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

To: Kerm Yerman who wrote (10802)	5/20/1998 11:56:00 AM
From: SofaSpud	Respond to of 15196

EARNINGS / Calibre Energy 1997 Results CALIBRE ENERGY INC. - 1997 YEAR END RESULTS CALGARY, May 20 /CNW/ - Mr. R. Dean Smith President and Chief Executive officer of Calibre Energy Inc. today announced that during 1997 Calibre grew its reserves of light gravity crude oil and natural gas by over 200%. Proved and Probable Reserves at December 31 1997, based on an independent engineering evaluation, stood at 17.5 BCF of natural gas and 2.9 MMSTB of crude oil up from 2.7 BCF of natural gas and 2.0 MMSTB of oil at the end of 1996. During 1997, Calibre drilled 18 wells (9.8 net) of which 16 (8.8 net) were successful resulting in 10 (5.3 net) oil wells and 6 (3.5 net) gas wells. This represents a 90% success rate for the Company's 1997 drilling program. Average daily production in 1997 increased 80% over 1996 from 413 BOE/d to 746 BOE/d. Current production is in excess of 1600 BOE/d which is a 114% increase over the Company's 1997 daily production. Calibre's net undeveloped land base increased dramatically from 7,708 acres in 1996 to 65,660 acres. Gross revenues for 1997 were $6.039 million compared to $2.767 million for the nine months ended December 31, 1996. Cash flow in 1997 amounted to $ 1.9 million ($0.13 per share) increasing from $0.007 million ($0.00 per shares) in 1996, while net losses declined to $0.3 million from a $0.5 million loss in 1996. Significantly higher production together with operational efficiencies led to the increase in cash flow and reduction of bottom line losses. Calibre's Annual meeting will be held on June 29, 1998 at 3:00 p.m. at the Metropolitan Centre, 333 - 4 Avenue S.W., Calgary, Alberta. << Financial Highlights: HIGHLIGHTS FINANCIAL ---------------------------------------------------------------------- Thousands 1997 1996 ---------------------------------------------------------------------- Revenue before royalties 6,039 2,767 Cash flow Per share basic 0.13 0.00 Per share fully diluted 0.08 N/A Net earnings (loss) Per share basic (0.02) (0.08) Per share fully diluted (0.02) (0.08) Capital expenditures, net of dispositions 18,258 (130) Shareholders' equity 11,859 4,916 Weighted average number of Common shares outstanding Basic 15,045 5,906 Fully diluted 24,574 7,165 OPERATIONS ---------------------------------------------------------------------- Natural gas Annual volume (MMCF) 1,351 51 Daily average (MMCF/d) 3.7 0.2 Oil and NGLs Annual volume (MBBLs) 137 108 Daily average (BOPD) 375 394 Barrels of oil equivalent Annual volume (MBOE) 272 113 Daily average (BOE/d) 746 413 Average selling prices Natural gas per MCF $ 2.06 $ 1.22 Oil and NGLs per BBL (net of hedging) $ 23.80 $ 25.76 Average netback per BOE $ 10.88 $ 9.66 RESERVES (proven plus probable) ---------------------------------------------------------------------- MMCF of natural gas 17,508 2,772 MBBLs of oil and NGLs 2,928 2,032 MBOE 4,679 2,309 Present value (000s) at 12% pre-tax $ 33,979 $ 18,440 ---------------------------------------------------------------------- >> The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Dean Smith, President and Chief Executive Officer, Stewart Duncan, Corporate Development, (403) 237-7020, Fax: (403) 237-5806, E-Mail: calibre@calibre-energy.com

To: Kerm Yerman who wrote (10802)	5/21/1998 2:31:00 AM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / McCoy Brothers Acquiusition MCCOY BROS. INC. ACQUIRES A.V. BRAKE AND SUSPENSION 1998-05-20 EDMONTON, AB McCoy Bros. Inc. today announced that it has signed a letter of intent to acquire, subject to routine due diligence, a 51% interest in A.V. Brake and Suspension Ltd., of Lethbridge, Alberta. The transaction is for cash, the Company is profitable, it is expected to be accretive to earnings per share immediately, and the transfer of ownership is expected to be retroactive to March 1, 1998. A.V. Brake and Suspension operates a six-bay truck service center in Lethbridge, where it specializes in brake and suspension systems and also undertakes tanker trailer maintenance and repairs. It also operates a parts distribution center in Brooks, Alberta and is currently investigating the establishment of an additional truck service center in an under serviced city elsewhere in western Canada. Kerry Brown, Chairman of McCoy, said the Company welcomes its new partners, Stuart Fairbanks and Lloyd Fairbanks, the founders of A.V. Brake and Suspension who continue to hold 49% of the Company. Both have agreed to long term contracts to remain as managers of the enterprise. Mr. Brown said that the Lethbridge operation can readily expand its service activity in spring and other suspension services. Cost efficiencies associated with McCoy's greater purchasing power are expected to generate sufficient synergy to increase A.V. Brake's earnings immediately. McCoy has a profitable history dating back to 1914. The Company's businesses include truck services and sales, truck parts distribution and the manufacture and distribution of springs, axles, trailers and oil field products. It has five facilities in Edmonton, as well as operations in Grande Prairie, Calgary and Red Deer in Alberta and Rancho Cucamonga, California. The Company's shares are traded on the Toronto Stock Exchange under the symbol MCB.