroleum Corporation today reported net income of $177 million ($.50 per share) for the first quarter of 1998, compared with net income of $179 million ($.48 per share) for the first quarter of 1997. The first quarter of 1998 included an after-tax benefit of $38 million ($.11 per share), reported as discontinued operations, reflecting the closing of the sale of the natural gas transmission and marketing subsidiary, MidCon. Earnings before special items were $89 million for the first quarter of 1998, compared with $127 million for the same period in 1997. The first quarter 1998 reported earnings of $177 million included pretax net gains of $105 million resulting from the sale of certain nonstrategic oil and gas properties included in the previously announced $4.7 billion asset redeployment program. Sales were $1.7 billion for the first quarter of 1998, compared with $1.9 billion for the same period in 1997. In announcing the results, Dr. Ray R. Irani, Chairman and Chief Executive Officer, stated, "We are very pleased with the progress we have made in the transformation of Occidental that was announced in October 1997. Earlier this quarter we closed on the $3.5 billion Elk Hills acquisition. Including net proceeds of $3.1 billion from the sale of MidCon, we have agreements in place on 95 percent of our $4.7 billion asset redeployment program. Also, by the end of the first quarter we had purchased approximately 16 million common shares of the 40 million share repurchase program." Oil and gas divisional earnings before special items were $127 million for the first quarter of 1998, compared with $247 million for the first quarter of 1997. Results for the first quarter of 1998 were $232 million after including pretax gains of $105 million related to the sale of nonstrategic assets located in Venezuela and the United States. The decrease in earnings before special items reflects primarily the negative impact of lower worldwide crude oil and natural gas prices, partially offset by increased crude oil production in the United States and Eastern Hemisphere. Chemical divisional earnings for the first quarter of 1998 were $158 million, compared with $92 million for 1997. The improvement in 1998 earnings resulted primarily from lower feedstock prices and higher caustic soda margins, partially offset by lower ethylene, propylene and commodity resin prices. Interest expense in the first quarter of 1998 was $112 million, compared with $101 million for the first quarter of 1997. The increase in interest expense during the first quarter is primarily attributable to temporarily higher debt levels to fund a portion of the Elk Hills acquisition in early February 1998. In June 1997, the Financial Accounting Standards Board issued SFAS No. 131 - "Disclosures about Segments of an Enterprise and Related Information." Occidental has elected to adopt this statement early and will now report equity earnings or losses from unconsolidated subsidiaries in the respective business segment rather than, as previously reported, as a Corporate item. Accordingly, 1997 results have been restated. SUMMARY OF DIVISIONAL NET SALES AND EARNINGS (Millions, except per-share amounts) First Quarter Periods Ended March 31 1998 1997(b) DIVISIONAL NET SALES Oil and gas $ 740 $ 842 Chemical 960 1,075 $ 1,700 $ 1,917 DIVISIONAL EARNINGS Oil and gas $ 232 $ 247 Chemical 158 92 390 339 Unallocated corporate items Interest expense, net (112) (101) Income taxes (a) (126) (85) Other (13) (26) Income from continuing operations 139 127 Discontinued operations, net 38 52 NET INCOME 177 179 Preferred dividends (4)(c) (23) Earnings applicable to common stock $ 173 $ 156 BASIC EARNINGS PER COMMON SHARE Income from continuing operations $ .39 $ .32 Discontinued operations, net .11 .16 Basic earnings(loss) per common share $ .50(c) $ .48 DILUTED EARNINGS PER COMMON SHARE Income from continuing operations $ .38 $ .31 Discontinued operations, net .11 .15 Diluted earnings(loss) per common share $ .49(c) $ .46 Average common shares outstanding 344.5(c) 329.7 (a) Includes an adjustment to corporate taxes, as quarterly consolidated taxes are computed in accordance with APB Opinion No. 28 and hence are based on projections of total-year income and taxes. Also, includes an offset for credits in lieu of U.S. federal income taxes allocated to the divisions. Divisional earnings have benefited from credits allocated by $3 million and $7 million at oil and gas and chemical, respectively, in the first quarter of 1998 and by $4 million and $6 million at oil and gas and chemical, respectively, in the first quarter of 1997. (b) 1997 results have been restated to reflect the adoption of SFAS 131, "Disclosures about Segments of an Enterprise and Related Information" and to reflect MidCon as a discontinued operation. (c) The earnings per share calculation includes the effect of 16.6 million shares of preferred stock being converted into 37.2 million shares of common stock in the first quarter. SUMMARY OF OPERATING STATISTICS First Quarter Periods Ended March 31 1998 1997 NET OIL, GAS AND LIQUIDS PRODUCTION PER DAY United States Crude oil and condensate (thousands of barrels) 81 58 Natural gas liquids (thousands of barrels) 6 12 Natural gas (millions of cubic feet) 628 593 Other Western Hemisphere Crude oil and condensate (thousands of barrels) 93 122 Eastern Hemisphere Crude oil and condensate (thousands of barrels) 131 94 Natural gas (millions of cubic feet) 138 126 CAPITAL EXPENDITURES (millions) $ 280 $ 262 DEPRECIATION, DEPLETION AND AMORTIZATION OF ASSETS (millions) $ 230 $ 204

