Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Herb Duncan who wrote (11111)	6/8/1998 3:06:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Brialto Q1 Results BRIALTO ENERGY CORPORATION REPORTS FIRST QUARTER '98 RESULTS CALGARY, June 8 /CNW/ - Alan R. Tolg, President and CEO, BriAlto Energy Corporation, reports on the Company's continued growth through the first quarter. Oil sales climbed 525% to $390,422 from $62,467 at the close of the first quarter of the prior year. Production averaged 230 bopd for the first three months compared to 22 bopd for the first quarter of 1997. BriAlto had a March 31 exit rate of 210 bopd, down from the quarter average due to flush production declines. The Company reported a net loss after tax (deferred) of $60,888 ($0.01/sh). Cash flow amounted $185,251 or $0.03 per Class A common share. During 1998, BriAlto participated in 3 gross (0.18 net) horizontal and/or vertical wells in southeastern Saskatchewan. All have been successful oilwells. Funds spent on capital expenditures were $708,172, with the majority allocated to the acquisition of additional interests in one of the Company's proven oilwells at Ingoldsby. The Company anticipates an active second and third quarter with development horizontal oilwells to drill at Willmar, Ingoldsby and Weir Hill, a vertical exploratory test at Bennet Lake and at least two gas tests at Thunderchild. Currently, BriAlto is debt free and has $1.5 million of capital in the bank available for investment. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Alan R. Tolg, or Brian D. Korney, (403) 216-2288, Fax: (403) 264-9299, E-mail: thom@brialto.com