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To: Kerm Yerman who wrote (10383)	4/27/1998 9:08:00 PM
From: Herb Duncan	Respond to of 15196

CORP / BXL Energy - Proposed Sale of Gas Management Contract Operations ASE SYMBOL: BXL APRIL 27, 1998 CALGARY, ALBERTA--BXL Energy Ltd. is pleased to announce that the litigation regarding the company's gas management contract operations has been terminated. Furthermore, BXL has initiated a program to sell this line of business and anticipates completing a transaction during the third quarter of 1998. This disposition will allow the company to focus entirely on oil and gas exploration and development and in addition will ensure that BXL's financial and operating results are directly comparable to its peers. BXL acquired its gas management contract operations in October of 1993. For the four years ended December 31, 1997, the contracts generated gross revenues, before operating expenses, of approximately $2.8 million. The gas management contracts have a primary term to 2012. Proceeds from the sale will be added to working capital to be invested in BXL's exploration and development program. BXL Energy Ltd. is engaged in the acquisition, exploration, development and production of oil and gas reserves in Alberta. BXL is listed on The Alberta Stock Exchange and has approximately 19.9 million shares outstanding. Or visit BXL's website at www.bxlenergy.com

To: Kerm Yerman who wrote (10383)	4/27/1998 9:19:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES TOP 20 LISTED / Carmanah Resources Ltd. Drilling at Natuna Underway TSE SYMBOL: CKM APRIL 27, 1998 CALGARY, ALBERTA--Carmanah Resources Ltd. ("CKM" - TSE) announced today that its wholly-owned subsidiary, GFB Resources (Natuna) Limited, the operator of the Northeast Natuna Production Sharing Contract in Indonesia, commenced drilling the Durian Besar-1 well at 1830 hours on April 27, 1998 utilizing the Sedco 600 semi-submersible rig. The well is a scheduled 4,800 foot test to evaluate the hydrocarbon-bearing potential of a large, seismically-defined Miocene Terumbu reef and is located in 554 feet of water. It may be deepened if the target reservoir is still hydrocarbon-bearing at the proposed total depth. A total of 32 days have been budgeted for the well, including drilling to the prognosed depth and testing. Participants in the well include Carmanah/GFB, PT Binatek Reka Natuna and Esso Exploration and Production Durian Besar Ltd., an affiliate of Exxon Corporation, which company is incurring the costs of the well pursuant to a Farmout Agreement.

To: Kerm Yerman who wrote (10383)	4/27/1998 9:22:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / WestCastle Announces New CEO TSE SYMBOL: WCL.UN OTC Bulletin Board SYMBOL: WCTS APRIL 27, 1998 CALGARY, ALBERTA--WestCastle Energy Trust announced today that Mr. Al Dillabough has resigned as Chief Executive Officer to pursue other endeavors. Mr. Dillabough will remain as a director of WestCastle. Management and the other Directors wish to express their appreciation for the efforts and contributions of Mr. Dillabough during his tenure. Over the past eight weeks, WestCastle's management and Board of Directors have been reviewing ways of improving the performance of the Trust. As a result of this review WestCastle's Chairman, Mr. Brad Hurtubise, has assumed the role of Chief Executive Officer. Mr. Hurtubise was appointed to the board last fall. He was previously a successful investment banker and most recently was the President and C.E.O. of Grad & Walker Energy Corporation, an intermediate sized oil and gas exploration company. Mr. Hurtubise's mandate will include a review of the management structure of the Trust and the hiring of a new Chief Operating Officer with a dedicated operational focus to the Trust's asset base. Mr. Hurtubise will also examine various alternatives to increase distributions and unitholder value. In addition, subject to unitholder approval, the Trust will begin paying distributions on a monthly basis and reorganize from a closed ended trust to an open ended trust, which will increase the types of acquisition opportunities which WestCastle can pursue. WestCastle Energy Trust is a publicly listed Trust, whose Units trade under the symbol WCL.UN on the Toronto Stock Exchange. There are currently 20,282,511 units issued and outstanding.

To: Kerm Yerman who wrote (10383)	4/27/1998 9:24:00 PM
From: Herb Duncan	Respond to of 15196

FIELD ACTIVITIES / Sharpe Resources Corporation: Matagorda Gas Project Drilling Program is Expected to Commence in May, 1998 ME SYMBOL: SHO OTC Bulletin Board SYMBOL: SHGPF APRIL 27, 1998 HOUSTON, TEXAS--SHARPE RESOURCES CORPORATION is pleased to announce that the company has been involved with obtaining financing with a Houston, Texas based investment bank. The $10 million credit facility is expected to close within the next 5-7 days. This transaction is subject to regulatory approval. The company has been interviewing offshore drilling contractors for the Matagorda gas project. The indications are that rig availability is good. The company will make every effort to commence the first of three new wells on the Matagorda project in May, 1998. Initially, the projected program is expected to include three (3) new drilled wells and a two-well work-over project. Upon completion of the program the company is expected to have up to eight (8) production strings online at Matagorda. At the West Thrifty project, the company is continuing its field testing program in preparation for full field development of the waterflood project. Sharpe is looking at several possibilities regarding its future business plans. The focus of the effort will be on the full development of the Matagorda and West Thrifty waterflood properties in 1998. Additionally, the company is aggressively evaluating acquisition possibilities within these regions. Sharpe Resources Corporation cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, volatility of gas and oil prices, product demand, market competition, imprecision of gas and oil estimates, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.