To: Kerm Yerman who wrote (10232)	4/20/1998 8:11:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Amber Energy reports 1st 3 months Results CALGARY, April 20 /CNW/ - Amber Energy Inc. (''Amber'') announces its first quarter financial and operating results for the three-month period ended February 28, 1998. << HIGHLIGHTS For the three months ended February 28 (unaudited) ------------------------------------------------------------------------- 1998 1997 % Change ------------------------------------------------------------------------- Operations Production Heavy oil 12,518 2,724 360 Light oil and NGLs 3,336 2,420 39 ------------------------------- Total crude oil and NGLs (Bbl/d) 15,854 5,144 208 Natural gas (Mmcf/d) 95.3 88.7 7 Barrels of oil equivalent (Boe/d) 25,384 14,014 81 Average product prices Heavy oil 6.57 18.26 (64) Light oil and NGLs 20.33 31.07 (35) ------------------------------- Total crude oil and NGLs ($/Bbl) 9.47 24.28 (61) Natural gas ($/Mcf) 1.66 2.10 (21) Average production expenses Heavy oil 1.91 2.88 (34) Light oil and NGLs 4.82 7.81 (38) ------------------------------- Total crude oil and NGLs ($/Bbl) 2.52 5.20 (52) Natural gas ($/Mcf) 0.23 0.23 - Total production expenses ($/Boe) 2.44 3.36 (27) Wells drilled Gross 115 90 28 Net 101.6 65.8 54 Success rate 93% 86% - Financial ($000's) Revenues (before royalties) 27,893 27,989 - Funds from operations 13,301 16,633 (20) Net income 512 5,759 (91) Capital expenditures 155,008 100,631 54 Issue of common shares 81,501 63,124 - As at February 28 Working capital deficit 50,068 21,324 135 Long-term debt 229,584 67,494 240 Shareholders' equity 244,744 152,940 60 Total assets 580,677 274,429 112 Common shares outstanding (000's) 57,689 52,238 10 Weighted average common shares (000's) 53,689 48,764 10 Per share data ($/share) Funds from operations: basic 0.25 0.34 (26) fully diluted 0.24 0.32 (25) Earnings: basic 0.01 0.12 (92) fully diluted 0.01 0.12 (92) >> OPERATIONS The first quarter of 1998 was the most active period in Amber's history, resulting in many significant achievements. We have successfully completed our 1998 heavy oil development program at Pelican Lake, our light oil exploration program at Springburn, a natural gas development program at Wabasca, and encountered initial success on new exploratory gas projects at East Prairie and Ekwan. Our 93% drilling success rate has resulted in dramatic growth in oil and gas reserves and an 81% increase in total Boe production volumes. Our independent engineering consultants are currently evaluating these reserve additions and we plan to release a mid-year reserve report in June 1998. At Pelican Lake, we completed our drilling program, which started last September, of 101 horizontal producing oil wells with a 100% success rate. These wells averaged 50% longer than last year's 36 horizontal wells, which will result in a corresponding increase in proved producing reserves per well. We believe the successful horizontal wells combined with 23 vertical test wells drilled by Amber this past winter have added substantial proved oil reserves. We also added 102 sections (65,280 acres) of undeveloped land at Pelican Lake in December 1997 at 100% working interest taking our total land base at Pelican Lake to 313.5 (305.7 net) sections. We are currently completing our field infrastructure construction program consisting of a road network, a gathering system, a central production battery and the 110 kilometre Pelican Lake sales pipeline, which is still on track for a June 1 startup. Completing this development on schedule is a tremendous achievement for Amber, costing $200 million (net) and requiring up to 1,800 people working on site. With the sales pipeline on stream Amber's field netbacks will increase by $4.00/Bbl. At today's oil prices of $16.00 WTI this would result in field netbacks of approximately $8.00/Bbl due to the extremely low operating costs of $2.25/Bbl and the 1% royalty structure. These low costs ensure that the Pelican Lake project will continue to generate high rates of return even at low commodity prices. Due to the extremely low world oil prices experienced in the winter, we delayed the completion and production on-stream date of a number of wells in the winter drilling program while we constructed the permanent facilities to produce the oil. This decision allowed the facilities construction to continue unimpeded, reduced operating expenses, and delayed significant oil production to this summer when it will be delivered to markets through the sales pipeline and receive an additional $4.00/Bbl netback. Amber's productive capability is, as forecast, 25,000 barrels per day at Pelican Lake, and we expect