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

To: Herb Duncan who wrote (10886)	5/26/1998 11:23:00 AM
From: SofaSpud	Respond to of 15196

EARNINGS / Brittany Energy Q1 Results BRITTANY ENERGY INC. REPORTS CONTINUED PRODUCTION GROWTH THROUGH FIRST QUARTER 1998 CALGARY, May 26 /CNW/ - Brittany Energy Inc. today reported significant volume increases for the first three months of 1998. The Company produced an average of 163 barrels of oil and 909 thousand cubic feet of gas per day compared with 66 barrels of oil per day for the same period in 1997. Lower commodity prices and an increase in depreciation and depletion expenses during the period, reduced the Company's financial results; however, production revenues showed a substantial increase to $424,526 from $109,178 in 1997, while cash flow increased to $97,178 from $70,504 in 1997. Brittany continues to evaluate strategic oil and gas prospects, despite the delay with some of its previously planned exploration and development drilling in light of current low oil prices. Brittany recently tied-in a Glauconite gas well at Long Coulee, which is presently averaging 1.8 million cubic feet of natural gas per day plus liquids. Brittany will net approximately 126 mcf per day plus ngls from the well. Facility work at its Elcott property in south east Saskatchewan saw two prolific Midale horizontal oil wells flow-lined to a central processing facility which will result in fewer production interruptions, less inventorying and reduced operating costs. The Company also stated that it is participating in reservoir engineering projects on two of its key properties at Elcott, Saskatchewan and Turin, Alberta. Results of these studies should greatly assist in extracting a higher percentage of the remaining oil reserves. << Summary of Operations for the Three Months Ended March 31: 1998 1997 ---- ---- Total Revenue $424,526 $109,931 Cash Flow from Operations $97,178 $70,504 Cash Flow per Common Share 0.01 0.01 Net Earnings (Loss) ($117,369) $18,104 Net Earnings per Common Share (Loss) (0.01) 0.01 Production: Oil & Ngls (bopd) 163 66 Gas (mcfpd) 909 Nil Common Shares Outstanding 10,807,213 8,701,001 >> The Alberta Stock Exchange neither approves nor disapproves of the information contained herein. -30- For further information: M.P. Inglis, President, Brittany Energy, (403) 266-3327, Fax: (403) 266-3637, E-mail: brittany@cadvision.com