Hello Richard,
Could you and or some others on the thread comment on this RRI.A release? The stock seems cheap to me (I have a few thousand shares), but I could be missing something. Any comments would be appreciated.
Thanks,
Crane
Shares issued 6,458,792 1999-11-22 close $1.05
Tuesday Nov 23 1999
Mr. Elliott Horner reports
Rider has achieved a 45-per-cent increase in cash flow from operations, to $1.5-million (23 cents per share), for the nine-month period ended Sept. 30, 1999. Earnings for the period totalled $422,000 (six cents per share), compared with $262,000 (four cents per share) during the first nine months of 1998.
Revenue from the sale of natural gas grew by 18 per cent during the period ended Sept. 30, 1999. Natural gas pricing increased by 18 per cent, to $2.71 per thousand cubic feet, and production remained substantially unchanged at 1.15 million cubic feet per day.
Revenue from the sale of crude oil and natural gas liquids increased by 14 per cent during the first nine months of 1999 on average daily production of 303 barrels of oil equivalent per day and product prices which have averaged $22.26 over this period. During the comparative period in 1998, Rider produced 339 boe/d of crude oil and NGL at an average price of $17.33.
October, 1999, production averaged 510 boe/d, weighted 60 per cent to oil. With product prices estimated at $31.75 per boe for the month, revenues and cash flow should be in excess of $500,000 and $325,000 respectively. On an annualized basis, this represents cash flow of 50 cents per fully diluted share.
Rider is currently completing the company's new 100-per-cent step-out well and hopes to have it on stream within one week, adding to October's record cash flow.
FINANCIAL HIGHLIGHTS
Nine months ended Sept. 30
(in thousands of Canadian dollars)
1999 1998
Earnings $ 422 $ 262
Earnings per share 6 cents 4 cents
Cash flow 1,501 1,034
Cash flow per share 23 cents 16 cents
Revenue 2,687 2,331
A conference call has been scheduled for 9 a.m. MT, Wednesday, Nov. 24, to discuss these results and the future outlook for Rider. A question and answer session will follow. The company invites you to participate by calling: 888-774-1985, Wednesday morning a couple minutes before 9 a.m. MT.
Rider's new interactive Web site is located at www.riderres.com. |