to produce at those levels in June when the pipeline is fully operational. At Springburn, Amber continued to develop last year's light oil discoveries and expand our exploration program. We were successful in 10 (5.5 net) out of 11 oil wells with 5 new pool discoveries. These wells averaged initial production rates of 300-400 Bopd, taking Amber's current net production at Springburn to 2,800 Bopd. Low operating costs and low royalties in this project generated high netbacks of $16.44/Bbl in the first quarter of 1998. Amber also acquired 17.8 (13.3 net) sections of undeveloped land and approximately 40 square miles of 3-D seismic data, which maintains our drilling inventory of over 100 locations in this growing light oil project. In the Wabasca area, Amber was very successful in drilling 17 gas wells out of 20 wells drilled, all at 100% working interest, including several new pool discoveries. These wells added significant new gas reserves, but the early spring breakup prevented the tie-in of approximately 15 Mmcf/d of new productive capacity in this area. This gas production will be brought on-stream later in 1998 when field conditions allow. Amber also enjoyed drilling success in the 2 new gas exploration areas of East Prairie in north central Alberta and Ekwan in northeastern British Columbia. At East Prairie, we drilled 5 exploratory wells resulting in 3 gas discoveries with average productive capability of 2-3 Mmcf/d per well. A detailed seismic program was recorded late in the winter with follow-up drilling and production tie-ins to occur late in 1998. At Ekwan, Amber successfully drilled and production tested 2 (1.0 net) horizontal underbalanced gas wells at rates of 2-5 Mmcf/d per well. An early spring breakup delayed further drilling until winter 1999, at which time we plan to drill approximately 20 (10 net) additional horizontal underbalanced gas wells with production commencing in mid-1999. We expect Ekwan to provide drilling opportunities for several years, with 5 gas bearing formations on our 189 (95 net) sections of land. We are pleased to welcome Jim Esposito to Amber's management team as Vice President, Operations. Jim brings 20 years of experience in all facets of oil field operations and will help us manage the tremendous growth in our field activities. << Drilling Activity For the three months ended February 28, 1998 Success Oil Gas Dry Total Rate (%) ------------------------------------------------------------------------- Gross Net Gross Net Gross Net Gross Net Gross Net ------------------------------------------------------------------------- Exploratory 6 3.9 4 3.5 4 4.0 14 11.4 71 65 Development 50 48.8 26 17.2 2 1.2 78 67.2 97 98 ------------------------------------------------------------------------- Total 56 52.7 30 20.7 6 5.2 92 78.6 93 93 ------------------------------------------------------------------------- Stratigraphic test wells 23 23.0 ------------------------------------------------------------------------- Total wells drilled 115 101.6 ------------------------------------------------------------------------- Capital Expenditures ($ millions) For the three months ended February 28 1998 1997 ------------------------------------------------------------------------- Land 21.0 26.1 Seismic 3.8 4.4 Drilling and completion 69.4 28.4 Well equipment and facilities 59.8 10.9 Property acquisitions (net of dispositions) 0.8 30.7 Other 0.1 0.1 ------------------------------------------------------------------------- Total 154.9 100.6 ------------------------------------------------------------------------- >> FINANCIAL First quarter oil production volumes averaged 15,854 Bopd, up 208% from the first quarter of 1997. The large increase in oil volumes was the result of successful development at Pelican Lake and Springburn. Natural gas volumes increased by 7% to 95.3 Mmcf/d but were impacted by compressor failures at Hoole and Marten Creek during the first quarter. These problems have been repaired and current volumes are approximately 105 Mmcf/d. Average oil prices in the first quarter of 1998 plunged to $9.47 from $24.28 in 1997, down 61%, and natural gas prices dropped to $1.66/Mcf, down 21% from $2.10/Mcf in 1997. However, oil operating costs were reduced by 52% to $2.52/Bbl, while natural gas operating costs remained at $0.23/Mcf. The dramatic drop in oil operating costs is due to the low cost operating environment in both of Amber's oil growth areas of Pelican Lake and Springburn. Total Boe operating expenses decreased by 27% to $2.44/Boe in the first quarter of 1998. The tremendous drop in commodity prices resulted in a decrease of 20% in cash flow to $13.3 million while our earnings fell to $0.5 million from $5.7 million in 1997. Our low operating costs and low finding and on-stream costs, particularly at Pelican Lake, have allowed us to maintain positive earnings through this period of low commodity prices. By the third quarter of 1998, when the Pelican Lake sales pipeline is fully operational, we will add approximately $4.00/Bbl to our cash flow and earnings at Pelican Lake due to reduced transportation charges. This will return