To: Kerm Yerman who wrote (10383)	4/27/1998 9:30:00 PM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / Reserve Royalty Announces Financial Results TSE SYMBOL: ROI APRIL 27, 1998 CALGARY, ALBERTA--Reserve Royalty Corporation (TSE:ROI) announced its financial results for the year ended December 31, 1997. The Corporation continued to demonstrate growth in funds from operations and earnings through the creation of gross overriding royalties in the oil & gas industry. Revenue for the period was $14,560,000 compared with $8,740,000 reported for the same period in 1996. This 67 percent increase reflected the impact of royalty interests created in 1997 and the acquisition of Jordan Petroleum Ltd. on December 19, 1997. Funds from operations for the period increased 99.7 percent to $11,074,000 versus $5,545,000 for the comparable period in 1996. On a per share basis, this represented $0.21 for 1997 compared with $0.13 for 1996. The Corporation's reported earnings are $5,730,000 for the year. This represented a 90.7 percent increase in earnings compared with the $3,005,000 reported for 1996. Earnings per share were $0.11 versus $0.07 for 1996. Debt on December 31, 1997 was $113 million as a result of the acquisition of Jordan Petroleum Ltd. /T/ CONSOLIDATED BALANCE SHEETS At December 31 -------------------------------------------------------------- (thousands) 1997 1996 ---------------------------- Assets Current Cash and short-term deposits $ 12 $ 12,591 Marketable securities, at cost 2,986 643 (market $5,196; 1996 - $1,116) Accounts receivable 14,302 2,378 Inventory, prepaid expenses and deposits 5,724 93 Notes receivable 2,200 100 ---------------------------- 25,224 15,805 Petroleum and natural gas properties 360,707 34,547 ---------------------------- $ 385,931 $ 50,352 ---------------------------- Liabilities and Shareholders' Equity Current Accounts payable and accrued liabilities $ 27,755 $ 2,452 Long-term debt 113,300 764 Hedging contracts assumed on acquisition 2,327 - Future site restoration provision 2,504 - Deferred income taxes 18,615 - --------------------------- 164,501 3,216 --------------------------- Shareholders's equity Share capital 212,728 44,164 Retained earnings 8,702 2,972 --------------------------- 221,430 47,136 --------------------------- $ 385,931 $ 50,352 -------------------------------------------------------------- -------------------------------------------------------------- CONSOLIDATED STATEMENTS OF EARNINGS & RETAINED EARNINGS Years Ended December 31 -------------------------------------------------------------- (thousands, except per share amounts) 1997 1996 ------------------------- Resource revenue $ 11,907 $ 8,360 Investment and other income 2,653 380 ------------------------- 14,560 8,740 Expenses: Administration (1,288) (1,315) Interest (228) (217) Production (1,350) (1,014) Royalties (510) (603) Depletion, depreciation and amortization (4,824) (2,540) ------------------------ Earnings before income taxes 6,360 3,051 Provision for income taxes (630) (46) ------------------------ Earnings for the period 5,730 3,005 Retained earnings (deficit), beginning of year 2,972 (8,121) Reduction of capital stock to eliminate deficit - 8,121 Dividend on redemption of preferred shares - (33) ------------------------ Retained earnings, end of year $ 8,702 $ 2,972 ------------------------ Earnings per common share: Basic $ .011 $ 0.07 Fully diluted $ 0.09 $ 0.07 -------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION Years Ended December 31 -------------------------------------------------------------- (thousands, except per share amounts) 1997 1996 ------------------------ Net inflow (outflow) of cash related to these activities: Operations Earnings $ 5,730 $ 3,005 Depletion, depreciation and amortization 4,824 2,540 Deferred tax 520 - ------------------------ Funds from operations 11,074 5,545 Net change in non-cash working capital items (4,257) 172 ------------------------ Cash provided by operating activities 6,817 5,717 ------------------------ Financing Issue of common shares, net of issue costs 2,074 2,442 Issue of special warrants, net of issue costs 162,832 21,109 Long-term debt 112,536 (2,559) Redemption of preferred shares - (163) ------------------------ Cash provided by financing activities 277,442 20,829 ------------------------ Investments Petroleum and natural gas properties (7,684) (12,663) Proceeds on disposal of petroleum and natural gas properties 6,596 8,525 Purchase of subsidiary (293,650) (11,576) Notes receivable (2,100) 879 ------------------------ Cash used in investing activities (296,838) (14,835) ------------------------ Increase (decrease) in cash during the year (12,579) 11,711 Cash and short term deposits, beginning of year 12,591 880 ----------------------- Cash and short term deposits, end of year $ 12 $ 12,591 ----------------------- Funds from operations per common share: Basic $ 0.21 $ 0.13 Fully diluted $ 0.18 $ 0.13 -------------------------------------------------------------- -------------------------------------------------------------- /T/ Reserve Royalty Corporation is an innovative financial company which creates gross overriding royalties in the oil & gas industry through off balance sheet financing for industry partners and by the redeployment of oil & gas assets acquired by the Corporation.

To: Kerm Yerman who wrote (10383)	4/27/1998 9:35:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Nu-Sky Energy Inc. Releases 2nd Quarter Results and Grants Stock Options VSE SYMBOL: NUS APRIL 27, 1998 CALGARY, ALBERTA--Nu-Sky Energy Inc. (the "Company") is releasing its 2nd Quarter results this week and is pleased to report that its overall well-being is improving, as indicated in the Highlights which follow: /T/ Percent 1998 1997 Change AVERAGE DAILY PRODUCTION: Oil (bbls/d) 105.7 85.5 23.6 Natural Gas (mcf/d) 70.6 100.8 (30.0) BOE/day 112.8 95.6 18.0 FINANCIAL: Price/bbl $ 24.38 $ 30.18 (19.2) Price/mcf 1.88 1.23 52.8 Netbacks/BOE 14.17 16.01 (11.5) Operating Cost/bbl 8.41 9.45 (11.0) Revenue Net of Royalties 460,566 440,421 4.6 Net Income (Loss) (2,888) 56,666 NA Working Capital Deficiency 167,985 662,573 74.6 Cash Flow 118,723 155,179 (23.5) Common Shares Outstanding 10,430,299 7,410,032 40.8 Cash Flow per Share 0.011 0.021 (47.6) /T/ The Company also announces that it has granted options to purchase 725,000 Common Shares to Directors, Officers and Key Consultants of the Company. The exercise price of the options is $0.20 per Common Share and the options expire on April 2, 2001. All of the options were granted subject to the approval of the Vancouver Stock Exchange and options to purchase 600,000 of the Common Shares are subject to the approval of the shareholders of the Company at its next shareholders' meeting. Prior to the present grant the only outstanding stock options of the Company are options to purchase 280,000 Common Shares at $0.20 per share until May 14, 1999.

To: Kerm Yerman who wrote (10383)	4/27/1998 9:37:00 PM
From: Herb Duncan	Respond to of 15196

CORP / TUSK Energy Inc. Announces Shareholders Rights Plan TSE, ASE SYMBOL: TKE APRIL 27, 1998 CALGARY, ALBERTA--TUSK Energy Inc. announced today that, subject to regulatory approval, the Board of Directors has approved a shareholder rights plan, which is effective immediately. The shareholders of the Corporation will be asked to approve the Shareholder Rights Plan at the Annual and Special Meeting of Shareholders to be held June 17, 1998. The Plan will terminate if not confirmed by a majority of the votes cast by shareholders at the meeting. The Plan has been adopted in order to provide TUSK'S Board of Directors and shareholders sufficient time to assess and evaluate any take-over bid or acquisition proposal. The Plan has not been adopted in response to, or in anticipation of, any take-over bid or acquisition proposal. The rights which now form part of each outstanding common share and which will trade with the common shares and not be exercisable until the "separation time", will entitle shareholders, in certain circumstances, including the event where a person acquires 20 percent or more of the outstanding common shares, other than through a "permitted bid", to acquire TUSK common shares at half of the current market price. The Plan provides that a permitted bid is a take-over bid made to all shareholders for outstanding shares of TUSK, which must be outstanding for at least 60 days.

