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

To: SofaSpud who wrote (11937)	8/1/1998 3:41:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / American Leduc Petroleums Limited Nine Months Report AMERICAN LEDUC ANNOUNCES THIRD QUARTER RESULTS CALGARY, July 30 /CNW/ - American Leduc Petroleums Limited today released its results for the nine months ended may 31, 1998. Revenue for the three quarters to May 31, 1998 was $2,035,327 compared to $2,794,134 for the same period in 1997. Lower oil prices accounted for 80% of the decline in revenue. Production for the nine months ended May 31, 1998 was 336 barrels of oil equivalent compared to 363 per day in the corresponding period in 1997. Wet field conditions in the second and third fiscal quarters hampered operating activities causing this production decline. Cash flow from operations for the nine months ended May 31, 1998 was $840,341 ($0.05 per share), before a one-time reorganization charge of $493,684, compared to $799,979 ($0.06 per share) in the first three quarters of fiscal 1997. A loss of $213,319 ($0.01 per share) was reported for the three quarters to May 31, 1998 compared to earnings of $104,304 ($0.01 per share) for the same three quarters of the previous year. Excluding the one-time reorganization charge of $493,684, earnings of $280,365 ($0.02 per share) would have been reported for the nine months ended May 31, 1998. Summary Three months Nine months ------- ended May 31 ended May 31 --------------- ------------------ 1998 1997 1998 1997 ---- ---- ---- ---- Production per day Oil (bbls) 283 307 288 312 Natural gas (mcf) 470 460 480 510 Barrels of oil equivalent (bbls) 330 353 336 363 Revenue $560,144 $811,732 $2,035,327 $2,794,134 Cash flow from operations before reorganization charges $227,998 $147,929 $840,341 $799,979 Cash flow from operations $227,998 $147,929 $346,657 $799,979 Earnings (loss) $48,870 ($138,358) ($213,319) $104,304 Per share Cash flow from operations before reorganization charges $0.01 0.01 0.05 0.06 Cash flow from operations $0.01 0.01 0.02 0.06 Earnings (loss) $ - (0.01) (0.01) 0.01 Note: The results for the nine months ended May 31, 1998 include a one-time reorganization charge of $493,684