EARNINGS / Brittany Energy reports 1997 Results
CALGARY, April 7 /CNW/ - Brittany Energy Inc. today reported that as a
result of a production purchase and successful development drilling during the
last quarter of 1997, that its exit production rate reached 291 boepd,
comprised of 193 bopd and 977 mcfpd.
The Company's production growth during 1997 averaged:
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1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Exit '97
----------- ----------- ----------- ----------- --------
Oil-bopd 66 57 79 135 193
Gas - mcfpd -- -- 624 929 977
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At year end Brittany's proven reserves totaled 308,700 barrels of oil and
2.6 bcf of gas, with proven and probable reserves reported at 575,400 barrels
and 5.6 bcf of gas.
Capital expenditures incurred during 1997 amounted to $3.5 million,
including $2.6 million on acquisitions and $0.9 million exploration and
development. Finding and development costs averaged $6.44 per boe on a proven
basis and $3.24 per boe on a proven plus probable basis.
Higher production in 1997 increased total revenues to $1.0 million,
compared with $881,000 in 1996, however, higher overhead costs resulted in a
slight decrease in cash flow to $362,000 in 1997, compared with $374,000 for
the prior year.
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Summary of Operations
Year Ended December 31, 1997
1997 1996
Total Revenue $1,018,203 $881,375
Cash flow from Operations $362,453 $374,522
Cash flow per Common Share $0.04 $0.05
Net Earnings (Loss) ($20,476) $67,610
Net Earnings per Common Share (Loss) ($0.00) $0.01
Production: Oil & Ngls - bopd 78 88
Gas - mcfpd 443 --
Common Shares Outstanding 10,807,213 8,701,001
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