To: Kerm Yerman who wrote (10383)	4/27/1998 10:12:00 PM
From: Arnie	Respond to of 15196

ENERGY TRUSTS / Appollo Gas Income Fund Final Clearance To: All IDA Members Re: APOLLO GAS INCOME FUND Initial Pubic Offering of Trust Units ----------------------------------------------------------------------------- Final clearances have been received in all Provinces of Canada with Manitoba and Newfoundland to follow: CUSIP# FOR RECEIPT: 037951209 UNITS: 037951100 ISM CODE FOR RECEIPT: 836144 UNITS: 034094 Closing: May 07, 1998 Final prospectuses will be available in reasonable quantities by contacting Naglaa Pacheco (416) 947-2748. PRICE AND TRADING RESTRICTIONS REMAIN IN EFFECT. HSBC SECURITIES NESBITT BURNS INC. TD SECURITIES INC. BY: HSBC SECURITIES APPOLLO GAS INCOME FUND - FINAL CLEARANCES 1998-04-27 TORONTO, ONTARIO To: All IDA Members Re: APOLLO GAS INCOME FUND Initial Pubic Offering of Trust Units ----------------------------------------------------------------------------- Final clearances have been received in all Provinces of Canada with Manitoba and Newfoundland to follow: CUSIP# FOR RECEIPT: 037951209 UNITS: 037951100 ISM CODE FOR RECEIPT: 836144 UNITS: 034094 Closing: May 07, 1998 Final prospectuses will be available in reasonable quantities by contacting Naglaa Pacheco (416) 947-2748. PRICE AND TRADING RESTRICTIONS REMAIN IN EFFECT. HSBC SECURITIES NESBITT BURNS INC. TD SECURITIES INC. BY: HSBC SECURITIES

To: Kerm Yerman who wrote (10383)	4/27/1998 10:14:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Maxx Petroleum announces Pipeline Construction Maxx Petroleum Ltd. announced today that construction of a pipeline to tie-in a Cow Lake gas well has commenced and production should start in the second week of May. The well was drilled in December 1997 and encountered a new gas pool. The well is expected to produce a rate of up to 15 Mmcf/d and 600 barrels per day of natural gas liquids. Maxx has a 50% interest in the well. Maxx and its partners have 6,400 acres of petroleum and natural gas leases on the play and it is expected that additional wells will be drilled in 1998. Maxx Petroleum Ltd. is a junior oil and gas exploration and development company based in Calgary, Alberta. Maxx shares trade on The Toronto Stock Exchange under the symbol "MXP" and the American Stock Exchange under the symbol "MMX". For further information please contact: Burl N. Aycock, Chairman and C.E.O. or Robert (Bob) Rosine, President and C.O.0. 900, 606 4th Street S.W. Calgary, Alberta T2P 1T1 Phone: (403) 261-6666 Fax: (403) 266-8022 Email: brosine@maxxpet.com

To: Kerm Yerman who wrote (10383)	4/27/1998 10:19:00 PM
From: Arnie	Respond to of 15196

CORP. / Canrise Resources announces Operating Results and Advisor Engagement Canrise Resources Ltd. ("Canrise" or the "Corporation") announced today that a Special Committee of its Board of Directors has engaged FirstEnergy Capital Corp. ("FirstEnergy") to examine a number of different strategic alternatives for the Corporation. The mandate of FirstEnergy is to determine the best approach for maximizing the value of Canrise's natural gas oriented, opportunity rich asset base. No decision has been made as to the best approach. While Canrise has considered a number of different potential mergers and asset acquisitions over the past year, there are currently no bids or proposals being considered by FirstEnergy or the Special Committee. The Corporation's Directors are of the view that a larger financial, reserve and production base may be advantageous in pursuing Canrise's high impact exploration and development drilling programs. While Canrise has not finalized its financial statements for the first quarter of 1998, Management expects that production will average just under 3,900 barrels of oil equivalent ("BOE") per day. Current production levels are approximately 4,000 BOE per day and long term debt and working capital deficit totals approximately $34.3 million. During the first quarter, Canrise participated in drilling 12 wells (6.3 net) which has resulted in 7 (3.5 net) gas wells, one (1.0 net) oil well, one (0.5 net) capped oil well, 2 (1.0 net.) abandoned wells and one (0.3 net) well is still drilling. Of the gas wells, 2 (0.7 net) are producing, 2 (1.5 net) are awaiting completion and 3 (1.3 net) are awaiting tie-in. Management estimates that first quarter drilling has added 1.4 million BOE of proven reserves and 1.9 million BOE of established reserves. Canrise has recently revised its 1998 budget and expects capital spending of approximately $30 million. The Corporation expects production to average 4,500 BOE per day for the year. Canrise intends to participate in drilling 25-30 additional wells. Combined with strengthening Canadian natural gas prices, Management anticipates that Canrise will continue to record significant production, reserve and cash flow growth. Canrise Resources Ltd. is an Alberta based corporation engaged in the business of evaluating and acquiring oil and natural gas properties and exploring for, developing and producing petroleum substances in western Canada. The Corporation currently has issued 17,692,431 common shares that trade on The Toronto Stock Exchange under the symbol "CRE".

