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Gold/Mining/Energy : Tusk Energy (TKE) -- Ignore unavailable to you. Want to Upgrade?

To: Michael M. Cubrilo who wrote (989)	11/10/1998 12:04:00 PM
From: kingfisher	Respond to of 1207

NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: TUSK ENERGY INC. 12g3-2(b):82-3297 TSE SYMBOL: TKE NOVEMBER 10, 1998 TUSK - Significant Improvement in Cash Flow and Production in Third Quarter CALGARY, ALBERTA--Major oil discoveries at Meekwap during the second quarter improved TUSK's cash flow during the third quarter to $784,483 ($3,137,932 annualized), a 53 percent improvement from the prior year. Production increased to 832 boepd (up 53 percent from the average production during the same period in 1997). In addition to the increased levels of cash flow and production, a highlight of the third quarter for TUSK Energy Inc. was the testing of the Swan Hills discovery well at Strachan (TUSK 10 percent BPO, 30 percent APO) and the expansion of the land position of the Company in that area. TUSK now owns an approximate 30 percent average working interest in 27 contiguous sections surrounding the discovery well. Oil prices, which averaged over $7.00 per barrel lower than in the first nine months of 1997 restrained cash flow despite the significant production increases. The operations of the Company continued to show positive earnings despite the downturn in oil prices. Net income per share for the nine months was $0.08. Capital spending was $3,125,236 during the first nine months of the year compared to $3,236,802 one year earlier. At the end of the period long term debt was $4,073,450 and working capital deficiency was $44,646. Based upon annualized cash flow for the quarter, the net debt to cash flow ratio as of September 30, 1998 was approximately 1.3x. At September 30, 1998 the Company had 10,466,584 common shares outstanding. /T/ Net Income Per Cash Cash Flow Net Net Income share Flow per share Revenue BOEPD ---------- ----- ---- --------- ------- ----- Q3 1998 $356,483 $ 0.04 $ 784,483 $ 0.08 $1,306,200 832 Q3 1997 $129,341 $ 0.02 $ 511,631 $ 0.06 $1,050,448 544 9 months 1998 $760,733 $ 0.08 $1,604,933 $ 0.17 $3,221,689 653 9 months 1997 $669,672 $ 0.09 $2,040,372 $ 0.26 $3,383,993 604 /T/ TUSK's primary producing area continued to be Meekwap, Alberta which represented 90 percent of TUSK's overall production during the period. TUSK operates over 90 percent of its net production. -30- ------------------------------------------------------------------------ Search for News keyword stock symbol organization name Search for: exchange industry time frame Send Us Your News Releases \| Today's News \| Search for News \| Hot-Off-The-Wire Contact Us \| Email Feedback \| Client Headquarters \| Information Centre \| What's New \| We're Hiring Other Links \| TEF@ \| Matthews Media Directories \| Stock Quotes \| Media Centre