Amber to a position of strong cash flow and earnings. Amber's capital expenditures in the first quarter were $155 million, up from $100 million in the first quarter of 1997, due primarily to our intense development program at Pelican Lake. Amber raised $85 million (before expenses) through an equity financing completed in February 1998 to help finance this aggressive capital program. OUTLOOK The precipitous drop in world oil prices during the first quarter of 1998 and our expectations of rising gas prices in the second half of 1998 led us to re-evaluate and then reconfirm our current oil projects. Our extremely low cost structure (i.e., low finding costs, low operating costs and low royalties) in our light oil development at Springburn and our heavy oil development at Pelican Lake will generate high rates of return even in a low oil price environment. We therefore chose to continue the aggressive development of these oil projects. Our decision to delay the onset of full production at Pelican Lake until the sales pipeline is fully operational in June will result in currently anticipated average oil production for 1998 of 23,000 barrels per day (from 27,000 barrels per day previously forecast), but we expect our production in the second half of 1998 to be on target with year-end exit rates of approximately 32,000 barrels per day. Due to the low oil prices at Pelican Lake in the first half, these reduced volumes will have minimal impact on 1998 cash flow. Our successful gas drilling program at Wabasca, East Prairie and Ekwan has added significant reserves and new production capability and has established new multi-year drilling programs. The delays in tying in this new gas deliverability will reduce our average gas production in 1998 to a currently anticipated 105 Mmcf/d (from 120 Mmcf/d). Upon favourable field conditions we expect to tie in these wells later in 1998 and meet our year-end exit rate forecast of 120 Mmcf/d. Due to the current strength of natural gas prices in Alberta, we have increased our 1998 average price forecast to $1.75/Mcf, which will largely offset the cash flow impact of these lower volumes. In the second half of 1998 Amber will begin the next 100 well drilling program at Pelican Lake and another 25 well drilling program at Springburn. We expect to tie in about 20 Mmcf/d of new natural gas production in the Wabasca and East Prairie areas and begin drilling in new gas exploration areas. This will lead to strong growth in production volumes in 1999. We expect natural gas prices to rise strongly in 1999 with the large increase in export pipeline capacity beginning in November 1998. We also believe that heavy oil differentials will shrink as the industry continues to postpone or cancel high-cost heavy oil development. A modest rise in world oil prices combined with lower differentials will generate higher Pelican Lake selling prices, further increasing our profitability in 1999. All of our existing major development projects (Pelican Lake, Springburn, Wabasca, Ekwan and East Prairie) will continue to provide long-term, profitable growth by drilling and developing our land base. We have also been acquiring undeveloped lands in several new exploration areas that we believe can provide additional long-term growth. Amber is an independent Canadian oil and gas exploration, development and production company with common shares trading on both The Toronto Stock Exchange and The Alberta Stock Exchange under the symbol AMB.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:13:00 PM
From: Arnie	Respond to of 15196

PRODUCTION / Triumph Resources adds Natural Gas Production CALGARY, April 20 /CNW/ - TRIUMPH ENERGY CORPORATION is pleased to announce that it has added approximately 4 mmcf/d of natural gas production and 50 bbls/d of associated natural gas liquids, net to the Company, to its current production base in the Chinchaga River area of northeast British Columbia. These production additions are a result of the Company's successful winter in-fill drilling program and major facilities upgrade. Given current buoyant natural gas prices and the continued optimism for future prices, Triumph will continue to develop and exploit this large natural gas project over the next several years. In addition to this incremental production at Chinchaga River, the Company will tie-in two new natural gas discoveries at Cow Lake and Sunchild in West Central Alberta. Both discoveries are liquids-rich and will be followed up this summer with additional drilling. Cow Lake is expected to be on production during May while Sunchild should begin producing during June. Production additions from these winter projects are expected to significantly increase Triumph's natural gas production, bringing total company production to well in excess of 4,000 BOE/d in June. Normal Course Issuer Bid ------------------------ Triumph has filed a Notice of Intention to Make a Normal Course Issuer Bid with the Toronto Stock Exchange. The Company will be authorized to buy back, for cancellation, a maximum of 1.2 million of its Common shares, representing approximately 5% of its issued and