Kintail Records Significant Increases in Profits and Production
CALGARY, Aug. 25 /CNW/ - KINTAIL ENERGY INC. recorded significant increases in profits and production for the first half of 1999. Oil and gas revenues totaled $3,855,337 generating cash flow of $1,799,280 ($0.20 per
share, basic; $0.13 per share, fully diluted) and net earnings of $859,280 ($0.09 per share, basic; $0.06 per share, fully diluted). By comparison, in the first half of 1998, revenues were $311,758, cash flow was $70,100 ($0.01
per share basic and fully diluted) with net earnings of $49,900 ($0.01 per share basic and fully diluted).
For the second quarter ended June 30, 1999, revenues were $2,182,103 generating cash flow of $1,083,422 ($0.12 per share, basic; $0.08 per share, fully diluted) and net earnings of $534,622 ($0.06 per share, basic; $0.04 per
share, fully diluted). Average production for the half was 8.5 mmcfe/day consisting of 6.5 mmcf/day of natural gas and 202 barrels/day of oil and natural gas liquids.
Second quarter production averaged 9.4 mmcfe/day and current production is approximately 12 mmcfe/day.
During the half, 6 wells (4.5 net) were drilled resulting in 5 completed gas wells (4 net) and 1 dry and abandoned well (0.5 net), for a success rate of 89%.
Kintail Energy is a natural gas exploration, development and production company that trades on the Alberta Stock Exchange under the symbol ``KTE'.
The Alberta Stock Exchange has neither approved nor disapproved the contents of this press release.
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For further information: Paul McRae Read, Chairman, President and CEO,
(403) 269-2240, Fax: (403) 266-8893 |