To: Kerm Yerman who wrote (10383)	4/27/1998 10:24:00 PM
From: Arnie	Respond to of 15196

SERVICE SECTOR / Baker Hughes reports 1st 6 months Results HOUSTON, April 27 /CNW/ - Baker Hughes Incorporated (NYSE: BHI) announced today that its second quarter operating earnings per share increased 21% to $0.46 per share (diluted) compared to $0.38 per share (diluted) in the same period last year. Revenues and operating profit before tax reached record levels. For the second quarter of 1998, revenues were $1.157 billion, up 36.1% from the same period last year. Operating profit before tax was $119.9 million, up 29.1% from $92.9 million from the same period last year. ''In a challenging market we were able to post solid growth in revenues in all geographic regions,'' said Max L. Lukens, President, CEO and Chairman of Baker Hughes. Commenting on the impact of low oil prices, Mr. Lukens said, ''I believe that Baker Hughes is well positioned in the market with the technologies that our customers will demand to operate in a lower oil price environment. I believe that the fundamental economic drivers required for sustained long-term growth in upstream spending remain in place.'' Second Quarter Results Revenues Operating PBT Segment Q2 98 Q2 97 Q2 98 Q2 97 Oilfield Operations(A) $842.4 $677.9 $119.5 $95.4 Baker Petrolite 185.4 82.9 24.9 9.0 Process Equipment 123.3 82.9 10.0 8.4 Corporate and Other 6.3 6.5 (34.5) (19.9) Total $1,157.4 $850.2 $119.9 $92.9 (A) Oilfield Operations includes INTEQ, Baker Oil Tools, Solutions, Hughes Christensen, and Centrilift Baker Hughes Oilfield Operations (BHOO) revenues increased 24.3% to $842.4 million for the second quarter from $677.9 million in the year-ago period. BHOO operating profit before tax increased 25.2% to $119.5 million in the year ago period. Baker Petrolite reported $185.4 million in revenues and $24.9 million in operating profit before tax with an operating profit margin of 13.4%. The consolidation savings in connection with the recent Petrolite acquisition continue and are ahead of the acquisition plan. Process Equipment revenues were up 48.7% to $123.3 million reflecting recent acquisitions. Operating profit before tax was $10.0 million for the quarter, up $1.6 million or 19% from the same period last year. Increases in Corporate and Other expenses were primarily related to increases in interest expense and ongoing expenses for Project Renaissance. BHOO Geographical Highlights The table sets forth the geographic distribution of Baker Hughes Oilfield Operations revenue changes and the BHI rig count changes by geographic region. Revenue increases surpassed rig count changes in every region from the year ago period. Geographic BHOO BHI Rig Count Region Q2 98 vs. Q2 97 Q2 98 vs. Q2 97 North America +24% + 14% Latin America +29% (3%) Europe +15% (11)% Middle East +23% + 16% Asia Pacific +48% +3% Africa +25% 0% Outside North America +24% + 1% Total Worldwide +24% +9% In North America, revenue gains were driven by strong activity and market share growth. In Canada, revenue was up 19% on an activity increase of 16% from the year ago period. In the US, land-based revenues were up 30%, offshore revenues increased 17% and US revenues in total were up 25% as compared to a rig count increase of 13% from the same quarter a year ago. Outside of North America, revenues increased 24% on a 1% increase in rig count from the year ago period. In Venezuela, revenues increased 31% on 7% decrease in activity. In Europe, revenues were up 15% led by a 24% increase in UK revenues. African revenues increased 25%, overcoming a 27% decline in activity in Nigeria. BHOO Operating Results (Q2 98 vs. Q2 97) At Baker Hughes INTEQ, drilling fluid revenues were up 40% in the quarter with strong activity in our PerFlow(TM)!, AquaDrill(TM)! and Syn-Teq(TM)! drilling fluid products. Drilling and Evaluation revenues increased 26% in the quarter driven by stronger pricing and improved utilization of the MWD fleet and growing customer demand for new technology. Baker Oil Tools revenues were up 13% compared to year ago. Revenue increases were driven by strong sales of multi-laterals, re-entries, and completion products across all regions. The results reflect the slowing of workover activity. Hughes Christensen experienced a revenue increase of 20%. Customer demand for the recently introduced Spectrum(TM)! family of bits contributed to the results. Centrilift's revenues increased 41% in the quarter led by a 55% increase in Latin America. Financial Results A table of comparative results follows: (In millions, except per share amounts) Three Months Ended Six Months Ended March 31, March 31, 1998 1997 1998 1997 REVENUES: Sales $792.0 $553.4 $1,565.4 $1,105.2 Services and rentals 365.4 296.8 725.4 571.7 Total revenues 1,157.4 850.2 2,290.8 1,676.9 COSTS AND EXPENSES: Costs of sales 492.0 348.4 969.5 696.5 Costs of services and rentals 209.1 172.7 406.5 330.3 Selling, general and administrative 309.6 216.7 616.0 433.8 Amortization of goodwill and other intangibles 10.3 7.7 20.6 15.3 Total costs and expenses1,021.0 745.5 2,012.6 1,475.9 Operating income 136.4 104.7 278.2 201.0 Interest expense (17.6) (12.1) (32.1) (23.9) Interest income 1.1 .3 1.8 .9 Income before income taxes and cumulative effect of accounting change 119.9 92.9 247.9 178.0 Income taxes (40.6) (34.9) (89.2) (68.5) Income before cumulative effect of accounting change 79.3 58.0 158.7 109.5 Cumulative effect of accounting change Impairment of long-lived assets to be disposed of (net of $6.0 income tax benefit) (12.1) Net income $79.3 $58.0 $158.7 $97.4 Basic EPS Income before cumulative effect of accounting change $.47 $.39 $.94 $.74 Cumulative effect of accounting change (.08) Net income $.47 $.39 $.94 $.66 Diluted EPS Income before cumulative effect of accounting change $.46 $.38 $.91 $.72 Cumulative effect of accounting change (.08) Net income $.46 $.38 $.91 $.64 Depreciation expense $46.3 $34.2 $91.4 $66.6 Capital expenditures $138.5 $67.5 $243.6 $122.2 Earnings before interest and taxes (EBIT) $136.4 $104.7 $278.2 $201.0 Earnings before interest, taxes, depreciation and amortization (EBITDA) $193.0 $146.6 $390.2 $283.2 Reconciliation of the Numerators and Denominators of the Basic and Diluted EPS Computations For the For the Three Months Ended Three Months Ended March 31, 1998 March 31, 1997 Income Shares Income Shares (In millions) (Numerator) (Demoninator) (Numerator)(Demoninator) Basic EPS $79.3 169.5 $58.0 148.1 Effect of Dilutive Securities: Stock Plans 1.2 1.4 Liquid Yield Option Notes 1.7 7.2 1.5 7.2 Diluted EPS $81.0 177.9 $59.5 156.7 For the For the Six Months Ended Six Months Ended March 31, 1998 March 31, 1997 Income Shares Income Shares (In millions) (Numerator) (Demoninator) (Numerator)(Demoninator) Basic EPS $158.7 169.4 $97.4 147.8 Effect of Dilutive Securities: Stock Plans 1.4 1.5 Liquid Yield Option Notes 3.4 7.2 3.1 7.2 Diluted EPS $162.1 178.0 $100.5 156.5 All of the statements in this release other than historical facts are forward-looking statements made in reliance upon the safe harbor of the Private Securities Litigation Reform Act of 1995. As such, caution is advised when reading these forward-looking statements as they involve risks and uncertainties that are subject to change at any time. The Company derives its forward-looking statements from its operating budgets, which are based on various assumptions about many important factors. Although the Company believes its assumptions are reasonable, it is impossible to predict the impact of certain factors that could cause the actual results to differ materially from predictive results. These factors are discussed in the Company's filings with the Securities and Exchange Commission, in particular it's most recent 10-K filed with the Securities and Exchange Commission. Baker Hughes is a leading provider of products and services for the oil, gas and process industries.

