EARNINGS TOP 20 LISTED / Part 2 of 2 - Canadian 88 Energy Corp.
Announces Record Growth Through the Drillbit: Production, Revenue,
Cash Flow and Earnings at All-Time High for First Nine Months
of 1997
TSE, ASE SYMBOL: EEE
NOVEMBER 24, 1997
/T/
Canadian 88 Energy Corp.
Third Quarter 1997 Financial and Operating Statistics
Three Months Nine Months
Ended Percent Ended Percent
September 30 Change September 30 Change
------------ ------- ------------ -------
1996 1997 1996 1997
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Financial:
(000's except per share amount)
Production Revenues $13,612 $18,568 36 $36,422 $54,353 49
Cash Flow from
Operations $6,066 $8,731 44 $15,553 $26,689 72
Net Earnings $1,033 $1,748 69 $2,171 $15,252 603
Per Common Share:
Cash Flow from
Operations $0.09 $0.09 0 $0.23 $0.29 26
Net Earnings $0.01 $0.02 100 $0.03 $0.17 467
Average Common Shares
(000's) 68,921 90,796 32 68,921 90,796 32
Operations:
Production Volumes:
Oil & NGL's(bbls/d) 2,409 2,498 4 2,033 2,381 17
Natural gas(mmcf/d) 60 73 21 54 67 24
Sulphur(lt/d) 170 364 114 200 328 64
Sales Prices:
Oil & NGL's($/bbl) $24.01 $21.67 -10 $22.17 $23.08 4
Natural Gas($/mcf) $1.35 $1.93 43 $1.44 $2.06 43
Sulphur($/lt) $0.00 $1.43 - $6.66 $1.10 -83
Capital Expenditures (000's):
Property Acquisition $ - $ - - $ - $2,269 -
Exploration &
Development 14,436 24,534 70 32,931 68,712 109
Plants & Facilities 4,989 7,195 44 14,388 17,623 22
Land & Lease 4,090 1,290 -68 7,954 11,938 50
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$23,515 $33,019 40 $55,273$100,542 82
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Undeveloped Land Acreage position at September 30, 1997:
Gross Net Average
Acres Acres WI
------- ------- -------
Western Canada 490,565 440,394 91 percent
Northwest Territories 215,390 215,390 100 percent
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705,955 655,784 96 percent
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/T/
Canadian 88 Energy Corp. is an independent exploration and
production company with shares listed for trading on the Toronto
and Alberta Stock Exchanges under the symbol EEE. |
