EARNINGS / Granger Energy Reports 1997 Operating & Financial Results
ASE SYMBOL: GAS.A
FEBRUARY 24, 1998
CALGARY, ALBERTA--Granger Energy Corp. today announced its audited
financial and operating results for the fiscal year ended November
30, 1997.
Total company production increased 31 percent over the prior year
to average 530 barrels of oil equivalent per day. Oil production
increased 50 percent to average 477 barrels per day and natural
gas production averaged 533 thousand cubic feet per day (mcfd),
down from 872 mcfd. Net revenue rose 46 percent to $3,762,000
from $2,576,000. The average gas price received increased 21
percent to $2.00 per mcf, while the average net oil price
increased 2 percent to $23.51 per bbl. Cash flow increased 72
percent to $2,096,000 ($0.72 per share basic) from $1,216,000
($0.46 per share basic) in 1996. Net earnings increased 49
percent to $535,000 ($0.18 per share basic) from $360,000 ($0.14
per share basic) in the previous year.
Granger participated in drilling 22 (6.43 net) wells during the
year, including 17 (4.50 net) horizontal wells, resulting in 17
(4.30 net) oil wells, 2 (.40 net) service wells and 3 (1.73 net)
dry holes for a 73 percent net success rate. Granger's $6,655,000
capital investment program added 17,000 net acres of undeveloped
land plus 876,000 BOE's of established reserves, replacing 1997
production 4.5 times.
/T/
Twelve Months Ended November 30
Percent
1997 1996 Change
-------------------------------------------------------------
Production
Oil and NGLs(bpd) 477 317 +50
Natural gas (mcfd) 533 872 -39
BOE/d 530 404 +31
Net revenue after
royalties $3,762,000 $2,576,000 +46
Cash flow $2,096,000 $1,216,000 +72
Per share-basic $0.72 $0.46 +57
Net Earnings $535,000 $360,000 +49
Per share-basic $0.18 $0.14 +29
Wt. Avg. Share-basic 2,913,000 2,655,000 +10
Capital Expenditures $6,655,000 $3,038,000 +119
/T/
Granger is currently producing 650 barrels of oil equivalent per
day and has 5,521,000 Class A shares listed on the Alberta Stock
Exchange under the trading symbol "GAS.A". |