To: Kerm Yerman who wrote (10383)	4/27/1998 10:28:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Harken Resources reports Successful Production Test DALLAS, April 27 /CNW/ -- Harken Energy Corporation (Amex: HEC) ("Harken"), announced today the results of its production test of the Olivo #1 well located in the Bolivar Association Contract Area in the Middle Magdalena Basin of Colombia. The well tested at a production rate of 10,800 bopd with no water from the Middle Cretaceous naturally fractured Salada (Lower La Luna) formation. Harken believes the production rate was limited by the size of pump and production equipment used. An independent reservoir engineering firm estimates the Olivo #1 and the previously completed Catalina #1 are each capable of producing at rates in excess of 20,000 bopd with larger production equipment. The Olivo #1 well was drilled utilizing the same underbalanced horizontal drilling technology that Harken pioneered in Colombia to drill the Catalina #1. Harken used its experience with underbalanced horizontal drilling to drill 6,029 feet of total horizontal distance as originally planned from the Olivo #1 surface location. Overall total length of the wellbore is 10,215 feet. As a result of this successful production test in the Olivo #l, Harken plans to extend the use of the underbalanced horizontal drilling technology to accelerate exploration and development of Rosa Blanca and La Luna reservoirs in the Bolivar Contract Area. This would be accomplished by assigning additional drilling equipment to this contract area later this year. Harken intends to move the drilling rig used for the Olivo #1 to its Cambulos Association Contract Area to begin drilling the Islero #1 as soon as possible. "The actual production rate of Olivo #1 was limited by the production equipment even though Harken used the largest pumping equipment available in Colombia. Nevertheless, this successful production test of the Olivo #1 well demonstrates the prolific potential of the La Luna formation and the Bolivar Association Contract," stated Mikel D. Faulkner, Harken's Chairman. He added, "As we said in the past, we believe the majority of the 250,000 acre Bolivar Contract Area is prospective; therefore, we will escalate our plans and focus more drilling equipment on the Bolivar area. We will import larger equipment and construct larger facilities in future Bolivar wells to avoid such production capacity limitations." Harken Energy Corporation explores for, develops and produces oil and gas reserves domestically and internationally. Certain statements in this news release regarding future expectations and plans for international oil and gas exploration and development may be regarded as "forward looking statements" within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as the inherent uncertainties in interpreting engineering data related to underground accumulations of oil and gas, timing and capital availability, discussed in detail in the Company's SEC filings, including the Annual Report on Form 10-K for the year ended December 31, 1997. Actual results may vary materially. The production rates described above are based upon a very limited production period. Such production rates are not necessarily indicative of flow rates that might be achieved if the well is ultimately determined to be commercially productive.

To: Kerm Yerman who wrote (10383)	4/27/1998 10:31:00 PM
From: Arnie	Respond to of 15196

FIELD ACTIVITIES / Grande Portage Resources reports Details of Delvina TORONTO, April 27 /CNW/ - Grande Portage Resources Ltd. (GPG - VSE) and SH.A. Albpetrol being the parties to a Heads of Agreement announced on March 4, 1998, have settled the financial and corporate terms which will be reflected in the Joint Operating Agreement (''JOA'') for the development of the Delvina gas field in Albania. Both parties have agreed to release details of the proposed JOA in order that Grande Portage is able to disclose these details to potential investors. In anticipation of the parties executing the JOA, the Government of Albania will issue a new operating license in the name of the JOA. The Government of Albania has indicated its intention to have the license issued and the JOA signed by June 1, 1998. Amongst other terms and conditions, the JOA will state that: 1. The JOA will be assigned a 25 year license by the Albanian National Petroleum Agency. 2. Operations at Delvina will be governed by a joint operating company with equal ownership between the parties. The Board of Directors of the joint operating company will consist of six members with each side appointing three members. Decisions with respect to financial expenditures during the experimental and development stage can only be made by representatives of Grande Portage. Grande Portage will be responsible for all experimental and development expenditures of the project. 3. Grande Portage will receive 90% of project cash flow until such time that its investment has been recovered and thereafter it will receive 50% of project cash flow. 4. The estimated total investment during the period of the 25 year license is US$37 million. These expenditures most of which are expected to be financed from project cash flow will be undertaken in several phases. The initial phase of expenditures budgeted at US$3.25 million will be to rehabilitate both the Delvina wells No. 4 and No. 12. Subsequent budgets will be dependent upon the results of the initial phase noted above. 5. No tax will be levied on goods and equipment or services imported for operations. Note: The Albanian tax regime provides for a four year tax holiday after which net profits are taxed at a rate of 30%. 6. Grande Portage will have the right to freely export its share of production without restriction, however, Albpetrol will have the option to purchase Grande Portage's production in U.S. dollars at open market prices. 7. Grande Portage will have the right to repatriate its cost recoveries and profits without restriction. 8. All facilities at Delvina including but not limited to electrical services, gas pipeline and liquid storage capacity shall be made available to the JOA. 9. The agreement between the parties will be governed in accordance with the laws of the Republic of Albania. Any dispute which cannot be resolved amicably will be submitted to a three member arbitration panel in London, U.K. in accordance with the Rules of Arbitration of the United Nations Commission on International Trade Law (UNCITRAL). English law will be applied to any dispute submitted for arbitration. In addition to announcing details governing operation for the Delvina project, Grande Portage is also announcing that it has entered into a Letter of Intent with the Government of Albania for the acquisition of the Fier Fertilizer complex located approximately 100 km from the Delvina gas field. An independent major U.S. based integrated oil and gas company has determined that the natural gas required to operate the Fier plant (an estimated daily consumption of 26 MMSCF) could be supplied by the Delvina gas field. The Fier Fertilizer company has confirmed its intention to purchase natural gas from Delvina at a rate of US$2.00 per MCF. Details of the Letter of Intent will be released April 28th. In order to meet its anticipated technical and financial obligations over the coming months, management of Grande Portage has entered into discussions with various international investor groups with the objective of securing a minimum of US$4 million by way of private placement. This financing will be a prerequisite to locating and retaining an experienced management team to operate in Albania. Details of the proposed financing will be announced at the conclusion of these discussions. Grande Portage's commitments under the proposed JOA and its proposed financing will both be subject to regulatory approval. GRANDE PORTAGE RESOURCES LTD. ''A.T. Griffis'' Per:___________________________________ A.T. Griffis, President