outstanding Common shares. The Bid will commence on April 22, 1998 and end on April 21, 1999. As at April 6, 1998, there were 24,131,002 Common shares of Triumph issued and outstanding. The Company conducted a normal course issuer bid between April 21, 1997 and April 20, 1998 purchasing 330,700 Common shares in the market at an average price of $3.08 per Common share. Triumph believes the buy back of its Common shares represents an appropriate use of funds as the Company is of the opinion that the market price of its Common shares represents a significant discount to the fair value of such shares. The Company has calculated its net asset value per share to be $3.68 using a 12% discount factor, before income taxes, as at December 31, 1997. Staff Appointment ----------------- Triumph is pleased to report the appointment of Mr. Lorne A. Brack as Vice President, Exploration. Mr. Brack will be responsible for all of the Company's exploration and land activities, and brings more than 17 years of oil and gas exploration experience to his new position with Triumph. Triumph is a growth oriented oil and gas exploration and production company with activity focused primarily in western Canada. The Company's Common shares trade on the Toronto Stock Exchange under the symbol ''TPH''. Additional information relating to Triumph is available on the Internet at triumphenergy.com.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:17:00 PM
From: Arnie	Respond to of 15196

CORP. / Brandon Energy retains Services of Research Capital Corp. CALGARY, April 20 /CNW/ - Brandon Energy Ltd. and it's board of directors announce today they have retained the financial advisory services of Research Capital Corporation for the purpose of maximizing company shareholder value. The company is currently producing in excess of 200 barrels a day of 36 degrees oil from five properties in Alberta and Saskatchewan. Proven and probable reserves as evaluated by Paddock Lindstrom effective December 31st, 1997 totaled 405 MSTB BOE. Brandon is a junior oil and gas exploration company listed on the Alberta Stock Exchange under the symbol BDN.A.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:18:00 PM
From: Arnie	Respond to of 15196

CORP. / Welwyn Energy Ltd closes IPO CALGARY, April 20 /CNW/ - Welwyn Energy Ltd. (''Welwyn''), a junior capital pool corporation, today announced the closing of its Initial Public Offering. On April 15, 1998, Welwyn closed its Initial Public Offering of 1,500,000 common shares at an offering price of $0.20 per common share. Funds raised under the offering are to be used to facilitate Welwyn's ''Major Transaction''. Welwyn has received conditional listing approval from The Alberta Stock Exchange and is awaiting final listing approval.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:20:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Enerplus Resources Fund cash Distribution Notice CALGARY, April 20 /CNW/ - Notice is hereby given that a cash distribution at the rate of $0.05 (five cents) per unit will be payable on May 15, 1998, to all unitholders of record at the close of business on May 1, 1998. This distribution is comprised of the monthly distribution amount of $0.0350 (three and one half cents) plus a supplemental adjustment of $0.0150 (one and one half cents) per unit for the quarter ending March 31, 1998. Consequently, the new trailing last twelve month distribution paid totals $0.57 (fifty-seven cents) per Unit.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:22:00 PM
From: Arnie	Respond to of 15196

CORP. / Suncor Energy announces Annual Meeting CALGARY, April 20 /CNW/ - Suncor Energy is holding its Annual General Meeting on Wednesday, April 22, 1998 at the Palliser hotel in Calgary, and media representatives are invited to attend. Time: 11 a.m. MST Place: The Palliser 133-9th Avenue S.W. Calgary, Alberta T2P 2M3 Phone: (403)-262-1234 Fax: (403)-260-1260 During the meeting there will be a review of the company's performance in 1997 and Rick George, Suncor's president and CEO, will outline the first quarter results of 1998. Lunch will be provided in the Oval room and lobby of the Palliser hotel. Immediately following the meeting a media conference will be held at 12:00 noon, MST, in the Spanish room where George will be available for questions. Media representatives who are not able to attend in person, but would like to participate in the conference call should dial the toll free number 1-(800)-789-0135 between 11:50 a.m. and 12:00 noon. A post view of the conference call will be available until April 29 by dialing 1-(800)-558-5253 and entering reservation number 870125. The full text of George's speech will be available on Suncor's website at www.suncor.com Suncor Energy Inc. and its subsidiaries operate an integrated energy business that includes an oil sands plant in Fort McMurray, Alberta, an exploration and production business in Western Canada, a refining and marketing operation in Ontario and Quebec and an oil shale development project in Queensland, Australia. Suncor common shares are listed on the Toronto, Montreal and New York stock exchanges.

