EARNINGS / Amber Energy reports Year-End Results
CALGARY, Feb. 19 /CNW/ - Amber Energy Inc. (''Amber'') announces its
audited financial results for the year ended November 30, 1997 as follows:
Year ended November 30
1997 1996 % Change
--------------------------------
Financial
($ Millions except per share(x) amounts)
For the year ended November 30
Oil and gas sales (before royalties) 108.6 73.9 47
Funds from operations 59.3 43.7 36
Per share (basic) 1.15 0.95 21
Per share (fully diluted) 1.09 0.90 21
Net income 12.6 11.9 6
Per share (basic) 0.24 0.26 (8)
Per share (fully diluted) 0.24 0.26 (8)
Return on equity (%) 10 17 -
Capital expenditures 276.0 77.8 255
Finding costs ($/Boe - all capital)
Proven 4.59 6.29 -
Proven plus probable 1.28 4.94 -
As at November 30
Working capital deficit (surplus) 22.3 (0.4) -
Long-term debt 197.3 68.5 188
Shareholders' equity 161.2 82.8 95
Total assets 432.2 176.4 145
Common shares outstanding (millions)
Basic 52.7 47.5 11
Fully diluted 58.3 52.2 12
Weighted average 51.6 46.0 12
Year ended November 30
1997 1996 % Change
--------------------------------
Operating
Production
Heavy oil 5,358 1,349 297
Light oil and NGLs 2,582 2,228 16
--------------------------------
Total crude oil and NGLs (Bbl/d) 7,940 3,577 122
Natural gas (Mmcf/d) 92.9 76.8 21
Barrels of oil equivalent (Boe/d) 17,230 11,257 53
Average product prices
Heavy oil 13.26 22.71 (42)
Light oil and NGLs 26.84 26.00 3
--------------------------------
Total crude oil and NGLs ($/Bbl) 17.68 24.76 (29)
Natural gas ($/Mcf) 1.69 1.47 15
Average production expenses
Heavy oil 2.59 2.65 (2)
Light oil and NGLs 6.51 5.65 15
--------------------------------
Total crude oil and NGLs ($/Bbl) 3.86 4.52 (15)
Natural gas ($/Mcf) 0.24 0.18 33
Wells drilled
Gross 212 100 112
Net 151.8 47.5 220
Success rate (%) 93 82 -
As at November 30
Reserves - proved and probable
Crude oil and NGLs (MmBbls) 221.5 22.1 902
Natural gas (Bcf) 297.6 199.6 49
Barrels of oil equivalent (MmBoe) 251.3 42.1 495
Undeveloped land (thousands of
net acres) 643 409 57
(x) Per share amounts have been adjusted retroactively for two-for-one
stock split on May 26, 1997.
Quarterly Information (for years ending November 30)
1997
---------------------------------------
($ Thousands except per
share(x) amounts) Q1 Q2 Q3 Q4
-------------------------------------------------------------------------
Revenues (before royalties) 27,989 22,732 25,132 32,721
Funds from operations 16,633 11,656 13,772 17,261
Net income 5,759 2,114 2,948 1,757
Capital expenditures 100,631 57,428 47,856 70,104
Per share data
Funds flow: basic 0.34 0.22 0.26 0.33
fully diluted 0.32 0.21 0.25 0.31
Earnings: basic 0.12 0.04 0.05 0.03
fully diluted 0.12 0.03 0.06 0.03
Common shares o/s (000's) 52,238 52,522 52,526 52,689
Wtd avg shares o/s (000's) 48,764 52,508 52,525 52,670
Production
Crude oil and NGLs (Bbl/d) 5,144 7,014 8,905 10,666
Natural gas (Mmcf/d) 88.7 94.2 90.5 98.3
Boe's at 10:1 (Boe/d) 14,014 16,434 17,955 20,496
Average product prices
Crude oil ($/Bbl) 24.28 16.47 15.62 17.06
Natural gas ($/Mcf) 2.10 1.40 1.48 1.81
Average production expenses
Crude oil ($/Bbl) 5.20 3.96 3.95 3.08
Natural gas ($/Mcf) 0.23 0.24 0.26 0.24
1996
---------------------------------------
($ Thousands except per
share(x) amounts) Q1 Q2 Q3 Q4
-------------------------------------------------------------------------
Revenues (before royalties) 14,523 19,837 19,124 20,410
Funds from operations 8,554 12,531 11,107 11,510
Net income 2,623 3,752 2,953 2,530
Capital expenditures 25,644 14,742 22,534 14,926
Per share data
Funds flow: basic 0.19 0.28 0.24 0.24
fully diluted 0.18 0.26 0.24 0.22
Earnings: basic 0.06 0.08 0.07 0.05
fully diluted 0.06 0.08 0.07 0.05
Common shares o/s (000's) 45,200 45,632 47,206 47,538
Wtd avg shares o/s (000's) 45,183 45,632 45,698 47,515
Production
Crude oil and NGLs (Bbl/d) 2,816 3,736 3,911 3,841
Natural gas (Mmcf/d) 59.4 82.4 81.9 83.3
Boe's at 10:1 (Boe/d) 8,756 11,976 12,101 12,171
Average product prices
Crude oil ($/Bbl) 21.63 25.21 23.78 27.61
Natural gas ($/Mcf) 1.66 1.47 1.40 1.42
Average production expenses
Crude oil ($/Bbl) 4.87 3.76 4.24 5.29
Natural gas ($/Mcf) 0.18 0.16 0.19 0.18
(x) Per share amounts have been adjusted retroactively for both of the
two-for-one share splits which occurred on April 30, 1996 and May
26, 1997.
1998 Outlook
Amber's 1998 drilling program has already encountered great success.
Amber has achieved a 100% success rate in two of its main growth areas by
drilling 35 (35 net) horizontal oil wells at Pelican Lake and 8 (5.7 net) oil
wells at Springburn. Amber also recently drilled 16 (16 net) natural gas wells
and 3 (3 net) dry holes in the Wabasca area resulting in an 84% success rate.
These recent drilling results have contributed to Amber's current
production levels of approximately 20,000 Bopd and 105 Mmcfd of natural gas.
The construction of the Pelican Lake Heavy Oil Sales Pipeline will be
completed in May 1998 and be fully operational by June 1, 1998.
Amber will complete its entire 1998 winter drilling program in March 1998
with the drilling of 100 wells at Pelican Lake and twelve wells at Springburn.
The Company is currently expecting its 1998 average production volumes to be
approximately 27,000 Bopd and 120 Mmcfd of natural gas.
Amber is an independent Canadian oil and gas exploration, development and
production company with common shares trading on both |
