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

To: Herb Duncan who wrote (10692)	5/13/1998 11:19:00 PM
From: Herb Duncan	Respond to of 15196

EARNINGS / Torrington Resources Announces First Quarter Financial and Operating Results TSE SYMBOL: TRN MAY 13, 1998 CALGARY, ALBERTA--Torrington Resources Ltd. is pleased to announce its first quarter financial and operating results including the completion of the amalgamation with Lodestar Energy Inc., cash flow of $3.4 million ($0.15 per share) and an above average industry netback of $12.94 per barrel of oil equivalent produced during the quarter. Petroleum and natural gas revenues, net of royalties, totaled $4.8 million for the three months ended March 31, 1998 as compared to $7.4 million reported for the corresponding period in 1997. Cash flow from operations totaled $3.4 million ($0.15 per share) as compared to $6.1 million ($0.28 per share) received one year ago. Net earnings amounted to $0.4 million ($0.02 per share) as compared to $2.1 million ($0.09 per share) reported for the same period in 1997. Natural gas production averaged 18.5 mmcf/d as compared to 22.3 mmcf/d for the first three months of 1997. Crude oil production averaged 860 bbl/d (1997 - 950 bbl/d) and NGL production averaged 420 bbl/d (1997 - 434 bbl/d). Total production averaged 3125 boe/d, down from 3612 boe/d produced in the first quarter of 1997. Torrington's average natural gas price for the first three months of 1998 was $2.09/mcf down 15 percent from the $2.46/mcf in 1997. The Company received average prices of $20.37/bbl for oil and $18.74/bbl for NGL's. This compares to first quarter 1997 prices of $29.38/bbl for oil and $25.45/bbl for NGL's. On a barrel of oil equivalent basis, the corporate operating netback totaled $12.94 per BOE. Capital spending on exploration and development for the three months ended March 31, 1998 totaled $4.7 million, up from $3.5 million reported for the same period a year earlier. Expenditures included $3.0 million for land, $1.4 million for drilling and $0.3 million for facilities. Effective March 25, 1998 Torrington completed its previously announced acquisition of Lodestar Energy Inc. The net consideration of $8.1 million was financed by bank debt of $6.7 million and the issuance of 287,190 common shares of the Company. The results of operations for Lodestar have been included in the operations of the Company from the effective date of acquisition. The acquisition compliments existing interests and provides operatorship in a new strategic area of growth for 1998 and beyond. In March, Torrington's Board of Directors engaged a financial advisor to seek proposals for the acquisition or merger of the Company. In this regard, Torrington received on May 8, 1998 several non-binding proposals and is currently having discussions with certain interested parties.

To: Herb Duncan who wrote (10692)	5/15/1998 12:31:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / CORDEX Petroleums Inc. Company Update CORDEX PETROLEUMS INC. TSE SYMBOL: CZX.A MAY 13, 1998 CORDEX Petroleums Inc. Company Update DENVER, COLORADO--Cordex Petroleums Inc. will plug and abandon the Moralito X-2 well, located in the Santa Barbara block in northwestern Argentina. The well, which spudded on May 3, 1998, was drilled to a total depth of 586m. The objective Yacoraite was encountered at 560 to 564m with weak oil shows. Immediately below the Yacoraite, strong water flow was encountered from 564 to 586m in Lecho and Devonian sandstones. The well was not tested because of complications related to the weak oil shows, strong water flows and thin reservoir interval. The well fulfills the group's drilling commitment on the block through May 1998. The group has one additional exploration period on the concession. CORDEX Petroleums Inc. operates the Santa Barbara block with a 90 percent interest. First Australian Resources of Australia hold a 10 percent interest.