To: Kerm Yerman who wrote (10232)	4/20/1998 8:26:00 PM
From: Arnie	Respond to of 15196

EARNINGS / PanCanadian Resources reports 1st 3 months Results CALGARY, April 20 /CNW/ - PanCanadian announced today that during the first quarter of 1998, production of natural gas averaged 787 million cubic feet per day, up eight percent from 729 million cubic feet per day in 1997. Production of crude oil and natural gas liquids averaged 150,893 barrels per day, up seven percent from 141,379 barrels per day in the same period in 1997. For the first quarter of 1998, PanCanadian reported net income of $45 million or $0.18 per share and cash flow of $210 million or $0.84 per share. For the same period in 1997, the Company reported net income of $135 million, or $0.54 per share, and cash flow of $280 million, or $1.12 per share. The decrease in earnings and cash flow from the first quarter of 1997 is a result of significantly lower crude oil and natural gas prices. The price received by PanCanadian for its natural gas averaged $1.88 per thousand cubic feet in the first quarter, down 21 percent from an average of $2.38 per thousand cubic feet in the same period in 1997. Crude oil prices averaged $13.05 per barrel before hedging, down 46 percent from $24.28 per barrel in the first quarter of 1997 as a result of significantly weaker world prices and wider differentials between light and heavy crude oil. During the quarter, hedging activities had a favourable impact on crude oil prices, raising the average price received by $4.19 per barrel to $17.24 per barrel. ''The weak crude oil price environment has had an adverse impact on the Company, particularly in the heavy oil area, resulting in a reduction in our planned capital program for 1998,'' said David Tuer, President and Chief Executive Officer of PanCanadian. ''The Company is focused on value added growth - we will continue to exploit our gas-rich fee lands in order to add increasingly valuable gas production and to fill the additional pipeline capacity coming onstream late in the year.'' OUTLOOK At the beginning of the year, natural gas prices were relatively weak because of the warm winter. Prices have subsequently strengthened and are expected to continue to strengthen throughout the remainder of 1998 as expansions to the TransCanada and Northern Border pipeline systems come onstream. PanCanadian continues to pursue an aggressive natural gas program for 1998 and plans to exit the year with production 10 percent higher than its estimated annual average volume of 800 million cubic feet per day. For the balance of 1998, the Company expects crude oil prices to continue to be volatile, and to be significantly lower than in 1997. Currently, PanCanadian's planned capital program for 1998 is $960 million, but this is under continual review in light of the prevailing commodity price environment. The Company will manage its capital expenditures as market fundamentals dictate. With this planned capital budget, average crude oil and liquids production is expected to be approximately 148,000 barrels per day. << COMPARATIVE HIGHLIGHTS FINANCIAL Three Months Ended March 31 (millions of dollars, except --------------------------- amounts per share) 1998 1997 ------------------------------------------------------------------------- Revenues $ 735.8 $ 867.8 Cash flow 210.3 280.5 Per share 0.84 1.12 Net income 44.9 135.3 Per share 0.18 0.54 Capital expenditures (x) 291.5 163.6 (excludes acquisitions and dispositions) (x) For the first quarter of 1998, capital expenditures were significantly higher than the same period in 1997 because of the carryover of activities from the latter part of 1997 and lower than normal capital spending in the first quarter of 1997 due to severe weather conditions. DAILY PRODUCTION AND SALES (before royalty) ------------------------------------------------------------------------- Crude oil (barrels) 137,670 127,548 Field natural gas liquids (barrels) 13,223 13,831 -------- -------- Total crude oil and field natural gas liquids 150,893 141,379 -------- -------- -------- -------- Empress plants (barrels) Production 13,846 14,273 Sales 12,472 12,278 -------- -------- -------- -------- Natural gas (million cubic feet) Production 787 729 (x)Sales 765 726 -------- -------- -------- -------- (x) Sales represent total gas production, less a portion that is upgraded and sold as natural gas liquids. >> OPERATIONAL HIGHLIGHTS Canada: Recent significant discoveries in deeper zones Six significant discoveries were drilled in deeper zones in Alberta in late 1997 and early 1998. Four of these discoveries were oil and two were natural gas. In the Ferrier area, liquids-rich natural gas wells flowed at stabilized test rates of 17 million cubic feet per day. Testing and evaluation of these wells are ongoing. Farmout activities In March, PanCanadian entered into a three-year farmout agreement with Compton Petroleum Corporation. The farmout covers a 300,000-acre area, and requires a significant drilling commitment. Compton will provide processing for all of PanCanadian's natural gas production in the area. In order to extend the Company's exploration program, PanCanadian will continue to review additional farmout and joint venture opportunities on its lands. PanCanadian Energy Services In March, PanCanadian Energy Services was formed through the consolidation of PanCanadian's