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

To: Herb Duncan who wrote (10782)	5/20/1998 11:54:00 AM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Petro Field Q2 Results PETRO FIELD ANNOUNCES RECORD FY98 Q2 FINANCIAL RESULTS CALGARY, May 20 /CNW/ - Petro Field Industries Inc., today announced the results from operations for the quarter ending March 31, 1998. Sales for the first six months of fiscal 1998, ending March 31, 1998, reached an all time high of $4,510,910 versus $2,027,771 for the same period last year. Total sales for fiscal 1997 were $4,268,234. Earnings before Income Tax, Depreciation and Amortization (''EBITDA'') for the period was $425,769 or $0.07 per share versus $131,236 or $0.02 per share, for the same period in fiscal 1997. Net income for the period was $236,069 or $0.04 per share versus $104,710 for the same period in fiscal 1997. Cash Flow From Operations for the period was $267,331 or $0.04 per share versus $105,539 or $0.02 per share for the same period in fiscal 1997. All of the above per share figures are calculated on a fully diluted basis. Petro Field's President Bill Rollins stated, ''Based on conservative industry multiples, Petro Field's shares are significantly undervalued at this point in time. Over the past 6 months Petro Field's shares have traded in the range of $0.20 to $0.40 on The Alberta Stock Exchange under the trading symbol PF.'' Petro Field Industries Inc. is an oil and gas service and supply company located in Calgary, Alberta. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. -30- For further information: Bill Rollins, President and CEO, (403) 244-3333, Fax: (403) 245-1821