EARNINGS / Draig Energy Fourth Quarter Earnings
ASE SYMBOL: DRA
FEBRUARY 17, 1998
CALGARY, ALBERTA--The management and staff of Draig Energy Ltd.
are pleased to report that the fourth quarter of 1997 was the best
quarter in the company's history.
Draig earned a record $147,276.00 during the final three months of
fiscal 1997. Cashflow was $463,686.00 ($0.06 per share) during
the same period.
For the year ended November 30, 1997 the company earned
$146,522.00 ($0.03 per share) on revenues of $1,629,923.00 and
cashflow amounted to $614,229.00 ($0.105 per share).
Proved Producing Reserves increased to 1,698,800 BOE year end up
78 percent from 950,400 at year end 1996.
The record results of the fourth quarter reflect the impact of the
acquisitions and subsequent development of properties at Brent,
Hanna and Chigwell during the latter part of 1997.
So far in 1998 Draig has successfully drilled and completed five
wells at Hanna for the Second White Specks. The company recently
placed two of these well on production with the remaining tie-ins
to be completed by the end of the first quarter. At Brent we are
currently testing a previously abandoned well and have licensed
three new wells, the first of which began drilling February 17,
1998.
During 1998 Draig has budgeted 25 (14 net) wells with a capital
program of $6,400,000.00. Draig has pre-approved financing in
place for strategic acquisitions in 1998.
The company exited fiscal 1997 producing 705 BOE per day and
budgets to exit 1998 at 1,400 BOE per day. |
