FIELD ACTIVITIES / Kyrgoil Corp. announces Increased Production
CALGARY, Feb. 18 /CNW/ - Mr. Gary Roth, President and Chief Executive
Officer of Kyrgoil Corporation, today announced continued increases to volumes
of refinery production for Kyrgyz Petroleum Company (KPC), the Corporation's
joint venture in the Kyrgyz Republic.
From the Kyrgyz Republic, Mr. Roth indicated that in the fourth quarter
of 1997 gross average daily refinery production increased to 3,127 barrels per
day (bpd) from 2,542 bpd refined in the third quarter and 1,572 bpd refined in
the first half of the year. These gross figures include the crude oil
supplied to the refinery by Kyrgyzneftegaz, the Republic's national oil
company. KPC earns 25% of the Kyrgyzneftegaz volumes refined as a processing
fee.
Net to the KPC joint venture, fourth quarter refinery production
increased to 2,470 bpd from the 1,433 bpd reported for the third quarter and
the 660 bpd reported for the first half of 1997. All of the refined petroleum
products produced have been sold in the domestic Kyrgyz market.
Kyrgoil also announced that Mr. Ray Cej will be resigning as Chairman of
the Corporation effective February 28, 1998 to pursue another opportunity. The
Corporation wishes to acknowledge the significant contribution that Mr. Cej
has made to the Corporation and wishes him success in his new endeavors.
Kyrgoil's corporate focus continues to be on increasing refinery
production volumes, increasing operating cash flow and completing the required
technical work to develop the upstream assets prior to commencing a
development drilling program in the exclusive licensed areas held by KPC.
Kyrgoil Corporation is a Canadian-based public company. Its operations
in the Kyrgyz Republic are conducted through Kyrgyz Petroleum Company, an
integrated oil company formed and owned equally by Kyrgoil and Kyrgyzneftegaz.
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