9 month financial results
Brigdon Resources Inc BRG.A
Shares issued 12,495,995 1997-02-20 close $1.60
Friday Feb 21 1997
News Release
Mr J. Phillip Piffer reports
For the nine months ended December 31 1996, revenue and cash flow each
increased by 59%, compared to the same period in 1995. Earnings before taxes increased by 8% and net earnings (after deferred taxes) increased by 15% to $961,000.
FINANCIAL HIGHLIGHTS
Nine months ended December 31
1996 1995
---------- ----------
Revenue $3,471,000 $2,180,000
Cash flow $2,049,000 $1,289,000
Cash flow per share $ 0.16 $ 0.11
Net earnings $ 961,000 $ 835,000
Average daily sales
(Mcf equivalent) 7600 5700
The quarter ended December 31 1996 set several company records, including revenue of $1,407,000 and cash flow of $939,000, each more than double the quarter ended December 31 1995.
Record levels of industry activity have made it impossible for Brigdon to obtain a drilling rig for the past three months. The lack of drilling rigs in central Alberta has delayed the company's exploration/development program. Brigdon has, however, continued to expand its leaseholdings at Buffalo Lake (7,200 acres added in nine months) and at Ponoka (2,200 acres added) and has significantly expanded its geophysical and geological data base and portfolio of drilling locations. Brigdon expects that following breakup a drilling rig will be available from the company's usual contractors.
The company plans to drill upwards of ten wells through the end of 1997.
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