EARNINGS / Gulfstream Resources reports 1st 3 months Results
CALGARY, Feb. 24 /CNW/ - Gulfstream Resources Canada Limited - GUR,
Toronto - recorded a profit of $2,724,631 or 5 cents per share for the three
month period ended December 31, 1997. Income for the quarter is more than
double the income level of $1,359,814 or three cents per share for the same
period in the prior year. Per share calculations are based on 58,876,320
common shares outstanding for the first quarter of 1998 compared to 48,972,294
for the first three fiscal months of 1997.
Financial results reflect payment of a 2 cent per share dividend on
December 31, 1997, payable to shareholders of record on December 19, 1997.
Gross revenues for the quarter totaled $11,255,166 compared to $6,384,693
for the same period in 1997. Expenses were $6,618,402 to the end of the
quarter compared to $3,521,216 for the prior year period. Operating cashflow
was $3,790,299 for the first quarter of 1998 compared to $1,078,894 for the
first quarter of 1997.
Expenditures on oil and gas interests totaled $14,977,616 compared to
$9,477,482 for the three-month period in 1997. Cash at quarter-end was
$34,606,717.
Two additional production wells were brought on stream at Al-Rayyan
offshore Qatar in late-November, 1997, increasing the number of producing
wells in the field to six. Oil production from Al-Rayyan averaged 32 thousand
barrels per day in December and 23 thousand barrels per calendar day for the
quarter. No production was recorded from Al-Rayyan in the quarter ended
December 31, 1996 as commercial production from the field did not begin until
January 1, 1997.
A Plan of Development for longer-term development of the Al-Rayyan field
has been submitted to the Government of the State of Qatar. In Madagascar, a
320 kilometre seismic program was completed in late-November, 1997. Plans are
underway to initiate seismic and drilling activity in Oman for 1998.
Subsequent to December 31, the Company secured a $73 million, 3-year revolving
credit facility with a consortium of international banks.
The Annual General Meeting of Shareholders will be held in Calgary on
March 24th at 3:00 PM in the Lakeview Room of the Westin Hotel. |
