Results for the year ended March 31, 1997.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: BRIGDON RESOURCES INC.
TSE SYMBOL: BRG.A
JUNE 27, 1997
Brigdon Continues Growth
CALGARY, ALBERTA--Brigdon Resources Inc. (TSE - BRG.A) of Calgary today released its operating and financial results for the year ended March 31, 1997.
As compared to fiscal 1996, revenue increased by 48 percent, cash
flow by 54 percent, production by 30 percent and net earnings before deferred taxes by 25 percent.
/T/
Years Ended March 31
1997 1996 Increase
(percent)
-------------------------------
Revenue $4,818,000 $3,258,000 +48
Cash Flow $2,784,000 $1,809,000 +54
Cash Flow Per Share (Basic) $0.22 $0.16 +38
Earnings Before Tax $1,737,000 $1,395,000 +25
Net Earnings $1,028,000 $1,085,000 - 5
Net Earnings Per Share (Basic) $0.08 $0.09 -11
Average Daily Sales
(Mcf equivalent) 7659 5904 +30
/T/
Net earnings went from $1,085,000 for fiscal 1996 to $1,028,000
for fiscal 1997, as deferred tax expense increased from $310,000
in 1996 to $709,000 for 1997.
During the year, Brigdon increased its interest in oil and gas
leases at its Buffalo Lake and Ponoka, Alberta projects by 65
percent, from 21,700 gross (16,800 net) acres to 35,800 gross
(30,000 net) acres. The company increased its data base of 3-D
seismic coverage from 4,500 acres to 21,000 acres.
Brigdon has an aggressive exploration and development program
planned for the balance of this year, including an extensive
geophysical program and the drilling of a planned ten wells (100
percent working interest) by December 31, 1997. Most of the wells
will target Basal Quartz, Glauconite or Devonian zones in the
Buffalo Lake-Stettler area of Central Alberta. The company has a
drilling rig under contract for this program.
BRIGDON RESOURCES INC.
J. Phillip Piffer, President
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