EARNINGS / Crispin Energy reports 1997 Results
CRISPIN ENERGY INC. today announces its financial and operating results for
the year ended December 31, 1997.
For the year ended December 31, 1997, gross revenues totalled $1,133,791
compared to $1,057,403 for the year ended December 31, 1996. Net income for
1997 was $302,744, up 298%, over the net income for 1996 of $76,126. On a per
share basis, net income for the year ended December 31, 1997 was $0.015
($0.014 fully diluted) versus $0.004 ($0.004 fully diluted) for 1996. Cash
flow from operations for 1997 was up 139% to $370,589 compared to operating
cash flow of $155,304 for 1996.
Crude oil production averaged 109 BOPD and natural gas production averaged 20
MCFD during the reporting period. By comparison 1996 had average crude oil
production of 99 BOPD and natural gas production of 37 MCFD.
Production operations were suspended at Sousa for several months during 1997
due to unusually severe flooding in the area. This factor impaired the growth
in Crispin's average daily crude oil production for 1997, despite the
addition of significant new production from the Medicine Hat area. Crispin
has made a claim on its business interruption insurance for both the losses
of cash flow and the property damage caused by the flooding. The majority of
the Sousa production was finally restored on the 1st of November.
Crispin Energy Inc. is an exploration, development and production company
listed on the Alberta Stock Exchange under the trading symbol "CEY".
For further information, please contact Donald C. Munro, President & CEO or
Murray D. Graham, Vice-President & CFO at (403) 234-7407, Fax (403) 265-5993,
by e-mail at crispin@cadvision.com or visit our website at
www.crispinenergy.com. |