To: Kerm Yerman who wrote (10383)	4/27/1998 10:38:00 PM
From: Arnie	Respond to of 15196

PROPERTIES FOR SALE / Union Pacific Resources announces Details FORT WORTH, Texas, April 27 /CNW/ -- Union Pacific Resources Group Inc. (NYSE: UPR) today announced additional details regarding the producing properties the Company will sell in accordance with its previously announced deleveraging program. The goal of the plan is to raise at least $600 million from producing property sales by the end of the year. The properties are located in Canada, the United States and international locations outside of North America. A table detailing the properties included in the deleveraging program is attached. The United States and international properties are organized into nine bid packages and will be made available in two phases. The first phase will include properties located in the Gulf of Mexico, South Louisiana, South Texas and East Texas. The executive summaries for these packages will be available to prospective buyers by June 1, 1998 with closings anticipated by October 1, 1998. The second phase of the program will include properties located in the Rocky Mountains, Argentina, Egypt and Australia. Executive summaries will be made available to prospective buyers by July 1, 1998 with closings anticipated by October 30, 1998. The sale of the international properties (non-Canadian) as well as those in the United States will be managed internally by UPR. A complete list of these properties, along with additional information and maps, is available at UPR's internet deal room at Petroleum Exchange's website at www.petroleumx.com. Prospective buyers who visit the website will have the opportunity to electronically provide contact information and areas of interest to the UPR mailing list. For interested parties without internet access, please send expressions of interest to UPR via fax at 817-877-6093. Prospective buyers who would like additional information concerning the United States and international properties should contact Marty Searcy at 817-877-6710 or Joe Carroll at 817-877-7718. The sale of Canadian properties, which will be offered as several discrete property packages, will be handled by Waterous Securities, Inc. located in Calgary, Alberta, Canada. Specific details about the Canadian properties may be obtained from Adam Waterous or Doug De Filippi at 403-265-8077 or by visiting Waterous' website at www.waterous.com. Explanatory letters and introductory materials will be sent to prospective buyers of the Canadian properties on May 6, 1998 and data rooms will be available beginning in mid- May. Initial bids will be expected around June 15 and closing is anticipated by early September. UPR also announced on April 20, 1998 that it will consider the monetization of its gathering, processing and marketing business (GPM) as part of the deleveraging program. For information regarding this project, please contact Dick Eales at 817-877-7588 or Don Niemiec at 817-255-6932. An informational memorandum on the GPM business will be available in early June 1998. Union Pacific Resources is one of the nation's largest independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past 6 years and is the #1 gas producer in the state of Texas. UNITED STATES AND INTERNATIONAL PROPERTIES PHASE 1 Major Package 1 - Offshore Product Comments Field Eugene Island Blk 297 Gas Non-operated Eugene Island Blk 74 Gas Non-operated High Island A-340 Gas Non-operated High Island A-355 Gas Non-operated High Island A-545 Gas Non-operated High Island A-441 Gas Operated S. Marsh Island Blk 17 Gas Operated Galveston Blk 333 Gas Non-operated Matagorda Island Blk 587 Gas Non-operated Package 2 - South Louisiana Field Bastian Bay Gas Operated Four League Bay Gas Operated King's Bayou Gas Operated and non-operated East Atchafalaya Field Gas Operated Delta Duck Club Gas Operated Coquille Bay Gas Operated West Lake Verret Gas Operated and non-operated West Black Bay Gas Operated Gillis English Bayou Field Gas Non-operated Package 3 - South Texas Field Stratton Field Gas Operated Agua Dulce Field Gas Operated Moca Field Gas Operated McFaddin Field Gas Operated Wadsworth Field Gas Operated Hostetter Deep Gas Non-operated Borosa Field Gas Non-operated Hugh Fitzsimons Field Gas Operated Package 4 - East Texas Field Deadwood Field Gas Non-operated (SE Panola County) Package 9 - East Texas Field Certain Cotton Valley Pinnacle Reef Properties Gas Operated and Non-operated PHASE 2 Package 5 -Egypt Field Warda Oil Non-operated Package 6 - Australia Field Jabiru Oil Non-operated Challis Oil Non-operated Package 7 - Argentina Field El Santiagueno Oil Operated Lindero de Piedra Oil Operated Agua Salada Oil Non-operated Faro Virgenes Gas Non-operated Palmar Largo Oil Non-operated CAA-35 Oil Non-operated Package 8 - Rockies Field Desert Springs (Wyoming) Gas Operated Rock Springs Uplift Area (Wyoming) Gas Non-operated Dripping Rock/Mulligan Draw (WY) Gas Non-operated Pineview Area (Utah) Oil Operated Yellow Creek Shallow (Wyoming) Gas Operated Williston Basin (N. Dakota, Mont.) Oil Non-operated Silo Field (Wyoming) Oil Operated CANADIAN PROPERTIES Major divestiture packages include properties located in the following areas of Alberta: Major Field Product Comments 1. Chinchaga Gas Non-operated 2. Harmattan Gas Non-operated 3. Majorville Gas Non-operated 4. Turner Valley Oil Non-operated 5. Ansell Gas Non-operated 6. Pembina Oil Operated and Non-operated 7. Ferrybank Oil Operated 8. North Taber Oil Operated Minor packages are also located in Alberta with two smaller areas in northeast British Columbia. Field 1. Carson Creek Gas Operated 2. Sylvan Lake Gas Operated 3. Med. R. Unit #4/Raven Ostracod Gas Non-operated 4. Clear Prairie* Gas Operated 5. Pedigree* Gas Operated 6. Rainbow Gas Operated 7. Spirit River Triassic Unit Oil Operated *Partially located in British Columbia

To: Kerm Yerman who wrote (10383)	4/27/1998 10:41:00 PM
From: Arnie	Respond to of 15196

INSIDER TRADING / Chairman of Mercantile International Petroleum NASSAU, Bahamas, April 27 /CNW/ - Jeffrey M. Waterous, Chairman of Mercantile International Petroleum Inc. announced the purchase of 1,659,000 common shares of Mercantile on The Toronto Stock Exchange. Together with his previous holdings of common shares, and assuming the exercise of his warrants and options, Mr. Waterous would hold 8,396,355 common shares (approximately 18.58%) of the then outstanding common shares of Mercantile, assuming no other options or warrants were exercised. Mr. Waterous now holds 5,717,785 shares of Mercantile which is 13.45% of the currently outstanding 42,521,442 shares of Mercantile. Mr. Waterous may acquire additional securities of Mercantile in the market at any time. Mercantile is an ''oil exploitation company'' with interests in Peru, Colombia and Myanmar. The company continues to look for international on-shore properties where the application of leading edge technologies will allow the company to recover more oil. Mercantile's common shares are listed on the Toronto Stock Exchange and traded under the symbol MPT.U., while its debentures are listed on the Winnipeg Stock Exchange.