wholly owned partnership, National Gas & Electric L.P., and its natural gas marketing group. The establishment of PanCanadian Energy Services reflects PanCanadian's commitment to provide seamless energy services from the source to the customer. PanCanadian Energy Services markets more than two billion cubic feet of gas per day and is headquartered in Houston, Texas. International: Gulf of Mexico Late in 1997, drilling was suspended on the Llano well at a depth of 25,342 feet, due to limitations of the semi-submersible rig. In March of this year, a second and larger offshore rig was brought on site in order to deepen the well to the target depth of 28,000 feet. Drilling commenced in early April, and further information is expected late in the second quarter. PanCanadian holds a 20 percent interest in Llano. Also in March, a second well was spudded in Green Canyon in the deep water Gulf of Mexico. This prospect, called Sheba, in which PanCanadian holds a 28 percent interest, has a target depth of 28,000 feet. Drilling should be completed by the end of the second quarter. Subject to approval by the United States government, PanCanadian and its partners were the successful bidder on an additional eight blocks in the deep water Gulf of Mexico at a recent sale. These blocks will increase PanCanadian's position in the deep water Gulf of Mexico to 30 blocks. Australia In January, the first Woollybutt appraisal well on Australia's Northwest Shelf was cased and suspended, without logging, following favourable coring results. Evaluation of 3D seismic is ongoing, and further appraisal drilling is required to delineate the extent of the field. PanCanadian holds a 40 percent interest in Woollybutt. Venezuela In late March, PanCanadian was given approval for the development plan for the reservoir reactivation of block B2X-70/80 in Lake Maracaibo, Venezuela. PanCanadian is discussing the timing of the development plan with its partners. The Company currently has a 50 percent interest in this project. CORPORATE EVENTS Workforce Reduction: In February, due to weak world oil prices and higher differentials between light and heavy oil, the Company reduced its permanent and contract workforce by approximately 10 percent and announced that it will reduce its efforts in heavy oil production. Reductions in operational costs and staff occurred in all units of the Company and will result in the closure of two field offices at Elk Point and Provost, Alberta. Financial Developments: In March, PanCanadian issued $200 million in medium term notes in two tranches. The first tranche of $100 million five-year notes, carries a coupon rate of 5.5 percent, and matures March 17, 2003. The second tranche of $100 million 10-year notes, carries a coupon of 5.8 percent and matures June 2, 2008. The proceeds will be used for general corporate purposes. PanCanadian's Board of Directors approved a quarterly dividend of 10 cents per share, payable on June 30, 1998 to shareholders of record as of June 15, 1998. Organizational Developments: Effective January 1, 1998, PanCanadian consolidated its operations business units under a single entity, PanCanadian Resources. PanCanadian Resources is comprised of five domestic business units: Palliser, South Central Alberta, Van Horne (Heavy Oil), Weyburn and East Coast. Michael A. Grandin and Dennis A. Sharp were elected to the Board of Directors of the Company at the Annual General Meeting held on April 16, 1998. Mr. Grandin is the Executive Vice President and Chief Financial Officer of Canadian Pacific Limited, and Mr. Sharp is the Chairman and Chief Executive Officer of United Tri-Star Resources Ltd. PanCanadian welcomes Mr. Grandin and Mr. Sharp to the Board of Directors. << AVERAGE SALES PRICES Three Months Ended March 31 --------------------------- (dollars per unit) 1998 1997 ------------------------------------------------------------------------- Crude oil (per barrel) $ 13.05 $ 24.28 Hedging 4.19 (2.95) -------- -------- $ 17.24 $ 21.33 -------- -------- -------- -------- Field natural gas liquids (per barrel) $ 18.03 $ 23.57 -------- -------- -------- -------- Empress plants (per barrel) $ 18.24 $ 28.21 -------- -------- -------- -------- Natural gas (per thousand cubic feet) $ 1.88 $ 2.38 Hedging (0.02) 0.21 -------- -------- $ 1.86 $ 2.59 -------- -------- -------- -------- CONSOLIDATED STATEMENT OF INCOME (Unaudited) Three Months Ended March 31 --------------------------- (millions of dollars) 1998 1997 ------------------------------------------------------------------------- REVENUES Operating $ 402.4 $ 488.7 Crown royalties and similar payments (25.9) (42.1) Marketing 358.1 421.9 Interest and other 1.2 (0.7) -------- -------- 735.8 867.8 -------- -------- EXPENSES Operating 107.4 108.5 Purchased product 354.4 414.0 Administrative 40.8 24.4 Interest 21.6 15.3 Depletion, depreciation and amortization 144.1 125.1 -------- -------- 668.3 687.3 -------- -------- INCOME BEFORE INCOME TAXES 67.5 180.5 -------- -------- PROVISION FOR INCOME TAXES Current 3.6 25.7 Deferred 19.0 19.5 -------- -------- 22.6 45.2 -------- -------- NET INCOME $ 44.9 $ 135.3 -------- -------- -------- -------- CONSOLIDATED STATEMENT OF CHANGES IN CASH POSITION (Unaudited) Three Months Ended March 31 --------------------------- (millions of dollars) 1998 1997 ------------------------------------------------------------------------- OPERATING