Here are Oct/Nov press releases from BXL.
In summary BXL's revenue (+305%), cash flow (413%) and net earnings (+850%) are all up considerably from 1999. They have a 5 month gas contract of 1.4 mcf/day at $7.44/mcf from November 2000 to March 2001. With 20 or so new wells
being drilled this winter, 2001 could be a profitable year.
-def
BXL Energy Ltd. 200 Section Farm-In Agreement at Tweedie
09:01 EST Wednesday, November 22, 2000
CALGARY, ALBERTA--BXL Energy Ltd. is pleased to announce that it has entered into a farm-in agreement that adds 200 sections of Crown mineral rights to the company's exploration program in the Tweedie area. Pursuant to the agreement, BXL has the right to review 450 miles of 2D seismic and can drill to earn working interests ranging from 60% to 100% in the farm-out lands. The new farm-out lands are for the most part located in an 11 township block (396 square miles) situated immediately north of BXL's existing acreage.
As a result of this latest transaction, BXL now controls 300 sections of undeveloped mineral rights in the Tweedie area. BXL's Tweedie area drilling program includes up to 20 wells during December and January, to be followed by 15 to 20 new drills as soon as practicable thereafter. This large scale drilling program will be complemented by an equally ambitious northward expansion of the company's natural gas pipeline network and compression facilities.
The Tweedie area is located north of Lac La Biche, approximately 110 miles northeast of Edmonton, Alberta. The area is prospective for shallow natural gas at depths ranging from 650 to 1,500 feet. Natural gas production from the area is sweet, requiring only compression and dehydration before entering the sales pipeline. BXL operates all of its interests in this area. During the three months ended September 30, 2000, production from the Tweedie area averaged 6.0 million cubic feet of natural gas per day from 28 (23.9 net) wells. Ongoing activity is expected to result in a significant increase in natural gas output from the area by late 2001.
To view a map indicating BXL's land position in the Tweedie area, please visit www.cdn-news.com.
BXL Energy Ltd. is listed for trading on The Toronto Stock Exchange and has 24.9 million shares outstanding. BXL is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in Alberta.
Several statements in this news release, including statements regarding anticipated oil and gas production, cash flows, reserves and other oil and gas operating activities, are forward looking. These forward-looking statements are based on BXL's current expectations. Because forward-looking statements involve risks and uncertainties, BXL's actual results could differ materially.
BXL Energy Ltd.
03:51 EST Thursday, November 16, 2000
(BXL - TSE)
3 months to Sep.30 Year Ago
Revenue 6,986,848 1,767,856
Net Profit 2,099,576 324,806
Net Profit/Share 0.08 0.01
Cash flow 4,378,376 843,806
Cash flow/Share 0.17 0.04
Avg. Shares 25,122,000 22,200,000
9 months to Sep. 30 Year Ago
Revenue 17,968,052 4,436,455
Net Profit 5,002,247 481,954
Net Profit/Share 0.21 0.02
Cash flow 10,641,247 1,997,954
Cash flow/Share 0.44 0.09
Avg. Shares 24,076,000 22,270,000
BXL Energy Ltd. Third Quarter Results Record Earnings and Cash Flow
08:50 EST Wednesday, November 15, 2000
CALGARY, ALBERTA--BXL delivered record results for the nine months ended September 30, 2000 due to higher production volumes and strong commodity prices. Compared to the same nine month period in 1999:
Average daily production increased by 120%;
Oil prices increased by 82% and natural gas prices increased by 80%;
Revenues increased by 305%;
Cash flow per fully diluted share increased by 413%;
Net earnings per fully diluted share increased by 850%; and
Capital expenditures increased 207%.
The third quarter of 2000 was highlighted by natural gas production of 10 million cubic feet (mmcf) per day, an average selling price of $48.94 per barrel of oil equivalent (boe) and a corporate netback of $30.67 per boe.
PRODUCTION
On a nine month comparative basis, BXL's production of 1,528 boe's per day is up 120% from the same period in 1999. The 185% increase in natural gas production is a result of new production from Dalemead, which came on stream in late 1999, and a 160% increase in production from the Tweedie area as a result of ongoing drilling. The 60% increase in oil and NGL's production was primarily the result of the commencement of production at Dalemead and higher rates at Gift/Little Horse achieved through drilling and acquisitions. During the nine months ended September 30, 2000, 98% of BXL's production was generated by four core areas, broken down as to: Dalemead - 32%; Tweedie - 30%; Gift/Little Horse - 23% and Wilson Creek - 13%.
