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To: RJL who wrote (10990)	5/29/1998 7:05:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / NTI Resources - First Quarter Results for 1998 ASE SYMBOL: NTI MAY 28, 1998 CALGARY, ALBERTA--NTI Resources Limited (NTI-ASE, "the Company"), announces that the unaudited results for first quarter of 1998 show a net loss of $407,678 as compared to net earnings of $315,306 for the three month period ended March 31, 1997. The loss per share at March 31, 1998 was 0.4 cents as compared to earnings per share of 0.4 cents at March 31, 1997. /T/ Financial Overview March 31 March 31 December 31 1998 1997 1997 (3 months) (3 months) (12 months) ------------------------------------------ Total Assets $35,663,715 $39,944,314 $33,649,459 Shareholders' Equity 28,458,629 39,005,622 28,866,307 Working Capital (7,145,426) 11,983,977 (4,716,134) Revenue 27,794 0 0 Net Income (Loss) (407,768) 315,306 (25,713,634) Net Income (Loss) Per Share (0.004) 0.004 (0.26) /T/ NTI's preferred share subscription obligation to SOCO Tamtsag Mongolia, Inc. for its participation in the Mongolian project increased by $2,208,730 during the first quarter of 1998. SOCO International, the other major stockholder in SOCO Tamtsag Mongolia, Inc. has agreed to carry NTI's obligation until July 14, 1998. During the first quarter of 1998 SOCO Tamtsag Mongolia, Inc. has spudded two of their eight wells commitment in Mongolia for 1998. As well, SOCO Tamtsag Mongolia, Inc. has transported 6000 barrels of oil to China from its Mongolian concession in the first three months of 1998. NTI is an oil and gas investment company incorporated under the laws of Alberta and its share are traded in the Alberta Stock Exchange under the symbol "NTI".

