Correcting...Tri-Ex Oil & Gas Ltd. Announces 1st Quarter Results.

CALGARY, Alberta--(BUSINESS WIRE)--May 14, 1997--Tri-Ex(TSE TXG.) Tri-Ex Oil & Gas Ltd. ("Tri-Ex") is pleased to announce our 1st Quarter 1997 financial and operating results. -0-

HIGHLIGHTS

Three months ended                                    Percent
 March 31                    1997          1996       Change
--------------------------------------------------------------

Financial
Petroleum & natural
 gas sales                 1,667,474     1,000,838       67
Net earnings                  61,329        22,649      171
   Per share - basic            0.01          0.00       --
             - fully diluted    0.01          0.00       --
Funds flow from
 operations                  998,436       603,808       65
   Per share - basic            0.14          0.09       56
             - fully diluted    0.07          0.04       75
Capital expenditures (net)   637,290     2,355,073      (73)

Share Capital
Common shares outstanding  7,336,619     6,967,619        5
Warrants outstanding       6,000,000     6,000,000       --

Drilling Activity
Gross wells                        1             7       (86)
Net wells                       0.69          5.10       (86)
Average working interest          69            73        (5)


Production
Natural gas (mcf/d)                5           361       (99)
Oil (bbl/d)                      724           466        55
Boe/day                          724           502        44

Tri-Ex's growth continued in the first quarter of 1997 highlighted by a 43 percent increase in overall production resulting from the Sounding Lake property acquired in 1996.

Increased production and stronger oil prices resulted in improved financial results for the first quarter of 1997. Petroleum and natural gas revenues increased to $1,667,474, a 67 percent increase over the first quarter of 1996. Crude oil prices averaged $25.15 for the first quarter of 1997 compared to $22.54 for the same period in 1996.

Operating costs during the quarter averaged $6.09 per boe compared to $6.08 in 1996. Field netbacks for the quarter increased to $17.65 per boe from $13.35 per boe in the first quarter of 1996 on the strength of oil prices.

Net earnings and funds from operations increased in the first quarter of 1997. Net earnings increased to $61,329 from $22,649, an increase of 171 percent. Funds flow from operations increased 65 percent to $998,436, up from $603,808 in the first quarter of 1996.

Capital expenditures for the quarter were $637,289 compared to $2,355,073 for the first quarter of 1995. This decrease reflects differences in the timing of drilling activities.

Tri-Ex expects to continue its pattern of growth for the remainder of 1997 and beyond. Our northern Sounding Lake development drilling program resulted in 5 oil wells, 1 SWD well and 3 dry holes. The southern Sounding Lake program has resulted in 3 oil wells, with 4 more development wells to be drilled by the end of May. Current production is approximately 900 BOPD, and is anticipated to reach 1100 BOPD by the end of the second quarter.

Tri-Ex has two exploratory locations built which will be drilled late in the second quarter or early in the third quarter. One location is in the Provost area, with the other in Lyleton, Manitoba. Seismic is currently being interpreted on our Banff oil play on the Alexis First Nation which we believe will lead to an exploratory location. -0-

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

CONTACT: Tri-Ex Oil & Gas Ltd.

Neil Dixon, 403/269-2565

403/269-8959 (FAX)

or

Tri-Ex Oil & Gas Ltd.

Lesley Miller, 403/269-2565

403/269-8959 (FAX)