EARNINGS / Storm Energy reports 1997 results
CALGARY, Feb. 18 /CNW/ - Storm Energy Inc. (''Storm'') is pleased to
announce record results for the year ended December 31, 1997. Since these
results are compared to the nine-month period ended December 31, 1996, the
percentage changes have been annualized. Where applicable, the 1996 results
have been restated to reflect the 2.13725 share conversion ratio used to
acquire Dancap Resources Inc. in June, 1997.
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12 months ended 9 months ended Annualized
December 31/97 December 31/96 % Change
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Financial
Revenues $13,791,968 $2,656,570 289
Cash Flow from operations 7,054,046 1,348,081 292
Per share (basic) 0.152 0.063 141
Per share (fully diluted) 0.122 0.047 160
Net Income 1,001,415 500,793 50
Per Share (basic) 0.022 0.023 (4)
Per Share (fully diluted) 0.017 0.019 (11)
Debt to Cash Flow
(Exit annualized using 1998
netbacks) 1.50 nil -
Operations
Average daily production
Crude oil and NGLs (bbl/d) 1462 374 291
Natural gas (mcf/d) 655 40 1538
Barrels of oil
equivalent (boe/d) 1527 378 304
Exit Production (boe/d) 2350 484 386
Corporate Price
Crude oil ($Cdn/bbl) 24.75 25.70 (4)
Cash flow netback ($Cdn) 12.66 12.97 (2)
>>
During the year Storm drilled a total of 17 wells (11.82 net) with an
overall success rate of 64%. Most of the drilling activity was centered in
the Evi area of Alberta, where the company drilled six (gross) successful
oilwells in seven attempts. In other areas of Alberta, Storm drilled three
more successful oil wells, two successful gas wells, and five wells were dry
and abandoned. Proved and probable reserves at the end of 1997 exceeded 5.4
million boe, up 178% from the comparable figure for last year.
Capital expenditures for 1997 reached $38.6 million with the Evi and
Dancap acquisitions accounting for $26 million of the total. In addition to
the drilling program, other major capital projects included the construction
of an oil processing facility at Evi and the compilation of a large land
position in areas adjacent to Evi. Storm now has 117,673 gross acres (64,755
net) of developed and undeveloped land, an increase of 341% from last year's
total. |