To: RJL who wrote (10990)	5/29/1998 7:08:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Saxon Announces Results for the First Quarter 1998 TSE SYMBOL: SXN MAY 28, 1998 CALGARY, ALBERTA-- /T/ HIGHLIGHTS Three Months Ended March 31 Percent 1998 1997 Change -------------------------------------------------------------- Operating Daily sales Oil and NGL's (Bbls) 1,816 1,689 8 Gas (Mcf) 11,913 7,074 68 Average prices Oil and NGL's ($/Bbl) $ 23.98 $ 27.43 (13) Gas ($/Mcf) $ 1.79 $ 2.11 (15) -------------------------------------------------------------- Financial ($000's except per share) Production revenue $ 5,840 $ 5,512 6 Cash flow 2,470 2,229 11 Per fully diluted share 0.016 0.015 7 Net income 196 426 (54) Per fully diluted share 0.001 0.003 (67) -------------------------------------------------------------- /T/ Operating The oil and NGLs production on a daily basis increased 8 percent over the first quarter of 1997. Natural gas production increased by 68 percent from 7 MMcf/d to almost 12 MMcf/d as a result of drilling activity at the Bigoray and Kaybob properties. Product prices in the first quarter of 1998 were down by a significant amount from pricing in the first quarter of 1997. The oil price reduction was partially offset by hedges that Saxon had in place for the first quarter of 1998 for approximately two-thirds of the oil production. Royalties were reduced by $0.3 million during the first quarter of 1998 to reflect amendments received on Crown gas royalties relating to prior years. Capital expenditures were $3.3 million in the first quarter of 1998 compared to $23.5 million in the first quarter of 1997. The 1997 capital included extraordinary expenditures on facilities at Bigoray. The capital activity for 1998 will remain low relative to 1997 as a result of a decision to minimize capital commitments in view of the program to assess strategic alternatives for the Company. Financial Cash flow during the first quarter of 1998 increased by 11 percent compared to the first quarter of 1997. While production increased, prices declined in offsetting amounts. Crown royalties were reduced by prior period amendments. There were incremental corporate costs of approximately $414,000 in the first quarter of 1998 related to retention pay for employees during the ongoing sales process. Interest and financing charges of $572,000 increased from $112,000 in 1997 due to the increased debt levels. Corporate Update Saxon has announced that its major shareholder, Forest Oil Corporation, has put forward a proposal to acquire all of the issued and outstanding shares of Saxon on the basis of one share of Forest common stock for every 48.07 shares of Saxon. Saxon further announced that it has constituted a special committee comprised of the independent members of the Board of Directors to consider the proposal. Forest's proposal is subject to the completion of a formal valuation; the consideration being offered by Forest being at or above mid-point of the valuation range determined in the formal valuation; approval of the proposed transaction by the special committee and the recommendation of the transaction by Saxon's Board to the shareholders; and the entering into of agreements between Forest and each of the directors and officers of Saxon wherein such directors and officers will agree to dispose of their Saxon shares or vote such shares in favour of the transaction. This proposal does not preclude Saxon from soliciting superior competing offers for the Company. In this regard Saxon has initiated a process to seek a superior competing proposal to the Forest proposal. Forest Oil Corporation is, as of the time of writing this document, proceeding to prepare and distribute their offer to all shareholders. Management anticipates that the Company will have a special meeting of shareholders on July 2, 1998 prior to the scheduled Annual General Meeting. Outlook Effective May 1, 1998, the Company received good production practises status on its Bigoray Ostracod Pool as a result of reactivating a waterflood project. Net production at the Company's 10-22 Ostracod battery has increased to 800 BOE/d from 500 BOE/d. In addition, Saxon is custom processing 2.0 MMcf/d of third party gas at the 10-22 gas plant. /T/ BALANCE SHEETS (unaudited) March 31, December 31, 1998 1997 -------------------------------------------------------------- ASSETS Current Accounts receivable $ 3,523,694 $ 4,368,049 Prepaid expenses 166,432 193,034 -------------------------------------------------------------- 3,690,126 4,561,083 Property, plant and equipment 94,842,544 93,656,297 -------------------------------------------------------------- TOTAL ASSETS $ 98,532,670 $ 98,217,380 -------------------------------------------------------------- -------------------------------------------------------------- LIABILITIES Current Accounts payable and accrued liabilities $ 4,225,082 $ 6,419,855 Long term debt 39,133,638 36,948,192 Provision for future site restoration 1,120,250 1,030,250 Deferred income taxes 1,783,612 1,744,865 -------------------------------------------------------------- 46,262,582 46,143,162 -------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital 51,090,517 51,090,517 Retained earnings 1,179,571 983,701 -------------------------------------------------------------- 52,270,088 52,074,218 -------------------------------------------------------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 98,532,670 $ 98,217,380 -------------------------------------------------------------- -------------------------------------------------------------- STATEMENTS OF INCOME AND RETAINED EARNINGS (unaudited) Three Months Ended March 31 -------------------------------------------------------------- 1998 1997 -------------------------------------------------------------- Revenue Petroleum and natural gas sales $ 5,839,785 $ 5,512,007 Royalties (776,750) (1,347,667) Alberta royalty tax credit 133,229 397,950 Other income 63,638 81,124 -------------------------------------------------------------- 5,259,902 4,643,414 -------------------------------------------------------------- Expenses Operating 1,257,212 1,754,911 General and administrative 501,082 437,374 Corporate costs 414,000 - Depletion and depreciation 2,235,161 1,447,180 Interest and financing 571,928 112,043 -------------------------------------------------------------- 4,979,383 3,751,508 -------------------------------------------------------------- Income before income taxes 280,519 891,906 Income taxes 84,649 466,073 -------------------------------------------------------------- Net Income 195,870 425,833 Retained Earnings, beginning of period 983,701 966,112 Dividends - (43,953) -------------------------------------------------------------- Retained Earnings, end of period $1,179,571 $ 1,347,992 -------------------------------------------------------------- -------------------------------------------------------------- Earnings Per Share Basic $ 0.001 $ 0.003 Fully diluted $ 0.001 $ 0.003 -------------------------------------------------------------- -------------------------------------------------------------- STATEMENTS OF CASH FLOWS (unaudited) Three Months Ended March 31 -------------------------------------------------------------- 1998 1997 -------------------------------------------------------------- Cash provided by (used in) Operating Net income $ 195,870 $ 425,833 Items not involving a current cash flow 2,273,909 1,803,153 -------------------------------------------------------------- Cash flow 2,469,779 2,228,986 -------------------------------------------------------------- Financing Dividends - (43,953) Issue of shares - 5,450,067 Proceeds of long-term debt 2,185,446 16,343,519 Changes in non-cash working capital (1,323,818) (965,154) -------------------------------------------------------------- 861,628 20,784,479 -------------------------------------------------------------- Investing Capital expenditures Exploration, development and corporate (3,331,407) (19,863,798) Acquisitions - (3,609,146) -------------------------------------------------------------- (3,331,407) (23,472,944) -------------------------------------------------------------- Net Decrease In Cash - (459,479) Cash and deposits, beginning of period - 500,927 -------------------------------------------------------------- Cash And Deposits, end of period $ - $ 41,448 -------------------------------------------------------------- Cash Flow Basic $ 0.018 $ 0.016 Fully diluted $ 0.016 $ 0.015 -------------------------------------------------------------- -------------------------------------------------------------- /T/ Saxon is an oil and gas exploration and production company based in Calgary, Alberta and listed on The Toronto Stock Exchange, symbol SXN.

To: RJL who wrote (10990)	5/29/1998 7:21:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

MERGERS-ACQUISITIONS / Former Norcen Senior Executives and Enterprise Capital Acquire Interests in Superior Propane TSE SYMBOL: SPF.UN MAY 28, 1998 CALGARY, ALBERTA--Peter Green, Chairman of Superior Propane Income Fund (the "Fund"), announced today that a group of senior executives of Superior Propane Inc. ("Superior") including Grant Billing, Chairman and Chief Executive Officer, Geoff Mackey, Chief Operating Officer, and Mark Schweitzer, Chief Financial Officer, together with funds managed by Enterprise Capital Management Inc. ("Enterprise"), acquired the interests of Union Pacific Resources Inc. ("UPRI") in Superior. The interests acquired represent a 10 percent ownership of Trust Units in the Fund, as well as UPRI's rights under Management and Administrative Agreements. The aggregate consideration paid was $68.3 million. As a result, Superior is now wholly owned by the Fund and the investing group with its approximate 10 percent interest will be the Fund's largest unitholder. Mr. Green, Chairman of the Fund, said that "this transaction is very positive for the resolution of the ownership of the Fund and consolidates our 100 percent ownership of Superior to participate in Superior's future growth." Mr. Billing, in commenting on the purchase, stated that he was pleased that there would be continuity of management of Superior. "Our first priority will be to ensure the continued favourable progress of Superior. We also intend to seek suitable acquisitions for Superior with the objective of increasing distributions to unitholders over time. We will look to appropriate areas both inside and outside of the propane industry when we find opportunities which will provide reliable and consistent cash flow." Mr. Jim MacDonald, the Chairman of Enterprise Capital Management, a Toronto based investment partnership, stated that "the new objective for Superior is a natural and positive evolution of the Income Fund structure. With Grant, Geoff and Mark we have a highly capable and committed management team to carry out this plan." After giving effect to these transactions, the Fund has 45,742,731 Units outstanding. Trust Units and Trust Units represented by installment receipts are listed on the Toronto Stock Exchange. Superior Propane Inc. is Canada's largest distributor of propane products and services with over 200,000 customers.

