news!
Canadian Corporate News - Pointcast Network Canada Optima Petroleum Corp.: Fiscal Results 1996 16:21 EST Tuesday, April 1, 1997
Canadian Corporate News
CALGARY, ALBERTA--Optima Petroleum Corporation announced today its filing of its Form 10K Annual Report with the Securities and Exchange Commission, for the fiscal year ended December 31, 1996.
/T/
HIGHLIGHTS: CONSOLIDATED BALANCE SHEET ALL FIGURES
Fiscal 1996 Fiscal 1995 EXPRESSED IN
000'S. DOLLAR
CURRENT ASSETS $4,696 $3,989 FIGURES
OTHER ASSETS 36,519 35,189 EXPRESSED IN
-------------- -------------- CANADIAN
41,215 39,178 DOLLARS
CURRENT LIABILITIES 3,408 3,242
LONG TERM LIABILITIES 6,335 7,458
SHAREHOLDERS EQUITY 31,472 28,478
-------------- --------------
$41,215 $39,178
CONSOLIDATED STATEMENT OF OPERATIONS
Fiscal 1996 Fiscal 1995 Change
(p.cent)
TOTAL REVENUE $12,863 $6,763 + 90
REVENUE NET OF ROYALTIES,
PRODUCTION TAX AND
OPERATING COSTS 8,326 3,951 +111
EBITDA 6,663 2,481 +169
EBITDA Per Share 0.61 0.27
CASH FLOW 5,959 2,075 +187
CASH FLOW Per Share 0.54 0.23
INCOME 229 (1,155) N/A
INCOME Per Share .02 (0.13) N/A
Gross Revenue by Source
Natural Gas $8,313 $5,044 + 65
Oil 4,549 1,719 +165
Volume of Production
Natural Gas (mmcf) 3,309 2,364 + 40
Oil (mbbls) 154 71 +116
MBOE (10 mcf
1 bbl) 485 307 + 58
Average Selling Price/BOE $26.52 $22.03 + 25
Weighted Average no. of
Shares Outstanding 10,946 9,032
4th Quarter 4th Quarter Change
1996 1995 (p.cent)
TOTAL REVENUE $3,890 $2,412 + 61
REVENUE NET OF ROYALTIES,
PRODUCTION TAX AND
OPERATING COSTS 2,288 1,403 + 63
EBITDA 1,858 1,015 + 83
EBITDA Per Share 0.17 0.11
CASH FLOW 1,640 846 + 94
CASH FLOW Per Share 0.15 0.09
INCOME (696) (869) N/A
INCOME Per Share (0.06) (0.10) N/A
Gross Revenue by Source
Natural Gas $2,234 $1,732 + 21
Oil 1,656 680 +144
Volume of Production
Natural Gas (mmcf) 827 764 + 8
Oil (mbbls) 52 29 + 79
MBOE (10 mcf
1 bbl) 135 105 + 26
Average Selling Price/BOE $28.81 $22.97 + 32
Weighted Average no. of
Shares Outstanding 10,946 9,032
/T/
FISCAL RESULTS
Record results were reported in all significant operating categories. Net income after taxes for the fiscal year ended December 31, 1996 was $228,573 compared to a loss of $1,155,065 for the previous year ($0.02 vs. a loss of $0.13 per share). Total revenue of $12,862,701 for fiscal 1996 represents a 90 percent improvement over fiscal 1995 ($6,762,407). Cash flow for fiscal 1996 was $5,958,272, a 187 percent increase over the previous year of $2,074,643 ($0.54 vs. $0.23 per share).
Management attributes the improvement to substantially stronger production volumes and improving prices, primarily from the Company's East Cameron and South West Holmwood, Louisiana interests.
During the year of 1996 Optima replaced 216 percent of its production value as new discoveries added $18.3 million in proven reserves. Year end 1996 proven reserves totalled 3.5 million BOE, including a property sale of 170,000 BOE, compared to 4.0 million BOE at fiscal year end 1995 (10 MCF
1 BBL).
Operating costs for the year averaged $2.34 / BOE, compared to $3.03 / BOE in 1995, a result of the higher gross deliverability of the Company's wells. Operating profit margin for 1996 averaged $17.17/BOE.
FOURTH QUARTER RESULTS
Total revenue for the three month period ended December 31, 1996 of $3,890,424 represents a new Company quarterly record, up 61 percent over the $2,412, 257 reported for the same period last year. Cash flow for the same quarter increased dramatically to $1,640,382, a 94 percent improvement over the fourth quarter 1995 figure of $846,186 ($0.15 vs. $0.09 per share). Net loss for the quarter was $696,467 or $0.06 per share, vs. a loss of $869,570 or $0.10 per share for the quarter ended December 31, 1995.
The fourth quarter 1996 results were impaired by an unanticipated $1.3 million extra depletion charge to proven reserves on a portion of the Company's Turtle Bayou and Wildhay interests. These reserves have been re-categorized as probable pending additional drilling.
SUMMARY
In fiscal 1996 the Company produced 485,000 BOE's, a 58 percent improvement over fiscal 1995. This production growth rate is expected to continue throughout 1997 from existing property development.
At year end 1996, Optima had an additional 3.5 million BOE classified as probable reserves. The 1997 drilling program will convert a significant portion of these reserves to the proven category and continue the Company's high value exploration activity on its Texas and Louisiana properties. Management expects that all of these activities will be financed internally.
Certain of the foregoing statements may be deemed "forward-looking statements" within the meaning of the Securities Exchange Act of 1934. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company's business are set forth in the filings of the Company with the Securities and Exchange Commission.
Optima Petroleum Corporation is an independent oil and gas exploration company rapidly escalating its production base in the U.S. Gulf Coast and Central West Alberta, Canada. Common shares trade actively on the NASDAQ National Market System and on the Toronto Stock Exchange.
c Canadian Corporate News - 1997 |
