First quarter results
Dynamic Oil Limited DOL
Shares issued 19,378,607 Aug 27 close $1.85
Fri 28 Aug 98 News Release
Mr. Wayne Babcock reports
During the first quarter ended June 30, 1998, Dynamic Oil achieved its
highest ever levels of gross revenue, funds flow from operations and volume
sales of natural gas and liquids. The company also achieved its first
quarter of positive net earnings. Total production reached 1,363 boe per
day compared to 257 boe per day in the first quarter of last year, an
increase of 430 per cent.
HIGHLIGHTS
Three months ended June 30
1998 1997
FINANCIAL
Gross revenue $1,869,880 $403,218
Revenue - net of
royalties &
production costs 493,830 177,614
Net income (loss) 158,591 (434,602)
Net income (loss)
per share (cents) 1 (3)
Funds flow from
operations 234,863 (5,131)
Funds flow from
operations per
share (cents) 1 -
OPERATIONAL
Volume sales
(before royalties)
Gas (mcf) 715,105 176,742
Weight averaged
gas prices (per mcf) $1.92 $1.56
NGL (bbl) 47,596 3,025
Weight averaged
NGL prices (per bbl) $8.47 $18.36
Oil (bbl) 4,886 2,697
Weight averaged
oil prices (per bbl) $18.99 $26.72
Total (boe) 1,363 257
Beyond the period covered by this financial report, the company began
production in late July from its gas well at Two Creek, Alberta. The well,
at 72 per cent Dynamic, is currently producing 1.0 mmcf per day of sweet
gas containing natural gas liquids.
Production commenced from a fifth gas well at St. Albert 45 days before the
end of the second quarter. The well, 50 per cent Dynamic, came on
production at 3.2 mmcf per day. |
