EARNINGS / Nycan Petroleum reports 1997 Results
Nycan Petroleum Corp. reports that its continued focus on the development of
internally generated prospects in Southeastern Alberta allowed it to achieve
record growth in cash flow, production and capital expenditures in 1997. An
active drilling program resulted in Nycan participating in the drilling of a
total of 21 wells, 11 of which were located at Turin East, a key Southern
Alberta property. The extensive use of 3-D seismic has resulted in high
drilling success rates at Turin East. It has also enabled Nycan to identify
in excess of forty further exploration and development locations.
For the year ended December 31, 1997, funds flow from operations increased to
$ 867,251 or $.028 per share from $691,415, $0.026 per share, for the year
ended December 31, 1996 Production revenues net of operating costs and
royalties increased to $1,604,317 from $1,299,126 in 1996. Expenditures for
the period totalled $3,837,646 compared to $ 1,399,582 for the prior year.
Nycan expended $ 599,488 for the purchase and shooting of 3-D seismic
programs at Turin East.
The Company raised $1,142,000 through the sale of Flow Through Shares at 45
cents per share. This issue will allow Nycan to fund its active ongoing
exploration program.
Nycan produced an average of 1.13 million cubic feet per day of natural gas
and 118 barrels per day of oil and natural gas liquids during 1997 and exited
the year at rates of approximately 400 barrels of oil equivalent per day.
SUMMARY OF OPERATIONS YEAR ENDED DECEMBER 31,1997
1997 1996
Total Revenue $1,604,317 $1,299,126
Funds Flow from Operations $867,251 $691,415
Funds Flow per Common Share $0.028 $0.026
Net Income $229,425 $247,512
Net Income per Common Share $0.007 $0.009
Common Shares Outstanding 34,420,600 31,120,320
The Alberta Stock exchange neither approves nor disapproves of the
information contained herein.
For further information regarding the contents of this press release, please
contact:
R. L. McPherson, President Nycan Petroleum Corp.
ASE: NAP.A
Telephone: (403) 264-7377
Facsimile: (403) 266-6669 |
