EARNINGS / Canrise Exploration reports 1997 results
Canrise Resources Ltd. announced its unaudited financial and operating
results for the fourth quarter and 1997 fiscal year. The following table
summarizes the results for the three and twelve month periods ended December
31, 1997 and 1996. Please note that the 1997 results in the table below are
unaudited and may be subject to change, the Corporation anticipates releasing
audited numbers by mid-March.
Three Months Ended Twelve Months Ended
December 31 December 31
1997 1997
Unaudited 1996 % Unaudited 1996 %
Chan Chan
ge ge
Production
Revenue $8,012,000 $3,930,000 104 $25,210,000 $12,181,000 74
Cash Flow from
Operations $4,592,000 $2,228,000 106 $13,977,000 $6,566,000 113
Per Share (Basic) $0.30 $0.19 58 $0.97 $0.59 64
Per Share (Fully
Diluted) $0.27 $0.18 50 $0.90 $0.54 67
Net Income $1,077,000 $762,000 41 $2,896,000 $1,983,000 46
Per Share (Basic) $0.07 $0.07 - $0.20 $0.18 11
Per Share (Fully
Diluted) $0.07 $0.07 - $0.20 $0.17 18
Capital Expen
-ditures $23,515,000 $5,478,000 329 $77,166,000 $16,189,000 377
Long Term Debt $16,120,000 $4,592,000 251 $16,120,000 $4,592,000 251
Average Daily
Sales Production
Natural gas (mcf/d) 24.3 11.7 108 21.0 11.6 81
Oil & NGL ($/bbl) 1,071 584 83 934 456 105
Average Product Prices
Natural gas ($/mcf) $2.55 $2.27 12 $2.25 $1.91 18
Oil & NGL ($/bbl) $23.45 $27.60 (15) $23.41 $24.24 (3)
Drilling (Gross Wells)
Natural Gas 9 3 200 31 15 107
Oil 1 2 (50) 5 5 -
D&A 3 4 (25) 9 7 29
------------ ---------- ----- ------------ ------------ ---
Total Drilled 13 9 44 45 27 67
Success Rate 77% 56% - 80% 74% -
Year End Reserves
Proved Natural Gas (bcf) 75.8 33.1 129
Oil & NGL (mbbls) 3,381 1,485 128
Probable Natural Gas (bcf) 33.3 15.7 112
Oil & NGL (mbbls) 1,516 836 81
Undeveloped Land
Gross Acres 152,200 67,376 126
Net Acres 91,209 36,150 152
Overall Finding, On-stream and
Acquisition costs ($/BOE)
Proved Reserves $10.20 $5.55 84
Established Reserves $8.74 $4.72 85
Net Asset Value (before income taxes)
Established Reserves @ 15% $88,556,000 $48,555,000 82
Per Share $5.03 $4.12 22
Shares Outstanding
Weighted Average 14,395,606 11,073,349 30
Issued 17,618,298 11,782,599 50
Canrise Resources Ltd. is an Alberta based corporation engaged in the
business of evaluating and acquiring oil and natural gas properties and
exploring for, developing and producing petroleum substances in western
Canada. The Corporation currently has issued 17,665,765 common shares that
trade on The Toronto Stock Exchange under the symbol "CRE".
The Toronto Stock Exchange has neither approved or disapproved the above
information.
FOR FURTHER INFORMATION PLEASE CONTACT:
PETER J. KURCEBA, P.GEOL.
PRESIDENT AND CHIEF EXECUTIVE OFFICER
DIRECT TELEPHONE: (403) 262-0840
INTERNET ADDRESS: www.canrise.com
DAVID M. FISHER, C.A.
VICE PRESIDENT, FINANCE AND CHIEF FINANCIAL OFFICER
DIRECT TELEPHONE: (403) 262-0842
E-MAIL ADDRESS: dfisher@canrise.com |
