EARNINGS TOP 20 LISTED / Ulster Achieves Record Results for 1997
TSE SYMBOL: ULP
MARCH 19, 1998
CALGARY, ALBERTA--"Ulster has reason to celebrate its 30th year as
a public company" said Fred Woods, President of Ulster Petroleums
Ltd. "And what better way to celebrate than with another record
breaking year - Ulster's best ever!"
Net earnings increased by 111 percent to $9,300,000 or $0.22 per
fully diluted common share for the fourth quarter of 1997.
Earnings for the year ended December 31, 1997, rose 93 percent to
$17,991,000 or $0.49 per fully diluted common share.
Cash flows from operations of $29,438,000 or $0.68 per fully
diluted common share for the final quarter of 1997 was 33 percent
higher than the $22,159,000 achieved during the same period in
1996. For the full year of 1997, cash flow of $82,501,000 or
$2.15 per fully diluted share was 37 percent higher than that
attained in 1996. This increase is directly attributable to
record production volumes, coupled with strong natural gas prices.
Natural gas production volumes rose by 18 percent to average 104.9
million cubic feet ("MMcf") per day during the fourth quarter. For
1997, natural gas production volumes reached an average of 96.6
MMcf per day, 31 percent higher than the 1996 annual level.
Production growth came from new wells tied-in at Wapiti, Knopcik,
Gold Creek and Montag.
Crude oil and NGL production volumes rose by 18 percent to average
11,200 barrels per day during the fourth quarter. Production
volumes for the year ended December 31, 1997 jumped 27 percent to
average 9,400 barrels per day compared to 7,400 barrels per day
for 1996. This production growth came from new wells tied-in
after the completion of the major plant expansion at Wimborne and
drilling success at Wapiti and Gold Creek.
During 1997, Ulster added 23.0 million barrels of light gravity
oil and liquids and 222.7 billion cubic feet ("Bcf") of natural
gas to the Company's reserves. These additions represent 6.5
times production volumes for the year. Year end reserves totalled
52.2 million barrels of oil and liquids (39.5 million barrels
proven) and 470.1 Bcf of natural gas (348.0 Bcf proven).
Ulster's annual report will be mailed to shareholders on April 2,
1998.
The Corporation's Annual Meeting will be held on Tuesday, May 5,
1998 in the Turner Valley Room at the Palliser Hotel at 9:00 a.m.
/T/
ULSTER PETROLEUMS LTD.
FINANCIAL AND OPERATING RESULTS SUMMARY
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Three Months Ended Year Ended
December 31 December 31
1997 Percent 1996 1997 Percent 1996
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Production Revenue
(000$) $42,156 (+29) $32,589 $128,801 (+35) $95,273
Net Earnings
(000$) $9,300 (+111) $4,416 $17,991 (+93) $9,307
Per Common Share
- Basic $0.22 (+38) $0.16 $0.50 (+56) $0.32
- Fully Diluted $0.22 (+47) $0.15 $0.49 (+53) $0.32
Cash Flow from
Operations (000$)$29,438 (+33)$22,159 $82,501 (+37) $60,306
Per Common Share
- Basic $0.71 (-15) $0.83 $2.40 (+4) $2.30
- Fully Diluted $0.68 (-3) $0.70 $2.15 (+11) $1.94
Natural Gas
Volumes (mcf/day) 104,900 (+18) 88,800 96,600 (+31) 74,000
Selling Price (mcf) $2.47 (+27) $1.94 $1.97 (+24) $1.59
Production
Expense (mcf) $0.36 (-10) $0.40 $0.37 (-12) $0.42
Crude Oil
Volumes (bbls/day) 11,200 (+18) 9,500 9,400 (+27) 7,400
Selling Price (bbl)$21.95 (-20) $27.28 $23.75 (-7) $25.53
Production
Expense (bbl) $5.49 (+28) $4.28 $5.32 (+40) $3.79
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/T/ |
