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

To: Kerm Yerman who wrote (10359)	4/25/1998 6:47:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

CORP. / Range Petroleum Corp. Grants Employee Options RANGE GRANTS 410,000 EMPLOYEE INCENTIVE STOCK OPTIONS VANCOUVER, April 24 /CNW/ - Range Petroleum Corporation VSE: 'RAN' Range Petroleum Corporation is granting 410,000 Employee Incentive Stock Options exercisable at a $1.69 per share and expiring April 23, 2003. The Vancouver Stock Exchange has neither approved nor disapproved of the contents herein.

To: Kerm Yerman who wrote (10359)	4/25/1998 6:53:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

EARNINGS / Big Horn Resources Year Ending 1997 Results BIG HORN RESOURCES LTD. CALGARY, April 24 /CNW/ - Big Horn Resources Ltd. (the ''Company'') announces its results for the year ended December 31, 1997. Big Horn's production increased 38%, averaging 389 boe/d in 1997 compared to 281 boe/d in 1996. The Company's exit rate for 1997 was 473 boe/d with current production averaging approximately 600 boe/d. Production revenue was up 36% to $2.6 million (28 cents per share) in 1997 compared to $1.9 million (25 cents per share) in 1996. Cash flow in 1997 increased 6% to $781,362 (eight cents per share) compared to $738,503 (nine cents per share) in 1996. However the increase in production and cash flow was offset by the weak crude oil prices in effect at year-end. Big Horn's medium crude oil production was selling at a price of $13.86 per barrel at the end of 1997, compared to $23.20 at the end of 1996. This significant drop in oil prices was a major factor in the Company's ceiling test write-down of $3.8 million in 1997. In addition, the Company wrote off the costs of its Israel project as the license for this project expired in 1998. The Company had spent $300,000 in Israel. As a result of these write-downs, Big Horn is reporting a loss of $4.3 million (46 cents per share) in 1997 compared to earnings of $224,503 (three cents per share) in 1996. During 1997, Big Horn participated in the drilling of 13 wells resulting in three oil wells (0.2 net), six gas wells (1.4 net) and 2 D&A wells (0.7 net) for a 70% success ratio. In June 1997 the Company began developing a new core area in Northwest Alberta focusing on natural gas. At the time, Big Horn's production consisted of approximately 80% oil and 20% natural gas. The Company's current production consists of approximately 60% oil and 40% gas. Big Horn's strategy includes continued development of its natural gas plays, maintaining a 25 - 50% working interest and operatorship on projects in this area which represents a significant increase in working interest on drilling plays for the Company. The increased working interest allows the drilling of wells that are high impact for the Company. Three wells were drilled in this new focus area in late 1997, resulting in two gas wells and one D&A well. Big Horn has a 50% working interest in all three wells. The first well came on production in January of 1998 and is currently producing at 3 mmcf/d. The second well is scheduled to be on stream in the second quarter of 1998. It is anticipated that this well will initially produce at 1-1.5 mmcf/d. Two subsequent wells were drilled in early 1998 resulting in one gas well and one D&A well. Four additional wells are scheduled for drilling following break up. These wells will range in working interest from 25 - 50%. Big Horn is well capitalized for 1998, having completed two private placements in the fall of 1997 and one in March of 1998. The 1997 private placements raised approximately $3 million, net of issue costs, and these funds have been spent in the Company's new core area in Northwest Alberta. The 1998 private placement raised approximately $3.6 million, which funds have been allocated to the Company's natural gas drilling program in its new core area and for the evaluation of potential acquisitions. Big Horn Resources is an oil and gas company, which trades on the Senior Board of the Vancouver Stock Exchange under the symbol ''BGH''. The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.