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Shares issued 16,567,705ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Nov 19 close $4.85
Thu 20 Nov 97ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr Scott Dutton reports
Following the nine months ended September 30 1997 production is upÿ 39%ÿ to
4821ÿ bopd,ÿ andÿ drilling activity up 63% to 61 (36.7 net) wells. Revenues
increased 39% to $32.4 million dollars for the period and cash flowÿ isÿ up
35%ÿ to $16.9 million for the period. Basic cash flow per share rose 10% to
$1.16 despite a 21% increase inÿ weightedÿ averageÿ sharesÿ outstandingÿ of
14,532,000.
ÿÿÿÿÿÿÿÿÿÿÿÿ HIGHLIGHTS
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 3mosÿÿÿÿÿÿÿ 9mos
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ endedÿÿÿÿÿÿ ended
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Sep 30ÿÿÿÿÿ Sep 30
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ 1997ÿÿÿÿÿÿÿ 1997
Production (bopd)ÿÿÿÿÿÿÿ 4,887ÿÿÿÿÿÿ 4821
Revenue (000's)ÿÿÿÿÿÿÿ $10,961ÿÿÿ $32,452
Cash flow (000's)ÿÿÿÿÿÿ $5,122ÿÿÿ $16,923
Cash flow per shareÿÿÿÿÿ $0.31ÿÿÿÿÿ $1.16
Income (000's)ÿÿÿÿÿÿÿÿÿÿ ($451)ÿÿÿ $1,549
Income per shareÿÿÿÿÿÿÿ ($0.03)ÿÿÿÿ $0.11
Oil priceÿÿÿÿÿÿÿÿÿÿÿÿÿÿ $24.37ÿÿÿÿ $24.65
Upton drilled 21 (12.9 net) wells in the third quarter and exitedÿ atÿ just
underÿ 5,100ÿ bopd.ÿ Fourthÿ quarter drilling to date has yielded excellent
production additions with a current level, net of the exchangeÿ ofÿ Upton's
Redÿ Riverÿ productionÿ atÿ Midale,ÿ ofÿ 5,000ÿ bopd. Current production is
already ahead of third quarter volumes. Production, revenue andÿ cashÿ flow
areÿ expected to be slightly higher in the fourth quarter. Upton expects to
exit the year at approximatelyÿ 5,100ÿ bopdÿ andÿ isÿ lookingÿ toÿ increase
volumes with development drilling to 5,900 bopd by year end 1998.
Upton's exploration group is encouraged by recentÿ successesÿ atÿ Browning,
Wildwoodÿ andÿ Brushÿ Mountainÿ andÿ anticipatesÿ theÿ current program will
significantly impact production volumes beyond the 1998 developmentÿ target
of 5,900 bopd.
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