EARNINGS / Vision 2000 Explorations reports 1st 9 months Results
Vision 2000 Exploration Ltd. (formerly Conklin Energy Company Inc.) announced
that the Corporation has completed a very successful first nine months of
1997. Vision 2000 began trading on the Alberta Stock Exchange October 31,
1997 with the issuance of 3,397,300 Units for gross proceeds of $1,698,650.
The Company reported revenue net of royalties of $145,654 in the nine month
period compared to $109,894 in 1996, an increase of 33%. Cash flow from
operations was $50,167 ($0.014 per share) compared with $166,679 ($0.073 per
share) for 1996. Net income for the nine months was $6,417 compared with
$155,040 for 1996. The Company's results for 1996 were significantly higher
due to a net gain on the disposition of some assets totaling $141,879.
Vision 2000's production for the nine months ended December 31, 1997 averaged
28 boepd an increase of 53% over the same period of 1996.
The Company's northern drilling program targeting natural gas commenced on
February 23 with the spudding of a deep test in the Pine Creek area in which
the Company has a 7.5% interest before payout and a 25% interest after
payout. A second deep well at Pine Creek in which the Company has a 7%
interest is due to spud in early March. The Company's drilling program in
southern Alberta is due to commence after breakup with a 100% well being
drilled in the Knappen field also targeting natural gas.
Vision 2000 Exploration Ltd. is a well financed junior oil & gas company with
significant undeveloped land holdings and a high impact natural gas drilling
program underway.
The Alberta Stock Exchange has neither approved nor disapproved of the
information contained herein.
Any further inquiries should be directed to:
David G. Conklin, President
Vision 2000 Exploration Ltd.
Suite 1220, 144 - 4th Avenue S.W.
Calgary, Alberta T2P 3N4
Tel: (403) 294-1177
Fax: (403) 269-3048
HIGHLIGHTS
Nine Months Ended December 31 1997 1996
Revenue, Net of Royalties $ 145,654 $ 109,894
Cash Flow from Operations $ 50,167 $ 166,679
per Share $ 0.014 $ 0.073
Net Income $ 6,417 $ 155,040
Capital Expenditures $ 444,498 $ 464,110
Common Shares Outstanding, 3,562,962 2,291,364
weighted average
Average Daily Production
Oil (bbls/d) 9.7 1.7
Natural Gas (mcf/d) 182.0 164.5
BOE/day 27.9 18.2
Average Product Prices
Price/bbl $ 25.36 $18.34
Price/mcf $2.05 $ 2.36 |