To: RJL who wrote (10990)	5/29/1998 7:22:00 AM
From: Herb Duncan	Respond to of 15196

ENERGY TRUSTS / NCE Diversified Income Trust (NCD.UN) May Distribution 2.4 cents ($0.024) per unit TSE, ME SYMBOL: NCD.UN MAY 28, 1998 TORONTO, ONTARIO-- John Driscoll, President of NCE Resources Group, announced today the distribution for the month of May, 1998 for NCE Diversified Income Trust. NCE Diversified Income Trust NCE Diversified Income Trust is a closed-end trust with the objective of maximizing distributions to unitholders by investing in energy-related royalty and income trusts, and to a lesser extent, other investment trusts. - The distribution for May, 1998 is 2.4 cents ($0.024) per unit. - The distribution is payable on June 5, 1998, to holders of record on May 29, 1998. - Distributions are paid monthly. - Total distributions since inception of the Trust are $0.48 per unit. NCE Diversified Income Trust Trading Information - NCE Diversified trades on The Toronto Stock Exchange and the Montreal Exchange under the symbol NCD.UN. - The price for NCE Diversified on The Toronto Stock Exchange at the close of market on May 27, 1998, was $3.85. - The Net Asset Value Per Unit (NAVPU) as of May 22, 1998, was $4.85. - NCE Diversified has a monthly distribution reinvestment plan. /T/ Top 10 holdings As at April 30, 1998, the top ten holdings in the portfolio by market value weighting were: 1. ARC Energy Trust 2. Canadian Oil Sands Trust 3. Northland Power Income Fund 4. Superior Propane Income Fund "Installment Receipts" 5. NAL Oil & Gas Trust 6. Prime West Energy Trust 7. Pembina Pipeline Income Fund 8. Enermark Income Fund 9. Orion Energy Trust 10. Pengrowth Energy Trust IR /T/ NCE Resources Group NCE Resources Group was formed in 1984 as an oil and gas investment management organization. It provides a full range of technical, operational, administrative and investor services. NCE investment funds have investor capital under management of $800 million from over 40,000 unitholders and have interests in over 5,000 oil and gas wells. The company employs approximately 130 people in the areas of engineering, land management, marketing, geology, accounting, finance and investor relations. Total oil and gas production ranks NCE among the top 30 oil and gas companies in Canada. Hours of service (x): Monday - Thursday 8 am- 8 pm (EST) Friday 8 am - 6 pm (EST) (x) except on Canadian statutory holidays

To: RJL who wrote (10990)	5/29/1998 7:28:00 AM
From: Herb Duncan	Respond to of 15196

