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

To: Kerm Yerman who wrote (10795)	5/20/1998 6:23:00 AM
From: Kerm Yerman	Respond to of 15196

ENERGY TRUSTS / Enervest Diversified Income Trust 1997 Results ENERVEST DIVERSIFIED INCOME TRUST ANNOUNCES 1997 RESULTS 1998-05-19 CALGARY, ALBERTA EnerVest Diversified Income Trust is pleased to report its financial results for the period from inception, August 7, 1997 to December 31, 1997. HIGHLIGHTS DECEMBER 31, 1997 Gross Income $3,003,320 Net Income $2,389,582 per Unit $0.37 Distribution to Unitholders $2,322,000 per Unit $0.36 Taxable Portion 16% Net Asset Value per Unit $8.53 Closing Unit Price (TSE) $7.40 General and Administrative Costs as a Percentage of Original Unit Cost 0.36% Annualized 0.89% During our first fiscal year (147 days) the EnerVest Diversified Income Trust (the "Trust") invested its available capital into a diversified portfolio of income and royalty trust units. As at December 31, 1997 the Net Asset Value per unit was $8.53 representing a 9% decrease from its opening Net Asset Value per unit of $9.41, after costs of issue and agents fees. This slight erosion in unitholder value is attributed to an overall weakness in the stock markets, reduced commodity prices, increased interest rates, an increased volatility in the income trust market, and the global effects of the economic crisis in Asia. During 1997 the Trust maintained its monthly target distribution rate of $0.09 per unit ($0.36) for the year representing an annualized pre tax distribution rate of 10.8% based on the original issue price of the units. These distributions were approximately 84% tax deferred, for an annualized after tax distribution rate of approximately 13.4% based on the December 31, 1997 closing price of $7.40 per unit. Given the recent drop in crude oil prices, distributions for 1998 will be slightly reduced. Based on our current holdings in the Trust we forecast distributions of $0.99 per unit (estimated to be 80% tax deferred) on an annualized basis. These forecasts are subject to change and revision, all of which are monitored closely by both EnerVest Diversified Management Inc. (the "Manager") and Morrison Williams Investment Management Ltd., (the "Investment Manager"). The overall reduction in new issues coming to market may serve to increase investors awareness of existing trust portfolios. The EnerVest Diversified Income Trust is designed to provide broad diversification, high after tax yield and long-term capital appreciation for its unitholders. Both the Manager and the Investment Manager are confident that these objectives will be achievable in light of the growth prospects for commodity prices over the coming year. For more detailed information, please contact our client services department.

To: Kerm Yerman who wrote (10795)	5/20/1998 5:39:00 PM
From: SofaSpud	Read Replies (10) \| Respond to of 15196

EARNINGS / Highridge Exploration First Quarter Highridge First Quarter Production Increases 29 Percent CALGARY, ALBERTA--HIGHRIDGE EXPLORATION LTD. ("HRE" - TSE) production increased 29 percent to 13.8 MMcf/d and 1,130 Bbl/d (2,512 BOE/d) in the first quarter despite plant problems which reduced production in January by 750 BOE/d. Current production is restricted to 2,900 BOE/d due to gas plant restrictions and wells waiting for completion and tie in representing approximately 800 BOE/d. The McLeod plant will be expanded again in July that will provide Highridge with approximately 5 MMcf/d of additional capacity. Highridge has also reached agreement with an offsetting plant owner for up to 8 MMcf/d (6 MMcf/d net) of plant capacity. Compression and pipe have been acquired and construction will be completed by August 1998. These agreements should provide for expected gas processing needs through to year-end 1998. During the first quarter Highridge increased it's undeveloped land base 13 percent to 138,000 net acres. A farmin and option position of 44,800 gross acres (70 sections) of exposure is also available. During the quarter Highridge drilled 11 wells resulting in 4 (2.1 net) oil wells and 6 (3.2 net) gas wells for a success rate of 82.5 percent. Two additional wells were farmed out resulting in one gas well. /T/ The following summarizes our results for the quarter ended March 31, 1998: First Quarter Change 1998 1997 (Percent) Natural Gas Production (Mcf/d) 13,820 10,696 29 Oil Production (Bbl/d) 662 473 40 NGL Production (Bbl/d) 468 401 17 Total (BOE/d) 2,512 1,944 29 Gas Price ($/Mcf) 2.02 2.25 (10) Oil Price ($/Bbl) 19.13 24.97 (23) NGL Price ($/Bbl) 17.53 26.24 (33) Net Revenue ($000) 3,747 3,533 6 Production Expenses ($000) 1,079 883 22 Production Expenses ($/BOE) 4.77 5.04 (5) General & Administrative Expenses ($000) 323 363 (11) General & Administrative Expenses ($/BOE) 1.43 2.08 (31) Cash Flow ($000) 2,070 2,259 (8) Per Share ($/share) 0.16 0.18 (11) Net Earnings ($000) 349 809 (57) Per Share ($/share) 0.03 0.06 (50) /T/ Highridge is a public energy company active in Central Alberta in Canada. The common shares of Highridge are listed on The Toronto Stock Exchange and trade under the symbol "HRE". -30- FOR FURTHER INFORMATION PLEASE CONTACT: Highridge Exploration Ltd. Ross D.S. Douglas President & Chief Executive Officer (403) 269-2229 (403) 262-4323 (FAX) investor@highridgeltd.com highridgeltd.com