Bolt Announces Second Quarter 2001 Financials & Operation Results
CALGARY, Aug. 21 /CNW/ - For the six months ended June 30, 2001, Bolt had
cash flow of $3,989,277 ($0.33 per share fully diluted) compared to $1,376,640
($0.11 per share) in the same period last year. Oil and gas sales totaled
$5,951,022 for the six months ending June 30, 2001 versus $2,393,060 for the
same period in 2000. Bolt had pre tax income of $2,844,277 ($0.23 per share
fully diluted) for the six months ended June 30, 2001 compared to $880,640
($0.07 per share) for the same period in 2000.
Bolt's balance sheet remains very strong with little debt and capacity
for a strategic acquisition.
Bolt's Two Creek well produced at 4 mmcf (gross) per day for April and
May and averaged 6 mmcf/d (gross) for June. An agreement was reached with the
plant operator late in May to produce the property at full capacity for a
three year term. On June 8, 2001 the well was opened-up to over 7 mmcf/d
(gross) and is currently producing approximately 5 mmcf/d (gross). Bolt holds
a 50% working interest at Two Creek.
Bolt's second quarter 2001 net production averaged 3.6 mmcf/d of gas and
273 bbls/d of oil and NGL's, or 633 boe/d. Up from 350 boe/d for the same
period last year.
Bolt's average commodity prices received for the second quarter was
$25.42 /bbl for oil and $6.31 /mcf for gas.
Bolt commenced its 2001 drilling program in the second quarter by
drilling four of its proposed 20 wells. Of the four wells, three were
targeting oil in Saskatchewan and one was targeting gas in Alberta. Two of the
wells were cased as potential oil wells and two were abandoned. Bolt holds a
100% interest in all four wells.
Bolt continued to review options for maximizing shareholder value in the
second quarter and will continue to do so on a more aggressive basis for the
balance of the year.
<<
Period Profit (*)Profit/ Cash Flow (*)C/F Revenue
Share Share
Fiscal Y.T.D.
2001 $2,844,277 $0.23 $3,989,277 $0.33 $5,951,022
2000 $ 880,640 $0.07 $1,376,640 $0.11 $2,393,060
Second Quarter
2001 $ 433,514 $0.04 $1,143,514 $0.10 $2,366,953
2000 $ 583,186 $0.05 $ 829,185 $0.07 $1,299,878
>>
(*)Shares fully diluted
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy of this release.
-30-
For further information: Raymond Chiarastella, Phone: (403) 262-4316,
Fax: (403) 263-0303, E-Mail: bolt@boltenergy.com, Web Page:
www.boltenergy.com |
