EARNINGS / Prism Petroleum reports 1997 Results
Prism Petroleum Ltd. is pleased to announce record financial and operating
results for the year ended December 31, 1997.
Cash Flow From Operations for 1997 totalled $1,685,462 or 3.8 cents/share, a
185 percent increase over the six month period ended December 31, 1996.
Net Income from continuing operations for 1997 reached $779,241 or 1.8
cents/share, a 260 percent increase from the prior period.
Production for the first quarter of 1998 is approximately 610 barrels oil
equivalent per day compared to 441 barrels oil equivalent per day for the
full year 1997. This 40 percent increase reflects the previously announced
acquisition of the Atlee gas property on January 1, 1998.
During 1997 Prism drilled five oilwells, three gas wells and one water
injection well, (2.6 net wells) for a 100% success rate. The Company is
currently finalizing plans for an active development program in 1998.
Prism Petroleum Ltd. trades on the Alberta Stock Exchange under the symbol
PMM. For further information please contact Douglas H. Church, President of
Prism Petroleum Ltd. at 403-237-2396. |
