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Gold/Mining/Energy : Maxx Petroleum-MXP,TSE -- Ignore unavailable to you. Want to Upgrade?

To: Steve Johnston who wrote (90)	4/29/1998 11:09:00 PM
From: Scott Mc	Respond to of 106

Steve, don't know about the mutual fund buyers, however bought some more yday, call me stupid. I'm trying to get ahold of the company and get some real details, best I get so far is the 1Q will be released with in 2 weeks. Depending on the answers I get ill be buying more, I can't find anything else this cheap, especially when you look at their success in building assets.. New Pipeline to be complete next month into Cowlake may help new Pres from Taragon may help Prospectus with annual report detailed large loans to buy shares by directors may help.. Being able to margin shares may help.. Of course oil may drop to $12 and nothing will help :) Scott

To: Steve Johnston who wrote (90)	5/6/1998 11:51:00 AM
From: Scott Mc	Read Replies (1) \| Respond to of 106

1Q released, mention of Cow Lake which short term may be very positive for Maxx. Scott First quarter results Maxx Petroleum Ltd MXP Shares issued 55,857,926 May 5 close $1.76 Wed 6 May 98 News Release Mr. Burl Aycock reports Oil and natural gas liquids production increased substantially by 41 per cent to 7,062 bpd from 5,019 bpd in 1997. Natural gas production was 12.5 mmcf/d down from 13.1 mmcf/d in 1997. Cash flow for the first quarter of 1998 was $4.4-million (8 cents per share) down 44 per cent from $7.9-million (15 cents per share) in 1997 and net income decreased from $2.4-million ($0.04 per share) to a net loss of $0.6-million (1 cent per share). The decrease in cash flow and net earnings was due to the dramatic 40 per cent decrease in crude oil prices and 20 per cent decrease in natural gas prices. HIGHLIGHTS Quarter Ended March 31 (thousands of dollars) 1998 1997 FINANCIAL Revenue 11,730 14,219 Cash flow 4,430 7,904 Net income (loss) (568) 2,361 Cash flow per share (cents) 8 15 Net income (loss) per share (cents) (1) 4 PRODUCTION Oil & liquids (bpd) 7,062 5,019 Natural gas (mmcf/d) 12.5 13.1 Total oil equivalent (boe/d) 8,310 6,324 PRODUCT PRICES Gas price ($/mcf) 1.77 2.22 Oil price ($/bbl) 15.30 25.67 In southeast Saskatchewan the company drilled three horizontal wells in Ingoldsby and Silverton. An additional 14 horizontal wells are planned for the balance of the year. Production levels are currently at 2,900 bopd, up from 2,400 bopd a year ago. In central Alberta Maxx previously announced the Cow Lake discovery well. The well encountered gas pay in two formations; one of which is a new pool discovery. The well has been completed and should commence production in early May. It is planned to produce the well at 13 mmcf/d (6.5 mmcf/d net) and 600 barrels per day of natural gas liquids (300 boepd net), resulting in combined production of 1,900 boepd (950 boepd net). Two additional wells should be drilled at Cow Lake in 1998 to further delineate both gas pools. Maxx has two other low to moderate risk exploration/exploitation gas plays at West Cove and Willesden Green. Plans are under way to drill and evaluate both of these plays in 1998. Maxx has 100 per cent interest and there is potential to develop combined reserves in the order of 20 to 30 bcf and 300,000 to 500,000 barrels of natural gas liquids. At Pincher Creek/Waterton, Maxx acquired an interest in a project to evaluate Mississippian gas potential. Maxx receives a 7.5 per cent gross overriding royalty interest in the 16-29-4-29 W4M well until payout and 20 per cent working interest after payout. The 16-29 well was drilled and cased to a depth of 9,300 feet and will be completed in the Mississippian formation to test its production capability. Maxx also earned a 20 per cent interest in three adjacent sections and will be carried for the cost of any additional Mississippian test wells drilled to earn a similar four section block. The deal covers 40 sections on the Mississippian trend. In addition, Maxx has given notice of its intent to exercise a program to earn 100 per cent working interest subject to 15 per cent overriding royalty interest in 21,250 acres of leases which include Devonian rights. Two large structural features have been identified at the Devonian level and additional seismic and drilling are required to evaluate the potential. This is an expensive and risky play but it has potential. Maxx will mitigate its risk by farming out a portion of a well to evaluate the play. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com