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

To: SofaSpud who wrote (10934)	5/27/1998 6:59:00 PM
From: SofaSpud	Read Replies (11) \| Respond to of 15196

SERVICE SECTOR / Petro-Well Q1 Results PETRO WELL REPORTS FIRST QUARTER RESULTS CALGARY, May 27 /CNW/ - Petro Well Energy Services Inc. today reported revenue of $3,075,771 for the three months ended March 31, 1998, down 4% from $3,188,289 in the same period of 1997. Rig hours for the first quarter of 1998 were 7,911 compared to 8,865 in the prior year. Lower oil prices, particularly for heavier oils, caused activity levels to be lower in the first quarter of 1998. Net earnings for the first three months of 1998 were $305,416 ($0.03 per share), down from $381,320 ($0.04 per share) for the period ending March 31, 1997. Petro Well is a Calgary based well servicing company operating in Western Canada. The company owned and operated eleven rigs in the first quarter of 1998 and added a twelfth rig in late March 1998. Petro Well's shares trade on The Toronto Stock Exchange under the symbol ''PWS''. << Highlights (thousands, except per share amounts) ------------------------------------------------ Three Months Ended March 31 1998 1997 ----------------------------------------------------------------- Revenue $3,076 $3,188 ----------------------------------------------------------------- Funds from Operations $543 $1,013 ----------------------------------------------------------------- Net Earnings $305 $318 ----------------------------------------------------------------- Net Earnings Per Share $0.03 $0.04 ----------------------------------------------------------------- ----------------------------------------------------------------- Rig Hours 7,911 8,865 ----------------------------------------------------------------- -30- For further information: Victor Stobbe, President, (403) 263-2811