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

To: Kerm Yerman who wrote (11306)	6/18/1998 4:34:00 PM
From: Kerm Yerman	Read Replies (1) \| Respond to of 15196

SERVICE SECTOR / Arcis Corporation NOTICE: this information was prepared by an investors relation group of which Arcis is a client. RKS/TSE June 16, 1998 Arcis Exceeds Projections in its First Year -Undervalued to Peer Group Today Arcis Corporation (RKS/TSE) reported strong financial results for its first full year as a public company and exceeded earnings projections by 33%. After projecting $0.06 per share on a fully diluted basis, Arcis reported $0.08 for Fiscal 1998 (March 31) and $0.10 EPS for basic issued number of shares. Revenues for the year were $35 million, 75% higher than the $20 million originally projected. The Company reported strong financial results across the board. Taking into account current conditions in the oil and gas industry the immediate future for Arcis still looks bright. Profitability is expected to grow in F1999, as costs associated with acquisitions in F1998 were one-time expenditures. While streamlining operations to realize greater profit margins, management also believes the current commodity price environment will create additional growth opportunities for expanding the Company's seismic data library. Due to a hesitant market Arcis is trading at a very low multiple of about 5 to 6 times EPS, which presents an extremely undervalued opportunity relative to peers. While competitors are receiving multiples from 11 to 20 times EPS, Arcis is slipping through the cracks. According to recent buy recommendations from Brawley Cathers and Acumen Capital Partners, an 8x to 10x multiple is fair pricing for Arcis given current conditions. Based on F1998 earnings and an 8x to 10x multiple, Arcis should be trading between $0.56 and $0.80, a significant increase over its current price of $0.45. Arcis Corporation is a uniquely integrated geophysical services company, which processes, archives, brokers and manages seismic data as well as provides five field acquisition crews to shoot exclusive and non-exclusive seismic data. It is Arcis' objective to create a large proprietary data library in the next few years.

To: Kerm Yerman who wrote (11306)	6/18/1998 5:17:00 PM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Grantham Resources to Joint Venture In Ecuador GRANTHAM RESOURCES INC. - GRANTHAM JOINT VENTURES ECUADOR OIL OPPORTUNITY Date: 6/17/98 8:51:40 AM Stock Symbol: GRN Grantham Resources Inc., through its wholly owned Ecuador subsidiary Grantmining S.A., has entered into a joint venture agreement to acquire data and to bid on a group of oil properties for which Petroecuador has invited private sector participation. Grantham will have a 22% working interest in projects acquired by the joint venture. The Joint Venture participants are a Canadian oil and gas producer and a consortium of South American companies including a production company and service companies.

To: Kerm Yerman who wrote (11306)	6/18/1998 5:29:00 PM
From: Kerm Yerman	Read Replies (4) \| Respond to of 15196

SERVICE SECTOR / Vessel places Veritas at the forefront of marine seismic acquisition technology VERITAS DGC INC. LAUNCHES FLAGSHIP VESSEL Date: 6/17/98 6:21:18 PM Stock Symbol: VTS Veritas DGC Inc. announces the commencement of sea trials for its new flagship seismic acquisition vessel, the SRV Veritas Viking. Following a christening ceremony in Bergen, Norway, on May 30th, the new vessel is field-testing its equipment prior to commencing data acquisition in the North Sea off the coast of Scotland later this month. As the newest multi-element vessel in the Veritas fleet, the Viking is designed to be able to deploy in excess of twelve streamers, although initially the vessel will be configured with dual sources and eight, 24-bit RDA streamers. The Viking also addresses the latest geophysical requirements for extra-long recording offsets by being able to handle and tow several 12,000-meter streamers. The vessel is equipped with the latest SYNTRAK data acquisition systems, SPECTRA integrated navigation, advanced onboard data processing systems, and full quality assurance capabilities. "The launch of the Veritas Viking demonstrates our commitment to be a leading provider of 3D marine acquisition services," says Steve Ludlow, President and Chief Operating Officer of Veritas DGC Inc. "The fact that the vessel has been delivered on schedule and on budget is a tribute to the project management skills, and the technical and financial strengths of the three companies involved. It is the first in a series of 'Viking class' vessels that will place Veritas at the forefront of marine seismic acquisition technology." "Our goal is to be our customer's contractor of choice," says Dave Pratt, President of Veritas Geophysical Services, who will operate the vessel. "The marine seismic acquisition market has to date been dominated by the three largest marine contractors. The Viking series of vessels will offer our customers a realistic alternative - combining the highest technical, safety and environmental standards with our innovative and process-driven approach to providing cost-effective client solutions." The Viking was built by Mjellem & Karlsen in Bergen, Norway and is owned by Eidesvik A/S. The vessel was christened by Val Robson, wife of Veritas DGC Chairman and CEO Dave Robson. Veritas DGC Inc., headquartered in Houston, is a leading provider of land, transition zone and marine-based seismic data acquisition, seismic data processing, and multi-client data sales to the petroleum industry. Veritas DGC operates seven divisions in selected markets worldwide and, based on revenue, is the fifth-largest geophysical services provider.

