CALGARY, Alberta--(BUSINESS WIRE)--May 15, 1997--Optima Petroleum
Corp. (NASDAQ:OPPCF,TSE OPP) Optima Petroleum Corp. Thursday
announced the filing of its Form 10Q - First Quarter 1997 with the
Securities and Exchange Commission, for the period ended March 31,
1997.
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HIGHLIGHTS: CONSOLIDATED BALANCE SHEET
Figures expressed in Canadian Dollars
31 March '97 31 Dec '96
------------ ------------
CURRENT ASSETS $ 4,510,502 $ 4,696,063
OTHER ASSETS 36,873,299 36,518,605
------------ ------------
41,383,801 41,214,668
CURRENT LIABILITIES 2,684,900 3,407,552
LONG TERM LIABILITIES 7,099,905 6,334,688
SHAREHOLDERS EQUITY 31,598,996 31,472,428
------------ ------------
41,383,801 $ 41,214,668
CONSOLIDATED STATEMENT OF OPERATIONS
31 March '97 31 March '96 Percent
Change
----------- ------------ --------
TOTAL REVENUE $3,380,171 $3,266,465 plus 4
Revenue Net of Royalties,
Production Tax and
Operating Costs $2,026,183 $2,182,105 minus 7
EBITDA $1,631,193 $1,791,504 minus 9
EBITDA Per Share $0.15 $0.17 minus 12
CASH FLOW $1,502,830 $1,664,050 minus 10
CASH FLOW Per Share $0.13 $0.15 minus 13
INCOME $ 207,748 $ 347,736 minus 40
INCOME Per Share $0.02 $0.03 minus 33
Gross Revenue by Source
Natural Gas $2,013,025 $2,481,997 minus 19
Oil $1,367,146 $ 748,468 plus 74
Volume of Production
Natural Gas (mmcf) 685,227 923,458 minus 25
Oil (mmbls) 44,778 29,865 plus 50
MBOE (10 mcf - 1 bbl) 113,301 122,211 minus 7
Average Selling Price / BOE 29.83 26.73 plus 12
Weighted Average number
of Shares Outstanding 11,313,653 10,584,543 plus 7
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MANAGEMENT DISCUSSION
Total revenue increased 4 percent to $3,380,171 for the first
quarter 1997 compared to $3,266,465 in 1996, primarily due to a 50
percent increase in oil production and higher commodity prices.
Natural gas production, however, declined by 25 percent to 685,227
mcf reflecting the forecast downturn in volume from Turtle Bayou and
scheduled well workovers during March at Lake Boeuf and Valentine.
Accordingly, net revenue of $2,026,183 was recorded for the first
quarter 1997, off 7 percent from the 1996 figure. Cash flow for the
first quarter was $1,502,830 or $0.13 per share, a decrease of 13
percent from last years figure. Commensurately, net income for the
period ended 31, March '97 was $207,748 or $0.02 per share, compared
to $0.03 per share from the year earlier.
More significantly, during the first quarter 1997 the company
completed 3 new wells, with a fourth success in final stages of
production testing. Two of these at East Cameron, one at the East
Haynesville field, and one at Wildhay, are expected to result in
greatly improved second quarter production figures.
Additionally, the company has three new wells drilling and at
least seven additional wells to drill by year end.
During the first three months of 1997, the company's capital
programs were financed by oil and gas sales and cash reserves. As at
March 31, 1997, the company had working capital of $1.826 million.
Management is confident that its 1997 development and exploration
drilling activities will be financed totally with funds generated
internally.
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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, there can be 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. These risks include price changes for oil and gas, risks
regarding estimates of reserves, production risks, governmental
regulations and general risks regarding the exploration for, and the
production of, oil and gas reserves.
Optima Petroleum Corp. is an independent oil and natural gas
company engaged in the exploration, development and production of oil
and natural gas, primarily onshore U.S. Gulf Coast and Alberta,
Canada. The company's shares are traded on the NASDAQ National
Market System under the symbol "OPPCF" and on the Toronto Stock
Exchange under the symbol "OPP".
CONTACT:
Optima Petroleum Corporation
Ted Clark, 800/444-7704
Email: ted@optimapete.com
or
Optima Petroleum Corporation
Robert L. Hodgkinson, 800/444-7704
KEYWORD: NEW YORK
INDUSTRY KEYWORD: OIL/GAS
BW0329 MAY 15,1997
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