EARNINGS TOP 20 LISTED / Part 2 of 2 -Barrington Petroleum Ltd. First Quarter 1998
Results
TSE, ME SYMBOL: BPL
MAY 22, 1998
CALGARY, ALBERTA--
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FINANCIAL STATEMENTS
Barrington Petroleum Ltd.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited (x))
March 31, December 31,
($ thousands) 1998 (x) 1997
-----------------------------------------------------
ASSETS
Current assets 26,882 39,834
Property, plant and
equipment (net) 397,689 384,471
Other assets 1,502 2,018
-----------------------------------------------------
426,073 426,323
-----------------------------------------------------
LIABILITIES
Current liabilities 30,932 53,412
Long term debt 158,814 134,430
Deferred income taxes 18,922 19,122
Future site restoration
provision 4,551 3,862
----------------------------------------------------
213,219 210,826
----------------------------------------------------
SHAREHOLDERS' EQUITY
Capital stock 184,848 184,976
Contributed surplus 782 852
Retained earnings 27,224 29,669
----------------------------------------------------
212,854 215,497
----------------------------------------------------
426,073 426,323
----------------------------------------------------
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The Company performs a ceiling test on an annual basis. The
ceiling test is normally based on prices prevailing at the
year-end. Significant changes in reserve estimates and commodity
prices are considered at the end of each interim reporting period.
At March 31, 1998, using twelve month average commodity prices of
$15.56/bbl for oil and $1.84/mcf for gas, estimated future net
cash flows from production of proved reserves exceeds the carrying
value of petroleum and natural gas assets.
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CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS
(unaudited)
For the three months
ended March 31
($ thousands, except per
share amounts) 1998 1997
-----------------------------------------------------
Revenue
Oil and gas sales 27,548 33,461
Crown royalties (3,468) (4,527)
Other royalties (1,428) (2,478)
-----------------------------------------------------
22,652 26,456
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Expenses
Operating 8,421 6,431
General and administrative 2,315 1,678
Interest on long term debt 2,408 1,269
Depletion and depreciation 11,163 8,653
Site restoration 600 232
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24,907 18,263
----------------------------------------------------
Earnings (loss) before
taxes (2,255) 8,193
----------------------------------------------------
Income tax expense (recovery)
Deferred (200) 3,441
Current 390 270
190 3,711
----------------------------------------------------
Net earnings (loss) (2,445) 4,482
Retained earnings -
beginning of period 29,669 24,721
----------------------------------------------------
Retained earnings -
end of period 27,224 29,203
----------------------------------------------------
Net earnings (loss)
per common share
Basic $(0.04) $0.08
Fully diluted $(0.04) $0.08
----------------------------------------------------
CONSOLIDATED STATEMENTS OF CASH FLOW
(unaudited)
For the three months
ended March 31
($ thousands, except
per share amounts) 1998 1997
---------------------------------------------------
Operating activities
Net earnings (loss) (2,445) 4,482
Add: Depletion and
depreciation 11,163 8,653
Site restoration 600 232
Deferred income taxes (200) 3,441
Other 78 -
----------------------------------------------------
Cash flow from operations 9,196 16,808
Change in non-cash
working capital (9,533) 5,391
----------------------------------------------------
(337) 22,199
----------------------------------------------------
Financing activities
Increase (decrease)
in long term debt 24,822 (1,336)
Issuance (repurchase)
of common shares,
net of issue expenses (198) 1,356
----------------------------------------------------
24,624 20
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Investing activities
Additions to property, plant
and equipment, net
of dispositions (24,292) (22,219)
----------------------------------------------------
(24,292) (22,219)
----------------------------------------------------
Net increase (decrease) in
cash for the period (5) -
Cash - beginning of period 309 -
----------------------------------------------------
Cash - end of period 304 -
----------------------------------------------------
Cash flow from operations
per share
Basic $0.16 $0.32
Fully diluted $0.14 $0.28
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Weighted average shares outstanding
Basic 59,107 53,031
Fully diluted 68,028 61,363
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HIGHLIGHTS
Three months ended March 31
Percent
1998 1997 Change
Financial ($ in thousands,
except per share amounts)
Revenue before royalties 27,548 33,461 -18
Cash flow from operations 9,196 16,808 -45
Per share basic ($) 0.16 0.32 -50
Per share fully diluted ($) 0.14 0.28 -50
Net earnings (loss) (2,445) 4,482 -155
Per share basic ($) (0.04) 0.08 -150
Per share fully diluted ($) (0.04) 0.08 -150
Capital expenditures, net 24,292 22,219 9
Working capital deficiency 4,050 6,132 -34
Long term debt 158,814 79,346 100
Weighted average number of common
shares outstanding (thousands)
Basic 59,107 53,031 11
Fully diluted 68,028 61,363 11
Period end number of
shares outstanding (thousands)
Basic 59,129 53,072 11
Fully diluted 68,061 61,404 11
Operating
Natural gas production
Millions of cubic feet
per day (mmcf/d) 102.9 98.7 4
Price ($/mcf) 2.07 2.27 -9
Light oil and liquids production
Barrels per day (bbls/d) 5,575 5,816 -4
Price ($/bbl) 14.89 26.40 -44
Heavy oil production
Barrels per day (bbls/d) 1,750 444 294
Price ($/bbl) 5.66 20.27 -72
Barrels equivalent production
Barrels equivalent per day
(boe/d - 10:1) 17,617 16,128 9
Price ($/boe) 17.38 23.05 -25
Net wells drilled 13 33 -61
Net drilling success rate
(in percent) 61 67
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