EARNINGS / Rider Resources Inc. reports 1997 results
NET INCOME GROWS BY 187%
Rider's net income for 1997 increased to $1,224,000 ($0.45 per
share) compared to $427,000 ($0.18 per share) in 1996. Revenues for 1997
totalled $4,472,000, an increase of 78% over 1996 revenues of $2,511,000.
(See table)
CASH FLOW INCREASES BY 112%
Cash flow for the year increased to $2,682,000 ($0.98 per share) from
$1,267,000 ($0.55 per share) in 1996.
PROVEN OIL AND GAS RESERVES EXPAND BY 75%
Rider's proven reserves, as of January 1, 1998 increased to 2,640 MBOE
from 1,507 MBOE at the end of 1996. Total proven plus probable reserves
increased to 3,785 MBOE from 2,495 MBOE at December 31, 1996. The company has
replaced its 1997 production by 8 times on the basis of proven reserves only.
Finding and development costs for 1997 were $3.67 per BOE for proven reserves
and $3.27 per BOE for proven plus probable reserves.
1997 production of oil and gas averaged 454 barrels of oil equivalent per
day (1996 - 280 BOED).
HIGHLIGHTS
----------
Earnings Cash Cash Flow
Earnings(x) Per Share Flow(x) Per Share Revenue(x)
----------- --------- ------- --------- ----------
Fiscal YTD 1997 $ 1,224 $ 0.45 $ 2,682 $ 0.98 $ 4,472
1996 $ 427 $ 0.18 $ 1,267 $ 0.55 $ 2,511
1995 $ 139 $ 0.06 $ 757 $ 0.35 $ 1,941
(x) thousands
Rider's Class A shares are listed on the Toronto Stock Exchange under the
symbol ''RRI.A''. |
