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

To: Kerm Yerman who wrote (13918)	12/1/1998 1:54:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Foothills Oil & Gas Third Quarter Report FOOTHILLS OIL & GAS LTD. ANNOUNCES INCREASES IN PRODUCTION AND CASH FLOW CALGARY, ALBERTA-- Foothills Oil & Gas Ltd. today announces financial and operating results for its third quarter ending September 30, 1998. With the completion of its acquisition of producing properties in the Chigwell and Redwater areas of Alberta, the Company experienced significant growth in production, revenue and cash flow during the period. Foothills produced 58 barrels of oil and natural gas liquids per day during the nine month period compared to 35 barrels per day a year earlier. It also produced 352 thousand cubic feet per day of natural gas compared to 59 thousand cubic feet in 1997. Total production was 93 barrels of oil equivalent per day compared to 41 barrels in 1997. These figures include the Chigwell and Redwater production beginning in June, 1998. Actual production for the third quarter was 73 barrels of oil and natural gas liquids per day and 759 thousand cubic feet per day of natural gas or 148 barrels of oil equivalent per day, an increase of 260% from the previous year. The Company continues to be impacted by low oil prices. The average price received by Foothills for its oil and natural gas liquids decreased to $14.25 per barrel from $20.73 per barrel a year earlier. Natural gas prices decreased slightly to $1.67 per thousand cubic feet from $1.75 per thousand cubic feet. Gross revenue for the period increased 70% to $385,470 from $226,485 for the corresponding period. Cash flow was $64,541 compared to $20,119 for the third quarter of 1997 and compared to a cash flow deficit of $14,738 for the first six months of this year. For the period a net loss of $69,864 was recorded compared to a loss of $85,175 for the first six months of this year. Average shares outstanding for the nine month period were 12,218,956. Foothills Oil & Gas Ltd. is a Calgary based, public oil and gas company. It is engaged in the production, acquisition and development of hydrocarbons in Canada.

To: Kerm Yerman who wrote (13918)	12/1/1998 2:02:00 AM
From: Kerm Yerman	Respond to of 15196

EARNINGS / Purcell Energy Ltd. Third Quarter Report PURCELL ENERGY ANNOUNCES PRODUCTION INCREASES IN NINE MONTH RESULTS CALGARY, ALBERTA-- Purcell Energy Ltd. announces that during the first nine months of 1998 production increased 18% to 970 BOE/d (1997 - 820 BOE/d). Gas volumes averaged 4.9 mmcf/d (1997 - 3.55 mmcf/d) and oil and liquids volumes averaged 479 bbls/d (1997 - 465) bbls/d). Capital expenditures in the first nine months of 1998 totalled $3,480,951, net of dispositions, compared to $11,870,312 in 1997. Long term debt at September 30, 1998 totalled $5,433,981 and working capital was $537,549. Sharply lower oil prices caused revenues to decline slightly to $4,100,521 from $4,147,406 in 1997. Cash flow was lower at $1,308,726 ($0.071 per share) compared to $1,913,796 ($0.136 per share) in the first nine months of 1997. Product prices received during 1998 were $1.75 (1997 - $1.82) per mcf for gas and $14.43 (1997 - $20.50) per bbl for oil and liquids. For the nine month period ended September 30, 1998, the Corporation incurred a net loss of $2,427,806 ($0.132 per share) compared to net income of $234,784 ($0.016 per share) last year. Depletion increased to $3,736,532 compared to $1,653,012 in the same period in 1997. G & A expenses were $475,261 (1997- $471,171) and $1.79 (1997 - $2.11) per BOE. Operating costs in the period were $7.60 (1997 - $6.95) per BOE. Steps taken by the Corporation in the third quarter to reduce costs will have a significant impact on operating costs next year. At Fort Liard, construction of a 25 kilometre access road is nearing completion. An ice bridge across the Liard river will be constructed in December. Commencement of drilling at the K-29 location selected by Chevron Canada Resources (previously announced October 29, 1998) is expected in early January, 1999.

To: Kerm Yerman who wrote (13918)	12/1/1998 2:31:00 AM
From: Kerm Yerman	Respond to of 15196

FIELD ACTIVITIES / Prism Petroleum Ltd. Joint Venture Agreement PRISM PETROLEUM LTD. ENTERS INTO PRELIMINARY AGREEMENT WITH GENOIL INC Date: 11/30/98 4:36:58 PM Dateline: CALGARY, ALBERTA Stock Symbol: PMM Prism Petroleum Ltd. has entered into a preliminary agreement with Genoil Inc. which will result in Prism's participation in an oil and gas exploration program in Cuba. The venture, which is subject to conclusion of a formal operating agreement and certain financing arrangements, will result in Prism earning a 2.5 percent interest in three exploration blocks consisting of 5,300,000 acres in the eastern portion of Cuba. Seismic programs are presently being completed and two wells are scheduled to be drilled on the lands with the first well being spudded around January 15, 1999. Prism's share of the cost of the first year's exploration program is expected to be $600,000.00. Prism Petroleum Ltd. trades on the Alberta Stock Exchange under the symbol PMM.

To: Kerm Yerman who wrote (13918)	12/1/1998 2:44:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Northline Energy Services Axquisition NORTHLINE COMPLETES ACQUISITION OF COMPETING COILED TUBING COMPANY Date: 11/30/98 2:02:32 PM Dateline: EDMONTON, ALBERTA Stock Symbol: NES NORTHLINE ENERGY SERVICES INC. ("Northline") (ASE: NES) is pleased to announce that it has completed its previously announced acquisition, effective September 1, 1998 of all of the issued and outstanding securities of Co-Dan Coil Tubing Ltd. (the "Co-Dan Acquisition") for a purchase price of $1,323,145.61 (the "Purchase Price"). The Purchase Price was paid by $563,557.61 in cash, which includes 7% simple interest on the cash portion since September 1, 1998, $354,588 in future payments as accounts receivable of Co-Dan are collected, and the balance of $405,000 by the issuance of 270,000 common shares of Northline at a deemed price of $1.50 per share. Northline also repaid $461,982.65 outstanding shareholders and related party loans of Co-Dan, which amount also includes 7% simple interest on such loans since September 1, 1998. Northline financed the Co-Dan Acquisition through the use of bank financing. As a condition of the Co-Dan Acquisition, Co-Dan entered into employment agreements with certain of the key employees of Co-Dan. Co-Dan is a private company that for over eight years has been engaged in the business of marketing, selling and providing coil tubing and related services to the oil and gas industry in Alberta and Saskatchewan. Co-Dan currently operates two coil tubing units and is in the process of constructing a third coil tubing unit. During the ten month period year ended August 31, 1998, Co-Dan had revenues of approximately $1,100,000. Finally, Northline is pleased to announce that as at November 27,1998 Northline has amalgamated Co-Dan with its other wholly-owned subsidiary, Northline Energy Ltd. The amalgamated company will continue to operate and conduct business under the name Northline Energy Ltd.