ENERGY TRUST / Morrison Facilities Income Fund Announces First Quarter Results TSE SYMBOL: FND.UN MAY 28, 1998 CALGARY, ALBERTA--The Income Fund is engaged in the ownership, acquisition, construction and financing of hydrocarbon processing, transportation and storage operations. Income is derived from fee-based, third-party gas processing, transportation and storage services provided to oil and gas producers. The Income Fund currently owns natural gas processing facilities with the capacity to process 172 million cubic feet per day of natural gas, 295 long tons per day of sulphur and 7,400 barrels per day of natural gas liquids and crude oil pipelines with the capacity to transport 80,000 barrels per day. /T/ Financial and Operational Highlights For the three months ended March 31 (Unaudited, $000 except per unit amounts) 1998 1997 --------------------------- Revenue $ 10,010 $ 10,735 Net income $ 1,924 $ 3,330 Distributable cash flow $ 3,961 $ 5,347 Distributable cash flow per unit $ 0.20 $ 0.27 ------------------------- Volumes Gas plant processing volumes (mmcf/d) 105 121 Crude oil pipeline throughput (bbls/d) 44,873 43,522 /T/ Financial Results Distributable cash flow in respect of the three months ended March 31, 1998 was $3,961,016 or $0.20 per trust unit. Distributable cash flow during this reporting period was lower than the three months ended March 31, 1997. The decrease was attributable to reduced natural gas processing volumes at the Nevis Facilities brought about by natural declines in oil and gas production which were not off-set by additional drilling activities in the Nevis area. Reduced drilling activity in this area is reflective of current circumstances in the oil and gas industry. However, the natural gas reserves which underpin the Nevis Facilities remain intact and are expected to provide sustainable production levels for many years. Distributable cash flow from the oil pipeline investments remain stable and as a result of the rate base tariff structure are unaffected by throughput volume variances. The next distribution date will be June 30, 1998 for unitholders of record on June 15, 1998. Distributable cash flow will be $3,961,016 or $0.20 per trust unit. Distributions will be made primarily by way of a return of capital and therefore tax deferred to unitholders. Operational Results During the three months ended March 31, 1998, the Nevis Facilities processed 105 mmcf/d of raw natural gas (approximately 61 percent of the 172 mmcf/d capacity). Nevis Ltd. has now fully implemented the enhanced NGL extraction facilities at both the Nevis Gas Plant and the Fenn Gas Plant. These enhancements increase the strategic importance of the Nevis Facilities to area producers by extracting a higher NGL content from the natural gas. This process enables oil and gas producers in the Nevis area to achieve a higher sales value for their products. Natural gas processing fees, during the three months ended March 31, 1998, averaged $0.77/mcf while operating costs averaged $0.43/mcf. For the three months ended March 31, 1997, natural gas processing fees averaged $0.79/mcf and operating costs averaged $0.40/mcf. The lower processing fees during 1998 are largely the result of lower volumes of sour gas processed during this reporting period. Higher operating costs on a per unit basis are the result of overall reduced processing volumes. Two area producers have made an application to a regulatory board in Alberta in an attempt to renegotiate processing fees. The fees currently being charged at the Nevis Facilities were established under commercial long-term contracts. Nevis Ltd. does not believe that this application has merit and is vigorously opposing it. During the three months ended March 31, 1998 the oil pipeline investments shipped 44,873 bbls/d of oil and condensate (approximately 56 percent of the 80,000 bbls/d of capacity). This was higher than the same period in 1997 due to increased producer activity in Northeast British Columbia. Outlook In light of the recently announced major natural gas pipeline projects and the positive sentiment for natural gas in Western Canada, the management of the Fund remains confident that this will result in increased producer activity levels in the Nevis area over the longer term. Management is also confident that the Nevis Facilities' access to multiple and diversified oil and gas fields, the size and production potential of the attendant natural gas reserve base, improvements in production technology, the strategic importance of the facilities to the south-central Alberta region, and the ability to produce from multiple zones will provide a long-term and relatively stable platform for unitholder distributions. /T/ Consolidated Statements of Income For the three months ended March 31 (Unaudited) ($ thousands) 1998 1997 -------------------------- Revenues Processing fees $ 7,284 $ 8,627 Pipeline tariffs 2,676 2,060 Interest on reclamation bond 50 32 Other income - 16 -------------------------- 10,010 10,735 Expenses Processing 4,021 4,333 Pipeline 1,478 653 General and administrative 218 155 Interest and bank charges 153 86 Depreciation and site restoration 2,087 2,049 ------------------------- 7,957 7,276 ------------------------- Earnings before taxes 2,053 3,459 Capital taxes 129 129 ------------------------- Net income $ 1,924 $ 3,330 ------------------------- Net income per trust unit $ 0.10 $ 0.17 ------------------------- Consolidated Statements of Distributable Cash Flow For the three months ended March 31 (Unaudited) ($ thousands) 1998 1997 --------------------------- Net income $ 1,924 $ 3,330 Items not requiring cash: Depreciation 2,087 2,049 Interest on reclamation bond (50) (32) ------------------------- Distributable cash flow $ 3,961 $ 5,347 ------------------------- Distributable cash flow per trust unit $ 0.20 $ 0.27 ------------------------- Consolidated Balance Sheets March 31 December 31 (Unaudited) ($ thousands) 1998 1997 ------------------------- ASSETS Current Assets Cash $ 1,497 $ 1,343 Accounts receivable 4,819 6,945 ------------------------- 6,316 8,288 ------------------------- Reclamation bond 2,545 2,495 Capital assets 197,639 198,241 ------------------------- $ 206,500 $ 209,024 ------------------------- LIABILITIES AND UNITHOLDERS' EQUITY Current Liabilities Accounts payable $ 4,164 $ 4,558 Unit distribution payable 3,961 4,159 ------------------------- 9,864 8,717 ------------------------- Bank borrowings 12,131 12,172 Deferred revenue 6,874 6,810 Provision for future site restoration 2,736 2,654 Unitholders' equity 176,634 178,671 ------------------------- $ 206,500 $ 209,204 ------------------------- Consolidated Statements of Changes in Financial Position For the three months ended March 31 (Unaudited) ($ thousands) 1998 1997 --------------------------- Cash provided by operating activities: Net income $ 1,924 $ 3,330 Items not requiring cash Depreciation and site restoration 2,087 2,049 Interest on reclamation bond (50) (32) ------------------------- Funds from operations 3,961 5,347 Changes in non-cash working capital 1,732 (823) ------------------------- 5,693 4,524 ------------------------- Provided by (used for) financing activities Decrease in bank borrowings (41) 7,567 Distribution paid to unitholders (4,159) - Increase in deferred revenue 64 727 Net proceeds on issue of trust units - 187,046 ------------------------- (4,136) 195,340 ------------------------- Used for investing activities Expenditures on capital assets (1,403) (13,042) Acquisition of Nevis Facilities and BC Pipeline - (180,246) Purchase of reclamation bond - (2,300) ------------------------- (1,403) (195,588) ------------------------- Increase (decrease) in cash 154 4,276 Cash position - beginning of period 1,343 - Cash position - end of period $ 1,497 $ 4,276 Trustee Montreal Trust Company of Canada 600, 530 - 8th Avenue S.W. Calgary, Alberta T2P 3S8 Attention: Stock Transfer Shareholder Communications Telephone: (403) 267-6555 Stock Exchange Listing The Toronto Stock Exchange Symbol: FND.UN Corporate Office 3000, 400 - 3rd Avenue S.W. Calgary, Alberta T2P 4H2