On a quarterly basis, BXL's third quarter 2000 production of 1,552 boe's per day, up slightly from second quarter output of 1,524 boe's per day, is a corporate record.
FINANCIAL
Compared to the first nine months of last year, current year revenues have jumped four fold to $17.97 million. Sixty percent of the increase was due to higher selling prices and 40% was due to higher production volumes. Field netbacks for the first nine months of 2000 were up 86% to $29.16 per boe and corporate netbacks increased 141% to $25.41 per boe. Using the same nine month comparison, cash flow from operations was up over five fold to $10.64 million ($0.41 per fully diluted share) and net earnings increased over 10 fold to $5.00 million ($0.19 per fully diluted share).
A quarter-over-quarter comparison of BXL's operating results for the first nine months of 2000 is summarized as follows:
During the first quarter of 2000, BXL's hedging program resulted in a reduction in revenue of $71,000. There were no hedges in place during the second and third quarters. Subsequent to September 30, 2000, BXL entered into a number of transactions to fix the price of oil and natural gas for specified terms during the last quarter of 2000 and into 2001. With respect to oil, BXL has hedged 2,000 barrels per month (approximately 65 barrels per day) at a blended W.T.I. price of Cdn. $50.91 per barrel for the six months ended April 30, 2001. Natural gas hedging includes 2,850 mcf per day for the four months ended March 31, 2001 at prices of approximately $7.40 per mcf at the plantgate.
During the nine months ended September 30, 2000, BXL acquired for cancellation 147,600 shares at a cost of $205,625 (average - $1.39 per share) pursuant to a normal Course Issuer Bid.
Subsequent to the end of the third quarter, BXL acquired an additional 200,000 shares at a cost of $306,500 (average - $1.53 per share). This year to date, BXL has acquired a total of 347,600 shares at a total cost of $512,125 (average - $1.47 per share). At November 14, 2000, BXL had 24,927,305 common shares and 2,120,000 options to purchase common shares outstanding.
EXPLORATION AND DEVELOPMENT
Capital expenditures for the nine months ended September 30, 2000 totalled $15.43 million, with $6.44 million spent on drilling and completions, $3.92 million on well equipment, facilities and gathering systems, $3.15 million on property acquisitions, $0.70 million on land and $0.93 million on seismic.
From a drilling perspective, the third quarter of 2000 was BXL's most active ever. During the three months ended September 30 2000, BXL drilled 15 (11.0 net) wells, all of which were company operated. Ten (8.4 net) wells were drilled at Tweedie, resulting in six (5.2 net) gas wells and four (3.2 net) suspended or dry and abandoned wells. Three (1.1 net) wells were drilled at Gift/Little Horse, resulting in two (0.7 net) oil wells and one (0.4 net) abandonment. One (1.0 net) successful well was drilled at Dalemead and one (0.5 net) multi-zone gas well was drilled at Wilson Creek. During the first nine months of 2000, BXL participated in a total of 28 (19.6 net) wells, of which 24 (18.8 net) were company operated.
BXL expects to continue its record drilling activity with plans to drill up to 20 wells during the fourth quarter. Most of the drilling will be at Tweedie where BXL will install a new compressor to handle an additional 4.5 mmcf per day of natural gas.
One (0.3 net) well is currently drilling at Gift/Little Horse and one (1.0 net) well will be drilled at Dalemead prior to year end.
(to read the balance sheet go to www.tse.com, enter BXL and click on news for BXL)
NOTICE TO THE READER
Several statements in this news release, including statements regarding anticipated oil and gas production, reserves or other oil and gas operating activities, are forward looking. These forward-looking statements are based on BXL's current expectations. Because forward-looking statements involve risks and uncertainties, BXL's actual results could differ materially.
BXL Energy Ltd. is listed for trading on The Toronto Stock Exchange and is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in Alberta
BXL Announces Tweedie Land Acquisition and Natural Gas Hedge
09:03 EDT Thursday, October 12, 2000
CALGARY, ALBERTA--BXL Energy Ltd. is pleased to announce that it has acquired a 100% working interest, subject to a 5% non-convertible gross overriding royalty, in 26 sections of Crown mineral rights in the Tweedie area. BXL now controls 139 (126 net) sections in the Tweedie area, approximately 90 sections of which are undeveloped.
BXL also announces that it has entered into an agreement to sell approximately 1,400 thousand cubic feet (mcf) of natural gas per day at a fixed price of $7.44 per mcf for a period of five months commencing November 1, 2000. Other than this transaction, BXL has not hedged any other oil or natural gas production.
BXL is listed for trading on The Toronto Stock Exchange and has 25.1 million shares outstanding. BXL is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in Alberta. |
