EARNINGS / BXL Announces 1997 Results
ASE SYMBOL: BXL
APRIL 7, 1998
CALGARY, ALBERTA--BXL Energy Ltd. is pleased to report its
operating and financial results for the year ended December 31,
1997 with comparatives:
/T/
Year ended December 31
---------------------- Percent
Highlights 1997 1996 Change
---- ---- -------
Operating
Average daily production
Oil and NGLs (barrels - bbls) 151 143 6
Natural gas as
(thousand cubic ft. - mcf) 2,404 478 403
Equivalent barrels
(10 mcf equals 1 boe) 391 191 105
Average selling prices
Oil and NGLs ($/bbl) 26.14 28.36 (8)
Gas ($/mcf) 1.73 1.69 2
Operating netbacks
Oil and GLS ($per bbl) 16.11 13.34 21
Natural gas ($ per mcf) 0.82 1.02 (20)
Barrels of oil equivalent
($ per boe) 11.26 12.52 (10)
Financial
($000's except per share amounts)
Oil and gas sales 2,963 1,775 67
Gas management contract fees 112 946 (88)
Cash flow from operations 1,133 1,349 (16)
Per share 0.06 0.09 (33)
Net earnings (loss) (111) 571 (119)
Per share (0.01) 0.04 (125)
Capital investment 6,047 4.258 42
/T/
BXL's 1997 average daily production more than doubled compared to
1996, a direct result of a four fold increase in natural gas
production. Combined production averaged 391 boe's per day in
1997 as compared to 191 boe's per day in 1996. Natural gas
production jumped to 2,404 mcf per day in 1997 from 478 mcf per
day in 1996. Oil and natural gas liquids (NGLs) production
averaged 151 bbls per day in 1997, a 6 percent increase over the
143 bbls per day produced during the prior year.
Fourth quarter 1997 production averaged 468 boe's per day. The
Company expects first quarter 1998 production to average 700 boe's
per day, evenly split between oil and NGLs and natural gas.
The average price BXL received per barrel of oil and NGL declined
8 percent in 1997 to $26.14 (1996 - $28.36 per bbl) whereas
natural gas prices increased 2 percent to $1.73 per mcf (1996 -
$1.69 per mcf). Oil and NGLs operating netbacks climbed 21
percent in 1997 to $16.11 per barrel (1996 - $13.34 per barrel)
and natural gas netbacks fell 20 percent to $0.82 per mcf (1996 -
$1.02 per mcf). On a boe basis, 1997 operating netbacks were
$11.26 per boe, a 10 percent decline from the $12.52 recorded in
1996.
During 1997, BXL drilled 10 (2.8 net) wells and recompleted 3
(1.7net) wells resulting in 5 (2.0 net) oil wells and 6 (2.1 net)
gas wells.
Capital expenditures for 1997 totalled $6.05 million as compared
to $4.26 million in 1996. The 1997 figure includes drilling and
completion expenditures of $2.34 million and an additional $2.48
million was invested in production equipment and facilities.
Asset dispositions totalled $617,000 during 1997 as the Company
focused its operations entirely in Alberta.
Oil and gas sales climbed 67 percent to $2.96 million in 1997
(1996 - $1.77 million). After deducting royalties and production
expenses, net oil and gas revenues were up 84 percent to $1.61
million in 1997 (1996 - $874,000). The operational gains were
offset by an 88 percent decline in gas management contract fees to
$112,000 in 1997 from $946,000 in 1996. As a result, BXL's cash
flow from operations slipped 16 percent to $1.13 million ($0.06
per share) in 1997 from $1.35 million ($0.09 per share) in 1996.
BXL recorded a net loss of $111,000 ($0.01 per share) in 1997
compared to net earnings of $571,000 ($0.04 per share) in 1996.
BXL Energy Ltd. is engaged in the acquisition, exploration,
development and production of oil and gas reserves in western
Canada.
BXL is listed on the Alberta Stock Exchange and has approximately
19.9 million common shares outstanding. |
