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

To: SofaSpud who wrote (10923)	5/27/1998 5:10:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

FIELD ACTIVITES / Probe Increases Capex Budget NEW DISCOVERIES DRIVE EXPANSION OF PROBE'S CAPITAL BUDGET CALGARY, May 27 /CNW/ - Probe Exploration Inc. (PRX-TSE) today announced that it has finalized its plan to increase its planned 1998 Capital Expenditure Program from $53 million to $70 million (excluding acquisitions) to be funded by cash flow and debt. Based on recent technical success primarily at Leduc, Probe now expects to drill or recomplete a total of 211 gross (184 net) wells in 1998. Net production additions are estimated at 14,000 BOE/d (risked) on top of a current production level of 11,000 BOE/d. After factoring corporate production declines estimated at 20% and additional risk, Probe management has increased its year-end target from 15,000 to 17,500 BOE/d. Probe has also initiated its 1999 budget and plans on drilling or recompleting 117 gross (102 net) wells in the first half of 1999 at a net cost of $35 million. Net (risked) production additions of approximately 7,000 BOE/d will drive Probe toward its 1999 exit target of 25,000 BOE/d. Effective December 31, 1997, Probe's reserve base was estimated at 37 million BOE (proven plus 50% probable). Since January 1, 1998, management estimates that approximately 25 million BOE of new reserves have been identified primarily through new success at Leduc in the Wabamun and Sparky formations. Further reserve estimates for these and other formations will be conducted by independent engineers effective June 30, 1998. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Stephen P. Gibson, President or Barrie Wright, Vice President, Probe Exploration Inc., (403) 233-2464, Fax: (403) 233-2486

To: SofaSpud who wrote (10923)	5/28/1998 4:06:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITIONS / Sawtooth International SAWTOOTH INTERNATIONAL RESOURCES INC. COMPLETES SPIRIT RIVER ACQUISITION CALGARY, May 28 /CNW/ - SAWTOOTH INTERNATIONAL RESOURCES INC. has completed a $1,621,000 acquisition of 120 BOED of Light Crude in the Spirit River Area of North Western Alberta effective April 1, 1998. The Company will use its current Line of Credit with the Alberta Treasury Branches to finance this property acquisition. This acquisition increases current daily production by 220% to 175 BOED from 55 BOPD. With this acquisition the Company also has acquired a net 32% working interest in an additional 1280 acres of Petroleum and Natural Gas rights and access to two (2) shut-in gas wells which are being evaluated for tie-in. In addition, Sawtooth has seasonal production from the Lessard 13-25-123-18 W5M horizontal Keg River oil well. Through this acquisition, reserves of 297,210 BOE were added to bring total company reserves, as of May 1, 1998, to 785,100 BOE. The Net Present Value of the reserves added, at a discount rate of 10% is $2,578,500 for a company total of $6,150,000. Sawtooth continues to expand its Asset base while concentrating its search for prolific gas and light oil reserves on shallow to medium depth multi-zone Targets in established hydrocarbon environments. Sawtooth International Resources Inc. is a publicly traded Canadian oil and gas exploration and production company listed on the Alberta Stock Exchange under symbol (''SAW''). The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. -30- For further information: Gary Waters, President or Terry Morey, Vice President Land, (403) 263-5800, Fax: (403) 234-7597

To: SofaSpud who wrote (10923)	5/28/1998 4:13:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Palliser Q1 Results PALLISER ENERGY CORP. ANNOUNCE FIRST QUARTER RESULTS CALGARY, May 27 /CNW/ - PALLISER ENERGY CORP., announces its financial and operating results for the first quarter of 1998. << Three Months Ended March 31 ---------------------------------------------------------------------- 1998 1997 ---------------------------------------------------------------------- FINANCIAL Revenue Net of ARTC and Royalties $995,889 $1,303,353 Cash Flow $90,030 $714,133 Per share - Basic $0.01 $0.07 - Fully Diluted $0.01 $0.07 Net Earnings (Loss) ($202,651) $263,662 Per Share - Basic ($0.02) $0.03 - Fully Diluted ($0.02) $0.03 Average Shares Outstanding - Basic 10,026,023 9,881,814 - Fully Diluted 10,546,773 10,531,314 OPERATING Production Oil & NGL (BBLS/D) 368 334 Natural Gas (MCF/D) 4,055 4,113 Average Oil Price (Per BBL) $14.20 $22.71 Average Gas Price (Per MCF) $1.76 $2.03 ----------------------------------------------------------------------- >> - For the first quarter of 1998, gross revenues decreased by 24% to $995,889 (1997 - $1,303,363). - Cash flow from operations decreased by 87% to $90,030, being 1 cent per share (1997 - $714,133 or 0.07 cents per share) . - Net Earnings (Loss) for the quarter was ($202,651) being (0.02 cents) per share (1997 - $263,662 or 0.03 cents per share). - Oil and Natural Gas Liquids production increased by 10% to 368 barrels of oil per day (1997 - 334 barrels per day). - Sales of Natural Gas production was down by 1% to 4,055 MCF/D (1997 - 4,113 MCF/D). - Capital expenditures for the quarter amounted to $1,223,822, as compared to $1,536,810 during the corresponding period in 1997. - Palliser Energy Corp. is a resource based company operating in Western Canada. -30- For further information: William Tobman, President, (403) 264-2156, Fax: (403) 261-6803