Six month report
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: BRIGDON RESOURCES INC.
TSE SYMBOL: BRG.A
NOVEMBER 27, 1996
Brigdon Continues Strong Growth and Aggressive Drilling
Program
CALGARY, ALBERTA--Brigdon Resources Inc. (TSE - BRG.A) of Calgary
today released its operating and financial results for the six
months ended September 30, 1996
Six Months Ended September 30
Percent
1996 1995 Change
--------------------------------------------------------
Revenue $2,064,000 $1,329,000 +55
Cash Flow $1,110,000 $ 860,000 +29
Cash Flow Per Share
(Basic) $ 0.09 $ 0.08 +12
Earnings Before
Deferred Taxes $ 815,000 $ 414,000 +97
Net Earnings $ 513,000 $ 414,000 +24
Net Earnings Per
Share (Basic) $ 0.04 $ 0.04 -
Since its last quarterly report, Brigdon has drilled four
exploration wells and one development well. The exploration wells
have not been fully tested or evaluated, however, each well has
discovered gas reserves and three wells have indicated oil
potential. One oil zone tested well in excess of 100 barrels per
day. The company's working interest in each well is 100 percent.
Each well in the current drilling program is based on an anomaly
outlined and identified with three dimensional seismic mapping.
The next well Brigdon plans to drill is a new pool wildcat test
for the Nisku reef.
The company continues to expand its lease acreage position at
Buffalo Lake - Stettler. Total leaseholdings at Buffalo Lake now
exceed 23,000 acres.
At a second exploration area twenty miles west of Buffalo Lake,
Brigdon has acquired an initial 2,560 acres and is negotiating the
acquisition of several more blocks of leases.
Brigdon expects to complete each of the recently drilled
locations, recomplete three older wells and pipeline in four gas
wells by the end of December. If a drilling rig is available for
contract, an additional four to six wells will be drilled later
this winter.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brigdon Resources Inc.
J. Phillip Piffer
President
(403) 266-4421
The Toronto Stock Exchange has not reviewed and does not accept
responsiblity for the adequacy or accuracy of this Press Release. |
