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

To: Herb Duncan who wrote (10870)	5/23/1998 5:22:00 PM
From: SofaSpud	Respond to of 15196

ROYALTY TRUSTS / Pengrowth Q1 Results PENGROWTH CORPORATION/PENGROWTH ENERGY TRUST ANNOUNCES FIRST QUARTER 1998 RESULTS CALGARY, May 22 /CNW/ - Pengrowth Corporation (''Pengrowth''), administrator of Pengrowth Energy Trust (''EnergyTrust''), announced today that the gross revenue for the three months ended March 31, 1998 increased to $48,974,290 from $24,587,538 for the same period in 1997. Distributable income for the three months ended March 31, 1998 was $21,195,953 or $0.4481 per unit compared to 1997 first quarter distributable income of $14,126,470 or $0.6132 per trust unit. This decline in distributable income per unit resulted from lower commodity prices as the average price per boe fell 25% to $19.55 per boe in 1998 compared to $26.06 per boe for the first quarter of 1997. << For Three Months Ended March 31, 1998 March 31, 1997 ---------------------- -------------- -------------- Oil and Gas Revenue - gross $48.9 million $24.6 million Distributable Income $21.2 million $14.1 million Distributions Income Per Unit $0.4481 $0.6132 >> Production averaged 27,830 boe per day for the first quarter 1998 compared to 10,804 boe per day for the comparable period in 1997, an increase of 158%, mainly attributable to the Judy Creek/Swan Hills acquisition completed in October 1997. The cash distribution payable June 15, 1998 will be the regular monthly cash distribution of $0.11 per trust unit. The ex-distribution date for this payment is May 28, 1998. While the northern Alberta forest fires did not reach Pengrowth's Judy Creek facilities, in compliance with Alberta Forestry Service, production was shut-in for approximately three days during May. No facilities or equipment were damaged by fire and production levels are being brought back to normal. %SEDAR: 00001813E -30- For further information: James S. Kinnear, President, Jan Young, Investor Relations, Calgary, (403) 233-0224, (800) 233-4122, Fax: (403) 265-6251, E-mail: pengrowth@pengrowth.com, Website: www.pengrowth.com; Sally Elliot, Investor Relations, Toronto, (416) 362-1748, (888) 744-1111, Fax: (416) 362-8191, E-mail: sallye@pengrowth.com

To: Herb Duncan who wrote (10870)	5/23/1998 5:32:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

NORMAL COURSE ISSUER BID / Dynamic Oil DYNAMIC OIL LIMITED ANNOUNCES NORMAL COURSE ISSUER BID RICHMOND, B.C., May 22 /CNW/ - Dynamic Oil Limited NASDAQ: DYOLF VSE: DOL The Company announced today that, subject to regulatory approval, it is proceeding with a normal course issuer bid whereby it will purchase up to 1,000,000 Common shares, representing approximately 5% of the outstanding Common shares of the Company. The Company currently has 19,378,607 issued and outstanding Common shares. The normal course issuer bid (the ''Bid'') will commence on June 01, 1998, and end on June 01, 1999, or on such earlier date that the Company completes its purchase. All purchases will be effected through the facilities of NASDAQ and/or the Vancouver Stock Exchange. The consideration offered will be cash, payable from the Company's current unallocated working capital and from revenues received from production on its St. Albert property in Alberta, Canada, all in accordance with the by-laws and rules of NASDAQ, the VSE and their respective Securities and Exchange Commissions. The Company's Directors consider that its Common shares are trading at a discount to its underlying assets and that the market price is not reflective of its underlying value. The Company's Directors believe that this is a sound investment that is beneficial to all shareholders of the Company and will not preclude the Company from pursuing its other business opportunities. On behalf of the Board of Directors, Wayne J. Babcock President The NASDAQ and Vancouver Stock Exchanges have not reviewed nor accepted responsibility for accuracy of this release. -30- For further information: Mr. Troy Winsor or Mr. Wayne Babcock, (800) 663-8072