Results for the year ended March 31, 1996.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: BRIGDON RESOURCES INC.
TSE SYMBOL: BRG.A
JULY 10, 1996
Brigdon Triples Reserves/Continues Strong Growth
CALGARY, ALBERTA--Brigdon Resources Inc. of Calgary today released its
operating and financial results for the year ended March 31, 1996.
As compared to fiscal 1995, revenue increased by 50 percent, cash flow by 42 percent and net earnings by 39 percent. Proved and probable oil and gas reserves tripled from 13.6 BCF equivalent to 40.4 BCF equivalent, on capital expenditures of $3.6 million.
Years Ended March 31
Percent
1996 1995 Increase
---------------------------------
Revenue $3,258,000 $2,179,000 + 50
Cash Flow $1,809,000 $1,270,000 + 42
Cash Flow Per Share
(Basic) $ 0.16 $ 0.13 + 23
Net Earnings $1,085,000 $ 782,000 + 39
Net Earnings Per Share
(Basic) $ 0.09 $ 0.08 + 13
Average Daily Sales
(Mcf equivalent) 5904 3495 + 69
Reserves (BCF equivalent) 40.4 13.6 +197
During the year, Brigdon increased its interest in the wells, facilities and leases at its Buffalo Lake, Alberta field from an average of less than 50 percent to 85 percent. The company now owns 18,900 gross (16,100 net) acres of Buffalo Lake oil and gas leases.
The gas field was shut-in for approximately three weeks in June for a
rebuild of Red Willow plant facilities. This project was recently completed in conjunction with a three kilometer pipeline. The Red Willow plant is now operating at maximum compression capacity, processing 9,000 Mcf per day net to Brigdon.
The company will drill three to five wells over the summer and plans to start production at a second plant (Buffalo Lake) in early August. This plant will enable Brigdon to process an additional 5,000 Mcf per day.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brigdon Resources Inc.
J. Phillip Piffer
President
(403) 266-4421
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this Press Release.
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