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

To: SofaSpud who wrote (13249)	11/4/1998 6:28:00 PM
From: SofaSpud	Respond to of 15196

SERVICE SECTOR EARNINGS / Akita Q3 results AKITA Drilling Ltd. CALGARY, Nov. 4 /CNW/ - AKITA Drilling Ltd. announced today that net earnings for the nine months ended September 30, 1998 were $11,106,000 or $1.17 per share on revenue of $60,393,000. Comparative figures for 1997 were earnings of $7,645,000 or $0.80 per share on revenue of $62,740,000. Cash flow for the nine months ended September 30, 1998 was $15,249,000 or $1.61 per share compared to $11,234,000 or $1.18 per share in 1997. Results for the current year include the receipt of a $3,655,000 dividend on its 9.3% investment in Western Rock Bit Company Limited, which sold substantially all of its assets to Baker Hughes of Texas earlier in the year. This dividend had the effect of increasing second quarter earnings and cash flow. Earnings for the three months ended September 30, 1998 were $1,604,000 ($0.17 per share) on revenue of $16,888,000 compared to $2,497,000 ($0.26 per share) on revenue of $22,564,000 in the previous year. Cash flow from operations for the three months ended September 30, 1998 was $3,156,000 ($0.33 per share) compared to $3,987,000 ($0.42 per share) in 1997. Market conditions continued to deteriorate during the third quarter and are weaker than one year ago. Although winter drilling demand should be stronger than during the last two quarters, management does not anticipate any immediate significant sustained improvement in drilling activity levels. The possibility of long term improvements in oil prices or continuing improvement in natural gas prices resulting from increased deliverability to key markets coupled with high reserve declines provide the basis for longer term optimism. AKITA is an Alberta corporation engaged in the contract drilling business and is listed on the Toronto Stock Exchange under the symbol AKT. -30- For further information: Mr. Murray Roth, Secretary-Treasurer, (403) 292-7950

To: SofaSpud who wrote (13249)	11/4/1998 6:32:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 15196

PROPERTY ACQUISITIONS / Vermilion buys N.Alberta production VERMILION SIGNS LETTER AGREEMENT TO PURCHASE SHARES OF PRIVATE CANADIAN COMPANY CALGARY, ALBERTA-- Vermilion Resources Ltd. "VRM" announces that it has signed a letter agreement to purchase all of the outstanding shares of a private Canadian company whose principal asset is a crude oil producing property. This operated property located in northern Alberta produces light crude oil, has an average working interest of 55% in over 52,000 gross acres of land, includes an operated battery capable of processing 13,000 barrels of crude oil per day, an associated gas facility, and an extensive infrastructure of roads and pipelines. This property represents a new core area for the Company, and Vermilion views it as having significant exploration, development and exploitation potential for both crude oil and natural gas. This strategic acquisition is to be financed through the Company's existing credit facilities and will add approximately 1,800 Boe/d of net production. The letter agreement remains subject to execution of a formal purchase and sale agreement and standard closing conditions for a transaction of this nature. Closing of this deal is anticipated by December 1, 1998. Vermilion Resources Ltd. is a publicly traded Canadian resource company with domestic and international operations. The Company's primary objective is to maximize shareholder value by managing risk as it builds resource assets through the acquisition, exploitation and exploration of natural gas and crude oil. For further information, please contact: Mr. Jeff Boyce Mr. Stephen Bjornson President Vice President Finance & C.E.O. & Corp. Secretary Vermilion Resources Ltd. Vermilion Resources Ltd. (403) 269-4884 (403) 269-4884