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

To: Herb Duncan who wrote (10999)	5/29/1998 5:40:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Circle Energy Q1 Results CIRCLE ENERGY INC. ANNOUNCES FIRST QUARTER RESULTS CALGARY, May 29 /CNW/ - Circle Energy had a very active first quarter, including drilling the successful Brazeau River Shunda gas well. This well is scheduled to be on production the first week in June. The Company reports a net loss of $45,656 for the period compared with a net loss of $79,089 for the same period in 1997. Revenue for the period was $63,417 comprised mainly of management fees and interest income. There was no revenue in the comparable period in 1997. Expenses for the period were $109,073 consisting almost entirely of general and administrative expense. This compares with $79,089 in 1997. The increase in general and administrative expense is a result of the higher corporate activity levels required in the development of our asset base. The Company continued to advance several projects in the first quarter. Capital expenditures for the period were $815,400 (compared with $81,024 for the same period last year). The Company invested $686,224 of this amount in Canada primarily on drilling, completion and tie-in activities at Brazeau River and Morinville. $129,176 was spent in the United States acquiring land for our Ranger Lake, New Mexico prospect. Circle Energy Inc. is a petroleum and natural gas exploration company that holds oil and gas leases in the Brazeau, Waskatenau and Morinville areas of Central Alberta and in Guadalupe, Lea and Quay Counties in New Mexico, USA. The Company's shares trade on The Alberta Stock Exchange under the symbol CEN. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Bill Baker, President, or Gord Robinson, V.P. Operations, Circle Energy Inc., (403) 777-1925