To: Kerm Yerman who wrote (11306)	6/18/1998 5:35:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Devlan Exploration Q1 Results DEVLAN EXPLORATION COMPANY LTD. - 1ST QUARTER RESULTS CALGARY, June 18 /CNW/ - DEVLAN EXPLORATION COMPANY LTD. announces financial results for the first quarter and updates its current activities. Due to a change in fiscal year-end, comparative figures are for the three months ended March 31, 1997. During the period, the Company completed the 14,000' Highland Ranch evaluation well in Wyoming and acquired an additional 3,119 net undeveloped acres adjacent to its Pinetree prospect, which targets the Frontier at 12,500'. This brings the Company's total acreage in the Powder River Basin to 12,054 (11,814 net) acres. Effective April 01, 1998, a Keho property acquisition will accentuate Devlan's core area. This producing property consists of 10,490 acres (7,300 acres undeveloped) and generates 850 MCFD. Fifteen kilometers of seismic defines two gas prospects within the contiguous acreage. Funds for the venture were made available through an increase in the Company's line of credit. The new production has been contracted at $2.23/GJ and is expected to lift Devlan's revenue, which is predominately natural gas by 39%. Going forward, Devlan will remain focused on developing its Canadian land base, which is predominately gas prone and will utilize the Company's existing gas facilities. A multi-well development program is expected to commence in the Third Quarter. Seismic and further development in Wyoming is expected to resume again in the Fall, pending future oil prices. Production from the evaluation well 44-18 did not commence until late March and is not reflected in the First Quarter results. DEVLAN EXPLORATION COMPANY LTD. (DVX) is a Calgary, Alberta based company engaged in the business of oil and natural gas exploration and production, trading on the Alberta Stock Exchange. << Balance Sheet March 31, 1998 ------------------------------------------------------------------------ 1998 1997 $ $ ---------------------------------- ASSETS CURRENT Accounts receivable 282,749 489,383 Prepaid expenses 15,993 - ---------------------------------- 298,742 489,383 Petroleum and natural gas properties and facilities 4,919,408 2,946,085 ---------------------------------- 5,218,150 3,435,468 ---------------------------------- ---------------------------------- LIABILITIES CURRENT Cheques issued in excess of funds on deposit 1,075,458 17,654 Accounts payable and accrued liabilities 620,911 840,033 Current portion of bank term loan 300,000 - Debentures payable 50,000 50,000 Advances from related parties 3,657 850,000 ---------------------------------- 2,050,026 1,757,687 Bank term loan 550,000 - Future site restoration and abandonment costs 70,324 39,333 ---------------------------------- 2,670,350 1,797,020 SHAREHOLDERS' EQUITY Share capital 3,680,907 2,651,066 Deficit (113,107) (1,012,618) ---------------------------------- 2,547,800 1,638,448 ---------------------------------- 5,218,150 3,435,468 ---------------------------------- ---------------------------------- APPROVED BY BOARD ------------------ Martin J. Cheyne (signed) Director ------------------ Brad Porter (signed) Director Statement of Earnings and Deficit Quarter Ended March 31, 1998 ------------------------------------------------------------------------ 1998 1997 $ $ ----------------------------------- REVENUE Net of royalties 160,270 176,700 ----------------------------------- EXPENSES Operating 51,138 54,825 General and administrative 21,968 23,320 Interest 23,280 16,680 Depletion and amortization 48,800 35,650 ----------------------------------- 145,186 130,475 ----------------------------------- NET (LOSS) EARNINGS 15,084 46,255 DEFICIT, BEGINNING OF PERIOD (1,148,191) (1,058,843) ----------------------------------- ----------------------------------- DEFICIT, END OF PERIOD (1,133,107) (1,012,618) ----------------------------------- ----------------------------------- Statement of Changes in Financial Position Quarter Ended March 31, 1998 ------------------------------------------------------------------------ 1998 1997 $ $ ----------------------------------- NET INFLOW (OUTFLOW) OF CASH RELATED TO THE FOLLOWING ACTIVITIES OPERATING Net earnings 15,084 46,255 Items not affecting cash Depletion and amortization 48,800 35,650 Gain on settlement of debt - (30,802) ----------------------------------- 63,884 51,103 Changes in non-cash operating working capital items (28,481) 321,841 ----------------------------------- 35,403 372,944 ----------------------------------- FINANCING Proceeds from issuance of common shares - 177,600 Increase in advances from related parties 3,657 850,000 ----------------------------------- 3,657 1,027,600 ----------------------------------- INVESTING Purchase of petroleum and natural gas properties (1,061,567) (1,147,951) ----------------------------------- NET CASH (OUTFLOW) INFLOW (1,022,507) 252,593 CASH POSITION, BEGINNING OF PERIOD (52,951) (270,247) ----------------------------------- CASH POSITION, END OF PERIOD (1,075,458) (17,654) ----------------------------------- ----------------------------------- >> The ASE has neither approved nor disapproved of the information contained herein. -30- For further information: Marty Cheyne, (403) 233-7778, Website: devlanexpl.com