TOP TWENTY SELECTION UPDATE
REFERENCE MESSAGES 290/291/292
Genesis Exploration Ltd.
Stockmarket: Toronto
Stock Symbol; GEX
July 30, 1996
This information is a little dated, but I'm extracting information from the
quarterly report I just received. The next report is due out in
approximately 3 weeks and I will update this posting.
OUTLOOK (As listed by president)
The significant growth Genesis has posted for the first half of 1996
including production, cash flow, and earnings increases, has entirely
come from drilling company generated prospects with high working
interests and operatorship. This is in step with the corporate blueprint
that was laid out when the company went public in early 1993.
Activity for the remainder of 1996 includes drilling in all three existing
focus areas and expansion into a new focus area reflecting the
technical strengths brought to the company with the recent staff
additions.
Genesis will continue the program of increasing working interests in
all of its existing properties where prudent and possible. Acquisitions
in core areas are also being considered at this time.
The company's UPGRADED PRODUCTION RATE TARGETS for
1996 are to exit the year at 2,250 boe/d and to average for the year 3
to 3-1/2 times the production rate achieved in 1995 of 517 boe/d.
Management is committed to these objectives and is to be held
accountable for its aggressive stance in adding value for shareholders.
We look forward to continued growth through the balance of 1996.
OTHER NOTES: Production stood at 1200 boe/d for 6 mo. ending
June, aproximately 53% oil and 47% natural gas. Production for same
period last year was 387 boe/d.
Looking only at the second quarter, the company averaged 1,514
boe/d and at the time the report was prepared (7/30), production
was at 1,850 boe/d.
Outstanding bank debt is only $200,000. The company is financially
able to complete their 1996 capital program while also in position to
capitalize upon additional opportunities as they arise.
The company, effective June, trades on the Toronto Exchange. The
average weight of shares outstanding is 13.6 million.
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