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

To: Herb Duncan who wrote (10869)	5/23/1998 5:24:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Marengo 1997 Results MARENGO EXPLORATION LTD. CALGARY, May 22 /CNW/ - Marengo Exploration Ltd. is pleased to report on its activities for the year ended December 31, 1997. During the year the Company closed an Initial Public Offering for gross proceeds of $4,647,000 and participated in the drilling of nine wells resulting in six oil wells, two gas wells and one dry hole. Production at year end was about 200 barrels per day net to the Company and cash at year end was approximately $3.2 million. First quarter 1998 results, released with the year end, show revenues of approximately $73,000 as a result of the 1997 year end drilling program. Three additional wells, including one oil well, one gas well and one dry hole were drilled during the quarter. Construction of a battery was completed and production through this facility began April 1, 1998. Also, tie-in and processing of the Company's gas reserves was negotiated with AltaGas Services Inc. and production will begin in the second quarter. The Company's Annual General Meeting will be held Thursday, July 16, 1998 at 10:00 am at Suite 3100, 324 - 8th Avenue S.W., Calgary, Alberta. THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN. -30- For further information: William Petrie, Marengo Exploration Ltd., (403) 237-6612

To: Herb Duncan who wrote (10869)	5/23/1998 5:28:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Bonus Services BONUS RESOURCE SERVICES CORP. ACQUIRES ALBERTA GOLD ASSETS CALGARY, May 22 /CNW/ - Bonus Resource Services Corp. (Bonus) is pleased to announce that it has signed a definitive agreement for the purchase of the assets of Alberta Gold Well Servicing Corp Ltd. (Alberta Gold), subject to regulatory approval. The transaction includes 42 service rigs (29 doubles, 13 singles) and associated equipment operating from bases in Red Deer and Grande Prairie and provides for the retention of substantially all employees by Bonus. The assets will be paid by cash and the issuance of 1.4 million common shares of Bonus Resource Services Corp. and is scheduled to close June 8, 1998 with the effective date of June 1, 1998. Alberta Gold, the second largest privately held and fifth largest service rig company in western Canada has been in operation since 1978. It is considered a premier operator of service rigs in the gas prone areas of Alberta and northeastern British Columbia, having an excellent reputation within the industry for its quality equipment and personnel. The assets will add over $40 million in revenues during the next year and significantly enhance Bonus' scope of operations in northwestern Alberta. With this transaction Bonus continues to be the leader in the ongoing consolidation occurring within the service rig industry. Bonus Resource Services Corp. is Canada's largest service rig company with 197 service rigs and 7 swab rigs in western Canada and 7 service rigs in Australia. The Company trades on the Toronto Stock Exchange under the symbol BOU. -30- For further information: Tom Alford, President and COO, (403) 347-3737, E-mail: talford@bonusgroup.com; Kevin Nugent, V.P. Finance and CFO, (403) 781-1238, E-mail: bonus@bonusgroup.com