To: Kerm Yerman who wrote (10383)	4/27/1998 10:47:00 PM
From: Arnie	Respond to of 15196

PROPERTY ACQUISITION / C.P.M. Technologies enters into Letter of Intent CALGARY, April 27 /CNW/ - C.P.M. Technologies Inc. (''C.P.M.''), a junior capital pool company, announces that it has entered into a Letter of Intent executed April 24, 1998 to acquire certain producing oil and gas properties from a private Alberta based oil and gas company in consideration for $650,000 payable as to $200,000 by the issuance of 1,000,000 shares in the capital stock of C.P.M. and as to the balance by cash. The transaction is conditional upon the approval of the majority of the minority shareholders of the Corporation, the approval of the Alberta Stock Exchange and arranging satisfactory financing by the Corporation. C.P.M. also announces in connection with this transaction the resignations of William R. McMahan, Preston Maddin and Bruce Kenway as directors of the Corporation and the appointment of R.G. (Jerry) Ball of Calgary, Alberta as the President and a Director of C.P.M. Mr. Ball is a geologist with 22 years experience in the oil and gas business in Alberta. The Board of Directors of C.P.M. will be comprised of Mr. Ball, Larry Parks and David Calnan. The Corporation is a junior capital pool company and the acquisition of the properties by the Corporation is intended to constitute the Corporation's major transaction pursuant to Policy 4.11 of the Alberta Securities Commission and Circular No. 7 of the Alberta Stock Exchange. As such the transaction is subject to approval of the Alberta Stock Exchange and the Corporation's minority shareholders.

To: Kerm Yerman who wrote (10383)	4/27/1998 10:49:00 PM
From: Arnie	Respond to of 15196

CORP. / Gulf Canada Ltd & Gulf Indonesia Res. to host a Media Q & A CALGARY, April 27 /CNW/ - You are invited to attend a Media Briefing following the Annual General Meetings for Gulf Canada Resources Limited and Gulf Indonesia Resources Limited first quarter results. Mr. Dick Auchinleck, President and CEO, and other senior officers will be available for questions. Gulf Indonesia Resources Limited: Tuesday, April 28, 1998 at 12:00 pm MST Gulf Canada Resources Limited: Thursday, April 29, 1998 at 3:00 pm MST Please plan on attending at Gulf Canada Square Conference Room No. 4 ----------------------- Patricia Murphy Investor Relations

To: Kerm Yerman who wrote (10383)	4/27/1998 10:53:00 PM
From: Arnie	Respond to of 15196

