TOP TWENTY UPDATE / VENATOR PETROLEUM
VENATOR REPORTS THIRD QUARTER RESULTS
CALGARY, November 19 /CNW/ - Venator Petroleum Company Ltd. reports that
revenue increased 12% in the nine months ended September 30, 1996 to
$2,434,528 compared with $2,171,447 for the comparative period in 1995. Cash
generated from operations was up 5% at $1,456,660 (twenty four cents per
share) compared to $1,382,031 (twenty three cents per share) while earnings
decreased 7% to $394,173 (six cents per share) from $422,031 (seven cents per
share). Average production was down 1% at 416 BOE/d from 421 BOE/d.
The Company is experiencing an active second half of 1996 with
participation in over 60 wells planned. In Northern Alberta, the 50 well
infill program at the Progress Doe Creek Unit (Venator 7.87%) is well underway
with waterflood expansion and battery construction scheduled to be completed
for the first quarter of 1997. Some of the infill wells will be placed on
production as single well batteries in the meantime. Also, the Company plans
to drill a well at Progress East to earn further interests in this prospect.
At Sinclair, the Company is awaiting the outcome of an AEUB application before
tieing in the 100% owned gas well drilled in the second quarter. In Southern
Alberta, development work continues at Enchant with an active drilling program
and plans to tie in a 50% interest well to a nearby gas plant. |
