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

To: Kerm Yerman who wrote (10831)	5/21/1998 2:47:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Foothills Oil & Gas Ltd. 1977 Results FOOTHILLS OIL & GAS LTD. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED DECEMBER 31, 1997 1998-05-20 CALGARY, ALBERTA Foothills Oil & Gas Ltd. today announces its financial and operating results for its most recent year end. For the year ended December 31, 1997 crude oil and natural gas revenues were $320,992 and cash flow from operations was $21,222. Due to depressed commodity prices at year end, the Company recorded a writedown in its book value at year end of $310,000 resulting in a loss for the period of $391,225. Reserves at year end were 217,193 barrels of oil equivalent. At December 31, 1997 there were 11.7 million common shares outstanding. Average daily sales of crude oil for the period were 38 barrels per day and average natural gas sales were 54 thousand cubic feet per day for a total of 43 barrels of oil equivalent per day. Fourth quarter production was 52 barrels of oil equivalent per day as a result of acquisitions made during the third quarter of the year. Foothills Oil & Gas Ltd. is a Calgary based, public oil and gas company. It is engaged in the production, acquisition and development of hydrocarbons in Canada.