EARNINGS / TriGas reports 1997 Results
CALGARY, April 13 /CNW/ - TriGas is a junior exploration company focused
on high quality natural gas projects in west central Alberta. The company's
reserves, production and 1998 drilling program are 100% leveraged to natural
gas and liquids. Highlights are:
- Proven gas reserves increased 94% to 23.3 Bcf at an average finding
and on-stream cost of $0.54/mcfe;
- On a gas equivalent basis, proven plus 50% probable reserves increased
76% to 32.1 bcfe at an average finding and on-stream cost of
$0.47/mcfe;
- 100% of 1997 reserve growth was achieved through the drill bit.
Financial and Operating Highlights - Year End December 1997
1997 1996 %Change
Gas and Liquid Revenue 2,555,469 1,837,959 39%
Cash Flow from Operations 772,959 475,022 63%
Per Share 0.03 0.03 -
Net Loss (66,825) (421,188) 84%
Per Share (0.00) (0.03) -
Long Term Debt nil nil -
Capital Expenditures 7,002,738 1,905,777 267%
Weighted Average Shares
Outstanding (000's) 22,180 15,433 44%
Production
Natural Gas, mcf/d 2,900 2,093 39%
Oil and NGLs, bbls/d 22 47 (53%)
Gas Equivalent (mcfe/d) 3,120 2,563 22%
Natural Gas Price ($/mcf) $2.27 $1.79 27%
NGLs Price ($bbl) $23.94 $25.81 (7%)
Proven Natural Gas Reserves (bcf) 23.3 12.0 94%
Proven plus 50% Probable Reserves (bcfe) 32.1 18.3 76%
The common shares of TriGas are listed on the Toronto Stock Exchange
under the symbol ''TGX''. |
