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Gold/Mining/Energy : DALTON RESOURCES DAL:ASE -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (441)	11/28/1998 7:55:00 PM
From: just starting	Respond to of 486

Dear Investor: Please find enclosed Dalton's third quarter financial results. Dalton's main activity in 1998 centred on our foothills gas play at Strachan, Alberta. To date we have participated (15%) in the drilling, testing and completion of a deep exploration well located at 2-22-38-9W5M. This well encountered various hydrocarbon zones while drilling and subsequently was completed in the deepest zone, the Swan Hills formation, at a depth of 4300m. This completion proved the existence of a newly discovered Swan Hills gas pool in the Strachan area. Our joint venture partners are now finalizing plans to tie-in the 2-22 well. Pipeline construction is scheduled to start in early 1999 with production commencing from the Swan Hills formation by the first quarter of 1999. Since the original 2-22 well will be producing sour gas from the deep Swan Hills formation, a second well will have to be drilled to produce the shallower "sweet" gas. The twin well is expected to be drilled in January 1999 to access the shallow gas. The shallow gas will be produced into the same pipeline system as the sour gas system which (as stated above) is currently being designed. During the summer of 1998, Dalton and its partners methodically secured various P&NG rights (Dalton 7.5% to 30%) in 24 sections of lands in the Strachan area. These lands encompass all of the P&NG rights along the Swan Hills trend which we feel maybe productive. Geological and geophysical models are currently being put together to generate various drilling prospects on these lands. We expect that the next well to be drilled for deep Swan Hills gas could commence as early as April 1999. In addition to the Strachan lands, Dalton produces 100 BOPE (60% gas) from several long life properties. These properties have steady and predictable cashflow, which provides Dalton with an excellent production base. Upon commencement of production at Strachan in early 1999 we estimate our cashflow to increase by 50-60% from its current levels. Dalton is debt free and although our free cashflow has been reduced slightly due to low oil prices, we maintain our healthy positive cashflow position. If you would like to contact us for more information please call 1-403-264-0622, or E-mail us at dalton@nucleus.com. Sincerely, Doug Robertson President Couldn't open the attachment neither to view the quarterly numbers

To: Ed Pakstas who wrote (441)	11/28/1998 9:04:00 PM
From: StockPro	Read Replies (1) \| Respond to of 486

"It's on Sedar...I don't have word perfect, otherwise I would post them here..." Ed, if you are using MS Office 95 or 97 you should be able to view those docs using MS Word. DALTON RESOURCES LTD. Consolidated Statement of Loss & Deficit (Unaudited) FOR THIRD QUARTER ENDING Sept. 30, 1998 Oct. 31, 1997 REVENUE Petroleum and natural gas sales, less royalties $ 328,518 $ 304,545 Processing Income 56,758 99,258 Alberta Tax Royalty Tax Credit, arrears 39,257 - Other Income 29,512 33,588 454,045 437,391 EXPENSES Operating 165,979 150,128 General and administrative 199,881 268,629 Depreciation, depletion and amortization 194,097 201,254 559,957 620,011 LOSS BEFORE THE FOLLOWING (105,912) (182,620) Non-controlling interest in net income of subsidiary (19,115) (25,628) LOSS FOR THE PERIOD (125,027) (208,248) DEFICIT, BEGINNING OF PERIOD $(544,277) $(307,751) DEFICIT, END OF PERIOD $(669,304) $(515,999) DALTON RESOURCES LTD. Consolidated Statement of Changes in Financial Position (Unaudited) AS AT Sept. 30, 1998 Oct. 31, 1997 OPERATING ACTIVITIES Net income (loss) for the period $ (125,027) $ (208,248) Add: Items not requiring a current cash outlay Depreciation, depletion, and amortization 194,097 201,254 Non-controlling interest 19,114 25,628 ----------- ---------- 88,185 18,634 Changes in non-cash working capital 502,475 (291,754) ----------- ---------- 590,660 (273,120) FINANCING ACTIVITIES Share capital issued 681,600 - Bank loan (85,000) 260,000 Dividends paid to minority interest (33,533) (31,085) ----------- ---------- 563,067 228,915 INVESTING ACTIVITIES Investments - 144,845 Additions to capital assets (899,007) (209,172) ----------- ----------- (899,007) (64,327) INCREASE (DECREASE) IN CASH 254,719 (108,532) CASH, BEGINNING OF PERIOD (9,049) (23,595) CASH, END OF PERIOD $ 245,670 $ 132,127

To: Ed Pakstas who wrote (441)	11/28/1998 11:51:00 PM
From: Yorikke	Read Replies (1) \| Respond to of 486

DALTON RESOURCES LTD. Consolidated Statement of Loss & Deficit (Unaudited) FOR THIRD QUARTER ENDING Sept. 30, 1998 Oct. 31, 1997 REVENUE Petroleum and natural gas sales, less royalties 328,518 $304,545 Processing Income 56,758 99,258 Alberta Tax Royalty Tax Credit, arrears 39,257 - Other Income 29,512 33,588 454,045 437,391 EXPENSES Operating 165,979 150,128 General and administrative 199,881 268,629 Depreciation, depletion and amortization 194,097 201,254 559,957 620,011 LOSS BEFORE THE FOLLOWING (105,912) (182,620) Non-controlling interest in net income of subsidiary (19,115) (25,628) LOSS FOR THE PERIOD (125,027) (208,248) DEFICIT, BEGINNING OF PERIOD $ (544,277) $ (307,751) DEFICIT, END OF PERIOD $ (669,304) $ (515,999) well.....