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

To: Herb Duncan who wrote (10814)	5/20/1998 8:48:00 PM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITIES / Highridge First Quarter Production Increases 29 Percent TSE SYMBOL: HRE MAY 20, 1998 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".

To: Herb Duncan who wrote (10814)	5/21/1998 12:54:00 PM
From: SofaSpud	Respond to of 15196

LEGAL / Black Sea Energy RUSSIAN LEGAL PROCEEDINGS FILED AGAINST TURA PETROLEUM CO. CALGARY, May 21 /CNW/ - Black Sea Energy understands that on May 19, 1998 legal proceedings were filed in the Arbitrage Court of Tyumen Region, Tyumen, Russia against Tura Petroleum Company by Tyumen Oil Company and its subsidiary, Tyumenneftegaz, seeking the cancellation of the Tura Petroleum Foundation Agreement and the return to Tyumenneftegaz of the licenses for the Kalchinskoye oil field and the Northern Kalchinskoye exploration block. Great Plains Petroleum Company Ltd., a subsidiary of the Company, and Tyumenneftegaz, the original holder of Tura Petroleum's licenses, formed and each holds a 50% interest in Tura Petroleum, which was registered on November 28, 1996. The Tura Project, a joint venture to explore and develop the Kalchinskoye oil field and the Northern Klachinskoye exploration block, is Black Sea's principal project in Russia. The proceedings were commenced in the midst of ongoing negotiations between the parties with respect to future planning for the joint venture. Black Sea views the proceedings as an opportunistic attack initiated by the new management of Tyumen Oil Company in an attempt to gain an advantage in the ongoing management of the Tura Petroleum joint venture. The Company believes that the proceedings are flawed and that the claims advanced are without merit. If these proceedings are pursued by the plaintiffs, Black Sea intends to take all necessary steps to vigorously contest the proceedings. Joint venture planning negotiations continue to be scheduled and the Company fully intends to proceed with these negotiations with a view to resolving all outstanding issues between the parties on an amicable basis. -30- For further information: Barry Harrison, President, Paul Gregus, Manager Investor Relations, (403) 269-2871, Email: headoffice@blacksea.ca