ENERGY TRUSTS / ARC Energy Trust releases 1997 Results
CALGARY, March 4 /CNW/ - (AET.UN-TSE) -- ARC Energy Trust (the ''Trust'')
releases its results for the twelve month period ending December 31, 1997.
<<
Six Months(x) Twelve Months
Ending Ending
HIGHLIGHTS: Dec 31, 1996 Dec 31, 1997
----------- -------------- -------------
Production (boed) 7,600 9,425
Revenue Net of Royalties (thousands) $26,851 $61,849
Cash Flow (thousands) $18,315 $37,757
Net Income (thousands) $ 7,108 $ 9,165
Distributable Income (thousands) $14,580 $33,242
Distributable Income Per Unit $ 0.81 $ 1.40
(x) The Trust was established in July 1996
>>
Production during the year averaged 9,425 barrels of oil equivalent per
day comprised of 3,656 bpd of crude oil, 1929 bpd of natural gas liquids and
38.4 mmcfd of natural gas. The average prices received were $26.35/bbl for
oil, $18.27/bbl for natural gas liquids and $1.82/mcf for gas resulting in
revenue net of royalties of $61.8 million. Cash flow and net income were
$37.8 million and $9.2 million, respectively.
Operating costs net of processing income were $5.16 per boe, general and
administrative costs net of recoveries were $0.69 per boe and management fees
were $0.39 per boe, resulting in overall costs of $6.24 per boe. The 1997
cash distributions paid to unitholders totaled $1.40 per unit.
The Trust also releases the results of its year-end 1997 reserve
evaluation with proved plus risked probable reserves having increased 40
percent to 47.2 million barrels of oil equivalent. During 1997, the Trust
completed four acquisitions and three minor dispositions which resulted in a
net acquisition of 3,900 boe/d of production and 16.8 million barrels of oil
equivalent of reserves at an average net price of $5.32 per boe. Total
reserve replacement costs for 1997 were $5.43 per boe including acquisitions,
drilling additions and revisions. Reserve additions during the year replaced
490 percent of the Trust's 1997 production. |