To: RJL who wrote (10990)	5/29/1998 7:30:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Westcoast Announces Results of Gathering and Processing Contract Renewal and Open Season for Mainline Expansion TSE, ME, VSE SYMBOL: W NYSE SYMBOL: WE MAY 28, 1998 VANCOUVER, BRITISH COLUMBIA--Westcoast Energy's Field Services Division announced today that shippers had completed their renewal for natural gas gathering and processing services effective November 1, 1998. Westcoast Energy's Pipeline Division also announced the results of its request for expressions of interest on expansion of its North and South Transmission systems. Gathering service volumes of 280 million cubic feet of gas per day or 14 per cent of the volumes of gas currently under contract were not renewed. Gas processing volumes of 190 million cubic feet of gas per day or 11 per cent of the total service currently under contract were not renewed. There were 25 shippers who did not renew some of their gathering and processing services. "Each year varying contract amounts of the total gathering and processing capacity on the Westcoast system are up for renewal and shippers use this opportunity to realign service needs to their production," said Bill Harlan, Vice President, Customer Service. Westcoast will advertise the available gathering and processing services within the next two weeks. "Based on the record number of wells drilled in northeast British Columbia in the last few years, the continuing development of the Western Canada Sedimentary Basin in British Columbia, and the development of the Alliance Pipeline Project, we are optimistic that significant amounts of the available gathering and processing services will be contracted, as in the past," said Harlan. Westcoast also announced that it had received expressions of interest on the expansion of its transmission mainline that are in excess of 300 million cubic feet per day on each of its North Transmission (T- North) system and its South Transmission (T-South) system. These are significantly higher than previous requests for expansion on each of the T-North and T-South systems. "We have had 18 shippers indicate they want additional transportation capacity on our system. Westcoast will begin discussions with these shippers in the next four to six weeks with a view to finalizing contracts," said Harlan. T- North runs from the Fort Nelson and Fort St. John areas to near Chetwynd, and T-South runs from near Chetwynd to Huntingdon in the Lower Mainland area of the province. Westcoast Energy Pipeline and Field Services Divisions form part of Westcoast Energy Inc. The Pipeline and Field Services Divisions operate approximately 3,500 miles of gathering and mainline transmission pipeline which carried 688 billion cubic feet of natural gas in 1997. Westcoast Energy Inc., (TSE:W; NYSE:WE) headquartered in Vancouver, British Columbia, has assets of approximately $10 billion. The company's interests include natural gas gathering and processing facilities, gas transportation and storage facilities, gas distribution companies as well as power generation, international and energy services businesses.

To: RJL who wrote (10990)	5/29/1998 7:33:00 AM
From: Herb Duncan	Respond to of 15196

CORP / Star Resources Corp. Makes Announcement TSE, VSE SYMBOL: SRR MAY 28, 1998 HOUSTON, TEXAS--The company has been served with a petition by James Cairns and Stewart Jackson issued in the District Court of Harris County, Texas, claiming damages from an alleged breach by the company of the escrow agreement pursuant to which a total of 1,125,000 shares of the company are held in escrow. The issue of the release of the remaining shares from escrow is the subject of proceedings before the British Columbia Securities Commission and a hearing before the Commission has been set for June 25, 1998. The company will defend the suit which it believes is without merit. J. David Edwards, President The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

To: RJL who wrote (10990)	5/29/1998 7:35:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

CORP / Hyduke Retains Investor Relations Counsel ASE SYMBOL: HYD MAY 28, 1998 EDMONTON, ALBERTA--HYDUKE CAPITAL RESOURCES LTD. (ASE:HYD) today announces that, subject to review and acceptance by the Alberta Stock Exchange, it has retained Janet G. Goodwin of Invictus Investor Relations Counsel to provide ongoing investor and financial communications services for the company. Goodwin has a 20-year career in investor relations and corporate communications, serving both small-cap, emerging companies as well as larger, established publicly traded organizations. Hyduke Capital Resources Ltd. provides a full range of products, service and equipment to oil and gas, forestry and mining sectors. At January 31, 1998, the company had approximately $3.7 million in shareholders' equity, of which $2.4 million was generated by retained earnings in the last two years of operation. Hyduke subsidiaries include B.W. Rig Repair & Supply, Reliable Airflow Sales & Service, and Canwest Crane and Equipment.

To: RJL who wrote (10990)	5/29/1998 7:43:00 AM
From: Herb Duncan	Read Replies (1) \| Respond to of 15196

EARNINGS / Jettstar Resource Services Inc. Quarterly Results ASE SYMBOL: JTT MAY 28, 1998 CALGARY, ALBERTA-- /T/ JETTSTAR RESOURCES SERVICES INC. CONSOLIDATED INCOME STATEMENT FOR THE THREE MONTH PERIOD ENDED MARCH 31, 1998 (UNAUDITED - PREPARED BY MANAGEMENT) 1998 ---- REVENUE $ 622,007 EXPENSES Operating 487,881 Administration 195,686 -------------- Net Cash Flow (61,560) Income Tax (49,501) Cash Flow After Tax (12,059) Depreciation 59,138 -------------- NET INCOME $ (71,197) -------------- -------------- JETTSTAR RESOURCES SERVICES INC. CONSOLIDATED INTERIM BALANCE SHEETS MARCH 31, 1998 (UNAUDITED - PREPARED BY MANAGEMENT) ASSETS Current 1998 ---- Cash $ 135,416 Accounts Receivable 1,857,038 --------------- 1,992,454 --------------- Fixed Assets Equipment 6,937,189 Good Will 135,946 --------------- Total Assets 9,065,589 --------------- --------------- LIABILITIES Current Accounts Payable and Accrued Liabilities $ 2,575,395 Long Term Debt 2,777,433 SHAREHOLDERS' EQUITY Share Capital 3,949,747 Retained Earnings (165,789) Income - Current Year (71,197) ------------ $ 9,065,589 ------------ ------------ JETTSTAR RESOURCES SERVICES INC. CONSOLIDATED STATEMENT OF CHANGES IN CASH POSITION FOR THE THREE MONTH PERIOD ENDED March 31, 1998 (unaudited - prepared by management) 1998 ---- Operating Activities Net Income $ (71,197) Depreciation & Amortization 59,138 ------------ Funds Generated from operations (12,059) Changes in non-cash working capital (665,929) ------------- Cash Provided by Operations (677,988) Investing Activities Acquisitions (7,348,775) Purchase of Fixed Assets (10,165) ------------ Cash provided by investment (7,358,940) Financing Activities Long term debt - net 3,748,373 Operating Loan 700,000 Net Proceeds - common stock issue 3,522,236 ------------ Cash provided by Financing 7,970,609 ------------ Increase (Decrease) in cash (66,319) Cash (Overdraft), Beginning of Year 201,735 ------------ Cash, end of period $ 135,416 ------------- ------------- /T/

