Liberty Oil & Gas Ltd -
Liberty strong 1999 year-end results
Liberty Oil & Gas Ltd LBR
Shares issued 10,917,123 2000-04-13 close $1.01
Friday Apr 14 2000
Mr. Rick Ewacha reports
The company's production, cash flow and net income for the year ended Dec. 31, 1999, increased significantly over the results for the year ended Dec. 31, 1998.
Production averaged 475 barrels of oil equivalent per day for 1999, with an exit rate of 760 BOE/D, compared with 270 BOE/D for 1998. The average daily production of 475 BOE/D in 1999 was comprised of 298 BOE/D of oil and NGLs (63 per cent) and 177 BOE/D of natural gas (37 per cent).
Crude oil prices averaged $25.66 per barrel for 1999 compared with $17.29 per barrel for the same period in 1998. Natural gas prices averaged $2.93 per Mcf for 1999 compared with $2.02 per million cubic feet for the same period in 1998.
Operating expenses totalled $1,207,792 or $6.96 per BOE for 1999 compared with $725,795 or $7.36 per BOE for the same period in 1998.
Cash flow for 1999 totalled $1,543,562 (14 cents per share) compared to $352,170 (five cents per share) for 1998.
Net income for the year ended Dec. 31, 1999, was $467,830 (four cents per share) compared with a net loss of $615,065 (nine cents per share) for the same period in 1998.
Liberty also announces that it plans to carry out an aggressive drilling and completions program for the balance of 2000. The $8-million capital program involves drilling 15 wells during the year in Alberta and Saskatchewan (Liberty's average working interest is 70 per cent) and is split evenly between oil and natural gas projects. The company has set its exit target for the year 2000 at 1800 BOE/D (50 per cent oil and 50 per cent natural gas). Evaluation and testing is currently in progress on the four wells drilled in March, 2000, and the results will be available with our first quarter 2000 report.
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