EARNINGS / Player Petroleum Corporation First Quarter Financial Results
CALGARY, Jan. 5 /CNW/ - Player Petroleum Corporation is pleased to
present financial results for the first quarter ended October 31, 1998.
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Three months ended Three months ended
October 31 (unaudited) 1998 1997 October 31 (unaudited) 1998 1997
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Oil and Gas Revenue Daily Production
($'000) 1,522 59 (boepd) 815 37
Cash Flow ($'000) 1,147 14 Shares outstanding (mm)
Per Share (Basic) 0.16 - End of period 7.6 6.4
Weighted average 7.3 5.1
Net Earnings ($'000) 439 (7)
Per Share (Basic) 0.06 - Working Capital ($'000) 405 342
Capital Expenditures
($'000) 1,231 693 Debt 0 0
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Player Petroleum Corporation continues to turn ongoing operational
success into solid financial gains. Production gains and a strong gas price
environment increased cash flow for the three months to $1,146,505 or $0.16
per share, from a cash flow of $13,900 for the three months ended October 31,
1997. Net earnings for the three months reached $439,323 or $0.06 per share,
compared to a loss of $6,739 per share for 1997. The Company had working
capital of $404,994 and no debt at the end of the first quarter.
Capital expenditures totalled $1,230,868 for the three months ended
October 31, 1998 compared to $693,203 for the same period one year ago.
Production for the quarter averaged 815 boepd with an exit rate of 850 boepd
at October 31, 1998. Current production is 1,000 boepd. Player's 1999
capital expenditure budget is $6.5 million for exploration and drilling in its
core area of east central Alberta.
Player Petroleum Corporation is a Canadian natural gas producer based in
Calgary, Alberta. Common shares are listed on the Vancouver Stock Exchange
under the symbol PYP. |
