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

To: Kerm Yerman who wrote (11982)	8/4/1998 3:19:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Jet Energy Q2 Results JET ENERGY CORP ANNOUNCES SECOND QUARTER FINANCIAL AND OPERATING RESULTS CALGARY, Aug. 4 /CNW/ - ------------------------------------------------------------------------- Cusip No. 476905104 OTC Bulletin Brd. Symbol: JECXF TSE Symbol: JEC Listed Standard & Poor's Manual Issued and Outstanding Shares: 22,374,576 ------------------------------------------------------------------------- JET ENERGY CORP. (''Jet Energy'' or the ''Company'') is pleased to announce results for the second quarter ended May 31, 1998. << HIGHLIGHTS Three Months Ended Six Months Ended May 31 May 31 1998 1997 1998 1997 ------------------------------------------------------------------------- Financial ($M Cdn.) Revenue (net royalties) 1,753 442 3,362 1,389 Cash flow 956 113 1,558 771 Per share - basic 0.04 0.01 0.07 0.04 Net earnings (loss) 268 (31) 518 488 Per share - basic 0.01 0.00 0.02 0.03 Average shares o/s (millions) 21.9 20.6 21.6 20.5 Production Natural Gas (MCF/D) 3,858 1,290 4,183 1,385 Average price ($/MCF) 2.23 1.80 2.06 2.64 Oil and NGL's (BBL/D) 455 155 483 149 Average price ($/BBL) 20.17 27.93 22.23 30.12 Total Production (BOE/D) 841 284 902 287 ------------------------------------------------------------------------- >> Jet Energy recorded cash flow of $956,000 ($0.04 per share) for the second quarter ended May 31, 1998 on average production of 841 BOE per day. This brings cash flow for the six months ended May 31, 1998 to $1.6 million ($0.07 per share) reflecting a two-fold increase over the comparable six month period in the prior year. Average production for the first six months of 1998 of 902 BOE per day represents an increase of over 300% from the prior year six-month rate of 287 BOE per day. During the second quarter of fiscal 1998, the Company realized natural gas prices of $2.23 per mcf, which represented a 24% increase over prices realized in the second quarter of the prior year. This helped to offset the decline in oil and NGL prices, which slipped to $20.17 per barrel in the second quarter of 1998 from $27.93 in the comparable period last year. Natural gas production accounted for 46% of Jet Energy's total production for the first half of 1998. During the second quarter of 1998, Jet Energy drilled 2 (net 0.4) successful wells into the ''South'' Nisku pool at its core Kaybob area in west central Alberta. Initial production rates of liquids-rich natural gas and condensate from the first of these two wells put on production was 1,845 BOE's per day (gross) and 185 BOE's per day (net). The second well is currently awaiting tie-in. Current production from the 8 producing wells in the Kaybob area (ie ''North'' and ''South'' pools) is approximately 7,300 BOE's per day (gross) and approximately 1,230 BOE's per day net to Jet Energy. An additional 4 (net 0.8) wells are scheduled to be drilled into the ''South'' pool over the next several months. At Virginia Hills, Jet Energy is currently drilling two developmental light oil wells into the Swan Hills formation with working interests approximating 95%. These wells are scheduled to be completed during August and if successful, could be put on production immediately. At Fort St. John, Jet Energy as operator, is currently drilling a development well on high working interest acreage, which if successful, could add significant gas reserves and production to the Company. Finally, at Sand Creek, Jet Energy has 5 (net 1.8) gas wells awaiting tie-in with another 4 (net 1.4) wells scheduled to be drilled over the next several months. The necessary transportation and processing infrastructure is currently being constructed with initial wells scheduled to be tied-in by late August. The extensive capital expenditure program currently being undertaken by the Company should lead to significant continued production growth by year-end 1998. Jet Energy Corp., headquartered in Calgary, is an active oil and gas producer growing through exploration activities with operations in accessible areas of west central Alberta and northeast British Columbia. On Behalf of the Board of Directors of Jet Energy Corp. (signed) William B. MacDonald President and CEO The Toronto Stock Exchange does not approve nor disapprove the contents of this news release. -30- For further information: Mr. Bill MacDonald or Mr. Scott Watson, (403) 244-0440, Fax: (403) 228-9490

To: Kerm Yerman who wrote (11982)	8/4/1998 3:21:00 PM
From: SofaSpud	Respond to of 15196

EARNINGS / Brigdon Res. FY 1998 Results BRIGDON RELEASES YEAR END RESULTS CALGARY, Aug. 4 /CNW/ - Brigdon Resources Inc. (BRG.A - TSE) today released its operating and financial results for the year ended March 31, 1998. << Years Ended March 31 1998 1997 ---------------------------------- Revenue $3,662,000 $4,818,000 Cash Flow $1,633,000 $2,784,000 Cash Flow Per Share (Basic) $0.12 $0.22 Net Earnings (Loss) $(104,000) $1,028,000 Net Earnings (Loss) Per Share Basic $(0.01) $0.08 Capital Expenditures $5,427,000 $4,978,000 Average Daily Sales (Mcf equivalent) 5,532 7,659 >> Per share numbers are based on the basic weighted average shares outstanding for fiscal 1997 of 12,915,210 and 14,145,060 for fiscal 1998. A combination of increased capital expenditures and lower daily average sales contributed to decreases in several financial categories for F1998. Production and revenue were both down from F1997, largely as a result of two gas wells reaching the end of their productive lives. The two wells had contributed 3.2 mmcf/d of production in F1997. Earnings were reduced in part by lower production and sales as well as by a $609,000 increase in depletion and depreciation expenses. Operating costs were $0.52 per mcf in fiscal 1998 compared to operating costs of $0.41 per mcf the previous fiscal year. However, operating costs fell to $0.29 per mcf in the last quarter of the fiscal year due to cost reductions and increasing through put at the company's Red Willow gas plant. Brigdon's gas sales price averaged $1.76 per mcf during the year compared to $1.60 per mcf in F1997. In F1998 Brigdon drilled eleven wells (7.7 net) in the Buffalo Lake, Alberta region at a cost of $3.0 million. Five wells were dry and six were completed as gas wells. In addition, $1.3 million was invested in plant and equipment. The company also expanded its lease acreage position from 33,800 gross acres at the end of F1997 to 40,700 gross acres at the end of F1998. As of April 1, 1998, company reserves were evaluated as 25.4 BCF equivalent (19.3 BCF adjusted for risk) and having a net present worth at a 15% discount rate of $21.7 million or $1.43 per share ($17.1 million or $1.13 per share adjusted for risk). These evaluations are based on conservative gas futures prices, approximately 20% lower than prices currently offered for the next two gas contract years. Since the beginning of calendar 1998, Brigdon has made substantial progress on building its base of gas production and portfolio of prospects. The company is now developing prospective drilling locations on 20 sections of leases in central Alberta. In order to report on a consistent basis with the industry, Brigdon is changing its year-end to December 31. For the nine months ended December 31, 1998 the company's capital budget is $2.9 million and Brigdon expects to drill as many as 10 wells. -30- For further information: Phillip Piffer, President, (403) 266-4421, Fax: (403) 266-4460, E-mail: brigdon-info@brigdon.com Kevin Sobb/Grant Howard, The Howard Group Inc. (Investors Relations), Toll Free: (888) 221-0915, Fax: (403) 237-8387, E-mail: howardg@capitalideas.com, Internet: www.capitalideas.com