ACTIVITIES Net income $ 44.9 $ 135.3 Amounts not requiring a current outlay of cash 165.4 145.2 -------- -------- Cash flow 210.3 280.5 Net change in deferred items (2.1) 1.3 Net change in non-cash working capital (12.1) 86.4 -------- -------- 196.1 368.2 -------- -------- FINANCING ACTIVITIES Increase in long-term debt 119.2 0.7 Issue of common shares 0.2 4.9 Dividends (25.2) (25.1) Net change in non-cash working capital (44.3) - -------- -------- 49.9 (19.5) -------- -------- INVESTING ACTIVITIES Conventional Petroleum, natural gas and mineral properties (201.8) (134.0) Plant, production and other equipment (89.7) (29.6) -------- -------- (291.5) (163.6) Net dispositions 2.2 11.5 Net change in non-cash working capital (1.6) 3.6 Net change in other assets (2.1) (4.5) -------- -------- (293.0) (153.0) -------- -------- INCREASE (DECREASE) IN CASH (47.0) 195.7 CASH AT BEGINNING OF PERIOD 89.6 355.2 -------- -------- CASH AT END OF PERIOD $ 42.6 $ 550.9 -------- -------- -------- -------- CONSOLIDATED CONDENSED BALANCE SHEET As at March 31 (Unaudited) -------------- (millions of dollars) 1998 1997 ------------------------------------------------------------------------- ASSETS Cash and short-term investments $ 42.6 $ 550.9 Other current assets 368.3 502.3 Property, plant and equipment - net 4,956.6 3,778.9 Deferred charges and other assets 190.0 113.3 -------- -------- $ 5,557.5 $ 4,945.4 -------- -------- -------- -------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities $ 363.6 $ 355.3 Long-term debt 1,250.9 898.5 Deferred credits and liabilities 191.5 163.7 Deferred income taxes 1,112.2 1,021.6 Shareholders' equity 2,639.3 2,506.3 -------- -------- $ 5,557.5 $ 4,945.4 -------- -------- -------- -------- Weighted average number of shares outstanding (millions) 251.7 251.3 1998 PRODUCT REVENUE VARIANCES FROM 1997 Three Months Ended March 31 --------------------------- (millions of dollars) Price Volume ------------------------------------------------------------------------- Crude oil $ (50.4) $ 19.1 Field natural gas liquids (6.7) (1.2) Empress plants (10.3) 0.5 Natural gas (50.3) 9.3 Other 3.6 0.1 -------- -------- Total operating revenue $ (114.1) $ 27.8 -------- -------- -------- -------- DRILLING SUMMARY Three Months Ended March 31 (gross number of working --------------------------- interest wells drilled) 1998 1997 ------------------------------------------------------------------------- Crude oil 190 181 Natural gas 119 95 Service 9 7 Dry 86 40 -------- -------- 404 323 -------- -------- -------- -------- Success ratio 79% 88% Average working interest 97% 94% SELECTED FINANCIAL INFORMATION 12 Months Ended March 31 ------------------------ 1998 1997 ------------------------------------------------------------------------- Net debt to cash flow 1.4 0.3 Return on average shareholders' equity 9.3% 16.8% Return on average invested capital 7.7% 13.0% Debt to capital 24.1% 19.6% >> Note: This news release contains forward-looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in PanCanadian's annual report to shareholders. PanCanadian Petroleum Limited Mackenzie M.L. Kwan Senior Vice President and Chief Financial Officer PanCanadian Petroleum Limited Shares Listed - Symbol: PCP The Toronto Stock Exchange Montreal Exchange The Alberta Stock Exchange

To: Kerm Yerman who wrote (10232)	4/20/1998 9:01:00 PM
From: Arnie	Respond to of 15196

CORP. / Camberley Energy Ltd announces change to Board of Directors Michael K. Duggan, Chairman and Chief Executive Officer, Camberly Energy Ltd. ("CEL"- TSE) announces the following resignations and additions to the Company's Board of Directors along with their effective dates. On April 2, 1998, Mr. Stanley G. Hawkins of Toronto resigned and his position on the Board of Directors was replaced by The Honorable Pierre Sevigny of Montreal. Mr. Hawkins left the Board to concentrate on his varied business interests. On April 8, 1998, Mr. Gordon Bowerman of Calgary resigned and his position on the Board of Directors was replaced by Mr. George Hill also of Calgary. Mr Bowerman left the Board to travel on behalf of an international business venture. On April 13, 1998, Mr. Frank Agar of Calgary resigned and Mr. Richard Duggan of Calgary was appointed in his place. It is with regret that Mr. Agar left the Board due to health concerns. The Chairman stated that the resignations were coincidental in their timing and were not as a result of any dissention between Board Members. The Chairman gratefully thanks the former Board Members for their contributions and commitment to Camberly Energy Ltd. and welcomes The Honorable Pierre Sevigny P.C. O.C., Mr. George Hill, and Mr. Richard Duggan to the Board for what will prove to be a very definitive year in the Company's development. For further information please contact: Mr. Michael K. Duggan Chairman and CEO Camberly Energy Ltd. 700, 635 - 8th Avenue SW Calgary, AB, T2P 3M3 Telephone: (403) 265-5997 Facsimile: (403) 262-6607 Website: www.camberly.com E-mail: camberly@cadvision.com

To: Kerm Yerman who wrote (10232)	4/20/1998 9:03:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Goal Energy Inc reports 1997 Results 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: GOAL ENERGY INC. #200, 340 - 12th Ave. S.W. Calgary, Alberta, T2R 1L5. Phone: (403) 265-3500 Fax: (403) 265-3513 E-mail: goalenergy@nucleus.com