EARNINGS / Best Pacific Reports 1998 First Quarter Results
TSE, ASE SYMBOL: BPG
MAY 27, 1998
CALGARY, ALBERTA--BEST PACIFIC RESOURCES LTD. (the "Company") is
pleased to present results for the three months ended March 31,
1998. First quarter production averaged 1,917 boepd (54 percent
natural gas, 46 percent oil) versus 1,150 boepd in the first
quarter of 1997, an increase of 67 percent. Higher production
levels resulted in revenues increasing by 31 percent in comparison
to the same period in 1997 to $2,918,664 from $2,223,271. Cash
flow from operations for the first quarter of 1998 totaled
$731,995 down 10 percent from $817,919 in the first three months
of 1997. This decrease is principally due to lower commodity
prices. Production levels for the first quarter of 1998 were
lower than expected due to a major non-operated pipeline break in
February at the Company's Okotoks field. This production is
expected to be back on stream in the second quarter, together with
the new production from the recently successful step-out well at
Okotoks 7-19-22-28 W4M. A summary of the three months ended March
31, 1998 and the 1997 comparatives is presented below.
/T/
Percent
Three Months Ended March 31 1998 1997 Change
--------------------------- ---- ---- -------
FINANCIAL (000's except per share)
Production Revenue $2,919 $2,223 31
Net Earnings ($322) $235 (237)
Net Earnings Per Common Share ($0.014) $0.016 (188)
Cash Flow From Operations $732 $818 (10)
Cash Flow Per Common Share $0.032 $0.056 (43)
PRODUCTION
Natural Gas (mcf/d) 10,290 5,520 86
Crude Oil (bbls/d) 888 598 48
Combined (boepd) 1,917 1,150 67
Average Oil Price ($/bbl) 18.44 26.78 (31)
Average Gas Price ($/mcf) 1.71 2.04 (16)
/T/
Best Pacific Resources Ltd. is listed on the Alberta Stock
Exchange and the Toronto Stock Exchange: Trading symbol - BPG
Neither the Toronto Stock Exchange, the Alberta Stock Exchange, or
any other regulatory body have reviewed this news release and they
neither approve nor disapprove of the contents of this news
release.
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