IPC Reports Strong Third Quarter Earnings of U.S. $11.5 Million
August 07, 1997 09:33
VANCOUVER, BRITISH COLUMBIA --(BUSINESS WIRE)-- Aug. 7, 1997-- INT'L PETROLEUM (TSE IRP., NASDAQ IRPPF.)
International Petroleum Corporation ("IPC") is pleased to announce that during the nine month period ended June 30, 1997 IPC recorded net earnings of U.S. $11.5 million or U.S. $0.26 per share compared to a loss of U.S. $0.134 million or U.S. $0.003 per share for the same period last year.
This increase was primarily due to the sale of the Bukha field in the Sultanate of Oman for gross proceeds of U.S. $26.5 million, a capital gain of U.S. $14 million to IPC. The sale was effective as of March 1, 1997, and as a result of this sale, the Company wrote- off its investments of U.S. $0.681 million in the Ghubbali and Batinah concessions in Oman.
As well as eliminating all debt, the sale of the Bukha field has significantly improved the Company's cash and marketable security position as at June 30, 1997 to U.S. $30.2 million.
IPC's production and reserves profile has exhibited strong growth with the Malaysian project coming onstream at the end of July, 1997 and cash flow growth is expected to accelerate as a result of increased production.
IPC also has significant, top quality gas reserves in Papua New Guinea as well as prime exploration acreage in the Falkland Islands, Sudan and Libya.
In the past five years, IPC has enjoyed a 77 percent drilling success rate and hopes to continue this success in its upcoming exploration program. The Company is planning extensive exploratory drilling campaigns in Malaysia, Sudan, Libya and the Falkland Islands in the coming year.
ON BEHALF OF THE BOARD
"Ian H. Lundin", President
CONTACT: International Petroleum Corporation
Sophia Shane, 604/ 689-7842 |
