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Gold/Mining/Energy : dyolf -- Ignore unavailable to you. Want to Upgrade?

To: Bruno who wrote (17)	9/18/1998 12:35:00 AM
From: Bruno	Read Replies (1) \| Respond to of 49

First quarter results Dynamic Oil Limited DOL Shares issued 19,378,607 Aug 27 close $1.85 Fri 28 Aug 98 News Release Mr. Wayne Babcock reports During the first quarter ended June 30, 1998, Dynamic Oil achieved its highest ever levels of gross revenue, funds flow from operations and volume sales of natural gas and liquids. The company also achieved its first quarter of positive net earnings. Total production reached 1,363 boe per day compared to 257 boe per day in the first quarter of last year, an increase of 430 per cent. HIGHLIGHTS Three months ended June 30 1998 1997 FINANCIAL Gross revenue $1,869,880 $403,218 Revenue - net of royalties & production costs 493,830 177,614 Net income (loss) 158,591 (434,602) Net income (loss) per share (cents) 1 (3) Funds flow from operations 234,863 (5,131) Funds flow from operations per share (cents) 1 - OPERATIONAL Volume sales (before royalties) Gas (mcf) 715,105 176,742 Weight averaged gas prices (per mcf) $1.92 $1.56 NGL (bbl) 47,596 3,025 Weight averaged NGL prices (per bbl) $8.47 $18.36 Oil (bbl) 4,886 2,697 Weight averaged oil prices (per bbl) $18.99 $26.72 Total (boe) 1,363 257 Beyond the period covered by this financial report, the company began production in late July from its gas well at Two Creek, Alberta. The well, at 72 per cent Dynamic, is currently producing 1.0 mmcf per day of sweet gas containing natural gas liquids. Production commenced from a fifth gas well at St. Albert 45 days before the end of the second quarter. The well, 50 per cent Dynamic, came on production at 3.2 mmcf per day.