EARNINGS / Union Pacific Resources reports 1st 3 months Results FORT WORTH, Texas, April 27 /CNW/ -- Union Pacific Resources Group Inc. (NYSE: UPR) today announced this year's first quarter average daily volumes from producing properties increased 27 percent over the first quarter of 1997 to 2.05 billion cubic feet equivalent per day (Bcfed). Volumes were especially strong because production associated with the acquisition of Norcen Energy Resources, Ltd. (Norcen) was included for the month of March. Also contributing to the volume growth was the Company's Austin Chalk business unit, which had a record quarter, producing 594 Mmcfed, a 2.5 percent increase over the first quarter of 1997. "Despite a tremendous amount of uncertainty related to commodity prices and costs of services, we were still able to profitably grow the Company's volumes in the first quarter," said Jack L. Messman, UPR's Chairman and CEO. "UPR's success in the first quarter is directly related to the ability of our people to adapt to the changing conditions in our industry." UPR continued its growth through the drill bit by operating, on average, 49 drilling rigs per day. Norcen operated, on average, 23 rigs in March. In addition to the 2.5 percent production increase in the Austin Chalk, several other business units experienced significant production increases. The Gulf Onshore/Offshore volumes were up 28 percent year over year on volumes of 150 million cubic feet equivalent per day (Mmcfed) of natural gas, while East Texas volumes were up 20 percent to 203 Mmcfed year over year. South Texas/Plains/Canada volumes increased 14 percent year over year with volumes equaling 216 Mmcfed. Compared to the first quarter of 1997, discretionary cash flow decreased 17 percent to $265 million ($1.07 per share), while total revenues decreased 7 percent to $499 million. Discretionary cash flow contributed by Norcen was $20 million in March. Net income decreased to $31 million ($0.13 per share). Lower commodity prices combined with purchase accounting and interest on the debt from the Norcen acquisition were the primary reasons for the lower earnings. Price realizations averaged $1.96 per thousand cubic feet equivalent (Mcfe) of natural gas in the quarter, representing a 23 percent decrease from first quarter of 1997 prices, which equaled $2.55 per Mcfe. Purchase accounting for the Norcen acquisition caused an increase in depreciation, depletion and amortization (DD&A) expense of $20 million. Interest expense for the quarter rose to $39 million from $11 million for the same period last year. The Austin Chalk business unit experienced volume growth due to the completion of several new significant wells in the Deep Giddings area. The Cobb #1 well in Washington County, Texas, was completed in February and is producing at a sustained rate of approximately 50 Mmcfd. Additionally, the Goldberg #1 in Austin County, Texas, was completed in March and is producing at a rate of 23 Mmcfd. UPR has a 93 percent working interest in the Cobb well and a 100 percent working interest in the Goldberg well. Currently, in the Deep Giddings area, UPR is producing 170 Mmcfd on a net basis and the Masters Creek area of the Chalk is producing 130 Mmcfed net. For the first quarter, the Masters Creek volumes represent an increase of nearly 400 percent over first quarter 1997. In the Land Grant business unit, the Phosphoria 42-H well was completed in the Brady field. It is currently producing 1,500 barrels of oil per day (BOPD) and 10.5 million cubic feet per day (Mmcfd) of natural gas without stimulation. The gas is flowing to the newly constructed Brady Sweetening Plant, which began service in the first quarter. This plant will allow the Brady field, which has recycled gas for the past 25 years to stimulate oil production, to begin producing natural gas for sale. OUTLOOK The primary focus for the second quarter will be the implementation of a deleveraging program, which is being initiated to strengthen the Company's balance sheet. "Our plan is to work quickly to reduce our debt level in order to achieve a strong investment grade credit rating by the end of the year," Messman noted. "We currently plan to accomplish this through a combination of reduced spending and asset sales. We have reduced the combined 1998 capital budget of UPR and Norcen by approximately $800 million to $1.3 billion. Spending for the combined companies last year was approximately $2.5 billion, which includes approximately $700 million for producing property and asset purchases. The revised spending plans will reduce our rig count and our volumes from drilling, however, UPR still anticipates increasing its volumes by 6 percent to 8 percent after contemplated asset sales on a combined company, pro forma basis. Union Pacific Resources is one of the nation's largest independent oil and gas exploration and production companies. Based in Fort Worth, Texas, UPR has been the #1 domestic driller for the past 6 years and is the #1 gas producer in the state of Texas. This press release, other than historical financial information, contains forward looking statements that involve risks and uncertainties including planned deleveraging and drilling activities, 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-K for the year ended December 31, 1997. Actual results may vary materially. Union Pacific Resources Group Inc. Statements of Income For the Period Ended March 31 (Dollars in Millions, Except Per Share Figures) 1998 (A) 1997 Operating revenues: Oil and gas operations: Producing properties $362.0 $370.0 Gathering, processing and marketing 96.2 124.7 Other oil and gas revenues 0.7 4.6 Total oil and gas operations 458.9 499.3 Minerals 40.1 32.4 Total operating revenues 499.0 531.7 (7%) Operating expenses: Production 93.3 73.1 Exploration 56.1 42.8 Gathering, processing and marketing 59.9 76.6 Minerals 0.7 1.3 Depreciation, depletion and amortization 191.1 133.0 General and administrative 20.6 18.5 Total operating expenses 421.7 345.3 22% Operating income 77.3 186.4 (59%) Other income (expense)-net 1.4 (3.0) Interest expense (39.2) (10.7) Income before income taxes 39.5 172.7 Income taxes (8.3) (55.5) Net income $31.2 $117.2 (73%) Discretionary cash flow $265.1 $321.1 Basic earnings per share $0.13 $0.47 Diluted earnings per share $0.13 $0.47 Discretionary cash flow per share(B) $1.07 $1.28 Average shares outstanding (millions) basic 247.6 250.1 Average shares outstanding (millions) diluted 248.2 251.0 (A) The quarterly results only include Norcen's results for the month of March. (B) Discretionary cash flow for any period means the sum of net income; depreciation, depletion and amortization; exploration expenses; and deferred taxes. Union Pacific Resources Group Inc. Operating Statistics Norcen For the Period Ended March 1998 1997 1998 (A) Producing properties average daily production: Natural Gas: United States (MMcfd) 1,133.4 1,102.3 108.5 Canada (MMcfd) 134.1 15.9 326.1 Other International (MMcfd) 3.7 --- 10.8 Total (MMcfd) 1,271.2 1,118.2 14% 445.4 Natural Gas Liquids: United State(MBbld) 28.4 29.0 --- Canada (MBbld) 3.0 1.8 3.2 Total (MBbld) 31.4 30.8 3.2 Crude Oil: United State(MBbld) 61.8 47.6 5.4 Canada (MBbld) 17.8 1.7 46.6 Other International (MBbld) 19.0 2.1 52.2 Total (MBbld) 98.6 51.4 92% 104.2 Total production (MMcfed) 2,051.6 1,611.9 27% 1,089.1 Producing Properties average sales prices: Natural Gas: United States (per Mcf) $2.04 $2.41 $2.31 Canada (per Mcf) 1.42 2.86 1.46 Other International (per Mcf) 1.12 --- 1.12 Total (per Mcf) 1.97 2.41 (18%) 1.66 Natural Gas Liquids: United State(per Bbl) $9.76 $13.47 --- Canada (per Bbl) 5.01 9.03 $7.22 Total (per Bbl) 9.30 13.20 (30%) 7.22 Crude Oil: United State(per Bbl) $14.58 $19.51 $13.98 Canada (per Bbl) 9.26 21.41 8.64 Other International (per Bbl) 7.83 18.00 7.44 Total (per Bbl) 12.32 19.51 (37%) 8.32 Total sales price (MMcfed) $1.96 $2.55 (23%) $1.50 Total Company average costs: Production costs (per Mcfe) $0.51 $0.50 $0.39 DD&A (per Mcfe) 0.93 0.80 1.32 General and administrative cost (per Mcfe) 0.10 0.11 --- Debt as a percent of total capitalization 74.1% 33.0% --- (A) Represents Norcen production and prices for the month of March, 1998. Union Pacific Resources Group Inc. Statements of Cash Flows For the Period Ended March 31 (Dollars in Millions) 1998 (A) 1997 Cash provided by operations: Net income $31.2 $117.2 Depreciation, depletion and amortization 191.1 133 Exploration expenses 56.1 42.8 Deferred taxes (13.3) 28.1 Discretionary cash flow 265.1 321.1 (17%) Working capital changes and other 30.3 101.1 Cash provided by operations 295.4 422.2 (30%) Cash used by investing activities: Capital expenditures and exploratory expenditures (487.1) (284) 72% Acquisition of companies (2623.2) --- Proceeds from sales of assets 6 1.3 Other investing activities-net 6.4 (0.9) Cash used by investing activities (3097.9) (283.6) Financing activities: Dividends paid (12.4) (12.5) Debt financing 2816.1 --- Debt repaid --- (99.6) Purchase of treasury stock (21.6) (0.8) Other financings - net (4.4) 55.6 Cash provided (used) by financing activities 2777.7 (57.3) Net change in cash ($24.8) $81.3 (A) The quarterly results only include Norcen's results for the month of March. Union Pacific Resources Group Inc. Statements of Financial Position As of March 31 (Dollars in Millions) 1998 1997 Assets: Current assets $ 788.7 $ 537.7 Properties - net 8,881.2 3,072.8 Other assets 400.0 84.8 Total $10,069.9 $3,695.3 Liabilities and shareholders' equity: Other current liabilities $ 708.8 $ 621.5 Debt due within one year 350.0 --- Debt due after one year 4,708.7 571.3 Deferred income taxes 2,063.4 462.8 Other liabilities 474.0 415.7 Shareholders' equity 1,765.0 1,624.0 Total $10,069.9 $3,695.3