To: RJL who wrote (10990)	5/29/1998 7:45:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Newquest Releases First Quarter 1998 Results TSE, ASE SYMBOL: NQE.A ASE SYMBOL: NQE.B MAY 28, 1998 CALGARY, ALBERTA--Newquest Energy Inc. announced today financial and operating results for the three months ended March 31, 1998. During the first quarter of 1998 Newquest participated in the drilling of 15 wells with a 99.6 percent average working interest and 73 percent drilling success rate. The drilling program resulted in ten (10.0 net) Shunda and Elkton gas wells, one (1.0 net) light oil well and four (3.96 net) dry and abandoned wells. Production increased 559 percent from an average 226 boe/d during the first quarter of 1997 to an average 1,490 boe/d during the first quarter of 1998. Production as at quarter end approximated 2,250 boe/d and was comprised 90 percent natural gas. Nearly 100 percent of the Company's production has been found through internally generated prospects drilled by Newquest as operator, as opposed to production acquisitions. Petroleum and natural gas revenues increased to $2.4 million, a 347 percent increase over the first quarter of 1997. Cash flow from operations totalled $1.2 million, an increase of 290 percent over the same period for the previous year. This translates to $0.11 per share cash flow for the first quarter of 1998 ($0.10 per fully diluted share) compared to $0.05 per share ($0.04 per fully diluted share) for the first quarter of 1997. Natural gas prices increased from $1.52/mcf during the first quarter of 1997 to $1.75/mcf at the plant gate during the first quarter of 1998, while crude oil prices dropped from $28.50/bbl to $18.12/bbl in comparing the two quarters. Operating costs improved from $4.86/boe during the first quarter of 1997 to $4.22/boe this year and royalties, net of Alberta Royalty Tax Credit, remained constant at approximately 11 percent of revenues. Netbacks for natural gas increased from $8.40/boe during the first quarter of 1997 to $11.32/boe this year, while netbacks for oil dropped from $20.59/bbl to $10.92/bbl in comparing the two periods. Net income increased to $119,000, a 33 percent increase over the first quarter of 1997. Further improvements to net income are expected in light of the continued strengthening in natural gas commodity prices, and as production continues to increase and associated G&A costs reduce on a boe basis. To this end, G&A costs have shown strong improvement having reduced from $4.63/boe during the first quarter of 1997 to $2.04/boe during the first quarter of 1998. Capital expenditures during the first quarter totalled $12.1 million and were comprised of $7.0 million for drilling, $3.9 million for facilities, $0.9 million for seismic and $0.3 million for land. Newquest has completed an extensive 3-D and 2-D seismic program to exploit its large land inventory of 129,765 (108,123 net) acres of undeveloped land in its three core areas. This large, contiguous land position and seismic data will underpin a 60 well drilling program for 1998 exploiting both gas and oil opportunities. Presently, 15 wells have been identified to be drilled during the balance of the year in the North Central Core Area exploiting the Company's Shunda and Elkton gas discoveries, and targeting 39 degree API crude oil on the Company's extensive land holdings at Dawson. Newquest has identified 20 targets on its large land holdings in its South Eastern Core Area targeting Mannville gas opportunities and Nisku and Ellerslie light crude oil. While all of the drilling activity during 1997 concentrated on these two core areas, the Company will also look to drill up to 10 wells in its Central Core Area targeting a balance of gas and oil. At the end of the first quarter this year Newquest was producing approximately 18,000 mcf/d net sales gas from its Shunda and Elkton discoveries in its North Central Core Area. Since identifying and drilling the first wells into these pools during the first quarter of 1997, Newquest has drilled a total of 23 successful gas wells on a 100 percent working interest basis to define and exploit the discoveries. All wells except one have been tied-in and are capable of producing at rates in excess of 25,000 mcf/d of net sales gas, as estimated by the Company. Production has been restricted, however, due to plant capacity, and forest fires during the second quarter in northern Alberta have affected the supply of electricity to gas plants resulting in temporary reductions of through-put volumes. The Company will continue to pursue opportunities to increase through-put volumes to accommodate its large gas holdings, while advancing exploration opportunities. Based on the land holdings and seismic data that Newquest presently controls, it is management's goal to average approximately 2,500 boe/d for 1998 and to exit the year producing approximately 4,000 boe/d. /T/ Year Revenue Cash C.F./ Profit Profit/ (x) Flow Share (x) Share (x) First Quarter 1996 $0.17 $0.14 $0.04 $0.07 $0.02 1997 $0.53 $0.31 $0.05 $0.09 $0.02 1998 $2.35 $1.20 $0.11 $0.12 $0.01 (x) Millions of Dollars /T/ Newquest is a Calgary based junior oil and gas exploration company with properties located in three core areas in the Province of Alberta. Newquest's securities are traded on The Toronto Stock Exchange under the trading symbol "NQE.A" and on The Alberta Stock Exchange under the trading symbols "NQE.A", "NQE.B".

