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

To: Herb Duncan who wrote (11056)	6/2/1998 1:37:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Southward Q1 Results SOUTHWARD ENERGY ANNOUNCES FIRST QUARTER 1998 RESULTS CALGARY, June 2 /CNW/ - Southward Energy Ltd. today announced its operating and financial results for the first quarter of 1998: << 1998 1997 ---- ---- Revenue ($ thousands) $ 1,386 $ 1,728 Cash Flow($ thousands) $ 560 $ 1,024 Per Share $ 0.05 $ 0.14 Income (Loss) ($ thousands) $ (72) $ 411 Per Share $(0.006) $ 0.06 Gas Production (MMCFD) 5,665 4,245 Oil Production (BOPD) 265 347 Total Production (BOEPD) 832 772 Oil Price ($/Bbl) $ 18.38 $ 27.23 Gas Price ($/MCF) $ 1.81 $ 2.29 >> Southward Energy increased production for the first quarter of 1998 to 832 BOEPD. This represents an 8% increase over first quarter 1997. However, cash flow and earnings were impacted by reduced commodity prices in the quarter. Production volumes continued to be restricted in the Cold Lake / Bonnyville areas in Q1 '98. Southward currently has 1 mmcfd of shut in capability that is restricted due to lack of facility capacity. Southward is continuing to work with the operator of the facility to put this capability on stream. Southward Energy participated in 2 wells (1.25 net) during the first quarter resulting in 1 gas well (0.75 net) and 1 D&A (0.5 net). Southward continues to pursue acquisitions within its newly defined core area of Central Alberta. Southward Energy intends to capitalize on the current weakness in the oil and gas sector in order to establish a strong production base within the focus area. In addition to acquisitions, Southward Energy will pursue drilling opportunities on its existing land base as well as develop new prospects within Central Alberta. The Neerlandia and Westlock prospects will be drilled within the second and third quarters. New prospects will provide drilling opportunities within the third and fourth quarters of 1998 as land positions are established to support these prospects. Southward Energy Ltd. is a junior oil and gas exploration company operating in Western Canada. The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Mr. Mark Janisch, President and Chief Executive Officer, Southward Energy Ltd., (403) 261-6883, Fax: (403) 266-1814, Website: http:/www.southwardenergy.com, E-mail: south@southwardenergy.com