To: RJL who wrote (10990)	5/29/1998 7:47:00 AM
From: Herb Duncan	Respond to of 15196

EARNINGS / Petrorep Resources Financial Highlights TSE SYMBOL: PRR MAY 28, 1998 CALGARY, ALBERTA-- /T/ First Quarter Report of PETROREP Resources Ltd. Q1 Three months ended March 31st, 1998 HIGHLIGHTS FOR THE THREE MONTHS ENDED March 31, 1998 March 31, 1997 -------------- -------------- FINANCIAL ($ thousands except per share amounts) Petroleum and Natural Gas Sales 10,396 9,213 Cashflow from Operations 5,551 4,437 Per Share $0.12 $0.10 Net Income 1,265 1,113 Per Share $0.03 $0.02 Capital Expenditures 2,335 4,057 PRODUCTION Liquids (bbls/d) 2,441 1,677 Natural Gas (mmcf/d) 29.9 23.6 BOE (boe/d, gas @ 10:1) 5,436 4,038 AVERAGE PRICES (net of hedges) Oil and Liquids (per bbl) $19.58 $25.80 Natural Gas (per mcf) $ 2.25 $ 2.50 /T/ PETROREP ANNOUNCES FIRST QUARTER 1998 RESULTS Petrorep's focus on the acquisition of producing assets and the optimization of its existing asset base has resulted in improved production and financial results for the first quarter of 1998 over the same period last year. Petrorep's Cashflow from Operations for the first quarter of 1998 totaled $5.5 million, an increase of $1.1 million over the $4.4 million reported during the first quarter of 1997. Net Income grew to $1.3 million for the quarter as compared to $1.1 million for the first quarter of the prior year. Production on a barrel of oil equivalent per day (boe/d) basis totaled 5,436 boe/d versus 4,038 boe/d last year, an increase of 1,398 boe/d or 35 percent. During the quarter, liquids production averaged 2,441 barrels per day (bbls/d) compared to 1,677 bbls/d during the prior year, an increase of 764 bbls/d or 46 percent. Similarly, gas production grew to an average of 29.9 million cubic feet per day (mmcf/d), up 6.3 mmcf/d or 27 percent from the 23.6 mmcf/d for the same period last year. Liquids prices on a net of hedge basis decreased during the quarter to an average price of $19.58 per barrel (bbl), down from $25.80/bbl last year, reflecting the overall decline in world crude oil prices. Currently, these lower oil prices are being offset in part by a robust natural gas price reflecting new export capacity being added before year-end. However, due to the impact of the warmer winter, natural gas prices averaged $2.25 per thousand cubic feet (mcf) during the current quarter, compared to $2.50/mcf last year, both on a net of hedge basis. Our natural gas price continues to be among the highest reported by producers in the Western Canadian Sedimentary Basin. On a comparative basis, the growth in production and cashflow has been largely driven by the four acquisitions of producing properties undertaken during the past year, as well as the optimization and associated tie-ins of the Knopcik and Doe properties. The growth also reflects the early results of Petrorep's strategic plan, which includes acquisitions and optimization of existing assets. Capital expenditures during the current period totaled $2.3 million, down from $4.1 million during the same period of last year. Expenditures during the quarter were focussed on development drilling and equipment, in combination with crown acreage acquisitions and seismic programs which continue to build the Company's inventory of exploration prospects. While capital expenditures quarter over quarter are down, the Company intends to maintain an active capital expenditure program during 1998. Petrorep's main exploration focus is in an area that stretches from Pembina in Alberta, through the Peace River Arch and into northeast British Columbia. Within this area, Petrorep has already acquired land on a number of specific prospects and continues its land acquisition program. Looking ahead, the Company anticipates an active 1998 with a continuing emphasis on acquisitions together with renewed drilling activity. /T/ Consolidated Balance Sheets ($ thousands) March 31st December 31st as at 1998 1997 -------------------------------------------------------------- Assets (unaudited) Current assets Accounts receivable $5,494 $5,989 --------------------------- Property and equipment 137,592 135,988 Accumulated depreciation and depletion 77,998 75,125 --------------------------- 59,594 60,863 --------------------------- $65,088 $66,852 --------------------------- --------------------------- Liabilities and Shareholders' Equity Liabilities Current liabilities Accounts payable and accrued liabilities $6,634 $9,660 Bank debt 7,611 8,417 Provision for site restoration and abandonment 2,788 2,593 Deferred income taxes 574 - --------------------------- 17,607 20,670 --------------------------- Shareholders' Equity Share capital 48,456 48,422 Deficit (975) (2,240) --------------------------- 47,481 46,182 --------------------------- $65,088 $66,852 --------------------------- --------------------------- Consolidated Statements of Income and Deficit ($ thousands, except per share amounts) three months ended March 31st 1998 1997 -------------------------------------------------------------- Revenues (unaudited) Petroleum and natural gas sales $10,396 $9,213 Royalties, net of Alberta Royalty Tax Credits 1,100 1,388 -------------------------- Net production revenue 9,296 7,825 Interest and other 40 9 --------------------------- 9,336 7,834 --------------------------- Expenses Operating 2,281 2,140 Lease rentals 173 141 Administration 1,118 1,019 Interest on bank debt 155 76 Exploration 618 185 Depreciation and depletion 3,122 2,195 --------------------------- 7,467 5,756 --------------------------- Income before taxes 1,869 2,078 Tax expense Large corporations tax 30 30 Deferred income taxes 574 935 --------------------------- 604 965 --------------------------- Net income 1,265 1,113 Deficit at beginning of period (2,240) (8,441) --------------------------- Deficit at end of period $(975) $(7,328) --------------------------- --------------------------- Net income per share $0.03 $0.02 --------------------------- --------------------------- Consolidated Statements of Changes in Financial Position ($ thousands, except per share amounts) three months ended March 31st 1998 1997 -------------------------------------------------------------- (unaudited) Cash provided by (used in) Operations Net income $1,265 $1,113 Items not involving cash: Exploration 618 185 Depreciation and depletion 3,122 2,195 Deferred income taxes 574 935 Gain on disposal of property and equipment (36) - Other 8 9 --------------------------- Cash flow from operations 5,551 4,437 Changes in non-cash working capital (2,530) 459 --------------------------- 3,021 4,896 --------------------------- Investments Additions to property and equipment (2,335) (4,057) Proceeds on disposal of property and equipment 86 610 --------------------------- (2,249) (3,447) --------------------------- Financing Issue of common shares 34 45 --------------------------- (Increase) decrease in bank debt 806 1,494 Cash (bank debt) at beginning of period (8,417) (3,235) --------------------------- Cash (bank debt) at end of period $(7,611) $(1,741) --------------------------- --------------------------- Cash flow from operations per share $0.12 $0.10 --------------------------- --------------------------- /T/ Petrorep Resources Ltd. is an independent oil and gas exploration and production corporation based in Calgary.

To: RJL who wrote (10990)	5/29/1998 8:04:00 AM
From: RJL	Respond to of 15196

ACQUISITIONS & MERGERS / RTM Holdings - Joint Venture Date: 05/28/98 12:49:27 PM Dateline: CALGARY, ALBERTA Stock Symbol: RTH RTM Holdings Inc. (ASE Symbol - "RTH") ("RTM"), a junior capital pool corporation, previously announced that it has entered into a letter of intent with Real Time Measurements Inc, ("Real Time") on January 20,1998, to acquire all of the issued and outstanding shares of Real Time. The date for the special meeting of shareholders of RTM has been scheduled for July 13, 1998, at which time RTM will seek approval by a majority of the minority shareholders of RTM for the proposed Major Transaction. The proposed acquisition is subject to the entering into of a formal agreement and meeting all regulatory requirements. In the interim, Real Time is pleased to announce that it has entered into a Joint Venture Agreement between Real Time, 783527 Alberta Ltd.("783527") and Interprovincial Satellite Services Ltd. ("INTERSAT") to pursue the further development and commercialization of automated downhole measurement technology in the form of a robotic downhole tool called the "Smart Dart". The Smart Dart will have the ability to take measurements inside a well, and move within a well, without any means of mechanical support from the surface. It will be interfaced to INTERSAT communication technology to enable control of the tool from and provision of readings to the office of service companies and well owners/operators. This is expected to provide significant gains and cost savings to both parties. INTERSAT (ISS:ASE) is a developer and provided of industrial fax and data communications services, using satellite and internet communications media. INTERSAT's primary satellite market is the Canadian and international oil and gas industry, but also includes the mining, utilities, marine, aeronautical, environmental and public sectors. INTERSAT has also developed and is proceeding with marketing of a service to enable fax-to-fax communications via the internet. 783527 Alberta Ltd. is a private Alberta corporation holding certain intellectual property rights and assets. Its principals are Bob Brown and Graham Moorhouse. RTM also announces that a Lock-up Agreement has been entered into between the principal shareholders, of Real Time and RTM, confirming the parties intention to complete, the proposed Major Transaction upon receiving the approval of the shareholders of RTM and approval of the securities regulatory authorities.

To: RJL who wrote (10990)	5/29/1998 5:36:00 PM
From: SofaSpud	Respond to of 15196

CORP. SERV. 10 LISTED / NQL Lawsuit MAY 29, 1998 NQL Drilling Tools: Legal Update NISKU, ALBERTA--NQL Drilling Tools Inc. ("NQL") reports that it has, with its counsel, reviewed the claims outlined in the Statement of Claim issued by Wenzel Downhole Tools Ltd. ("Wenzel").ÿ This process included a review of the technology incorporated in NQL's products.ÿ Management continues to be of the view that the claims are without merit.ÿ The review undertaken and advice received has also lead Management to conclude that it is necessary to pursue the particulars previously demanded from Wenzel and, if necessary, to obtain a court order relating to same. In view of the advice received from counsel, Management has instructed its counsel to obtain a Special Case Management Order. The effect of this type of order is expected to expedite the trial process.ÿ Management believes that an expedited trial is in the best interests of NQL and its shareholders. -30- FOR FURTHER INFORMATION PLEASE CONTACT: NQL Drilling Tools Inc. Dean Livingstone President and CEO (403) 955-8828 (403) 955-3309ÿ (FAX) or NQL Drilling Tools Inc. Walter Stelmaschuk Chairman (403) 955-8828 (403) 955-3309ÿ (FAX)