EARNINGS / Pyramid Energy reports 1997 Results & Field Activities
CALGARY, April 16 /CNW/ - PYRAMID ANNOUNCES that testing of its Pakistan
well Hamza X-1 in Block 22 in the Sui Limestone formation is now complete and
the well is standing temporarily suspended. Details of the test results will
be published once approved by the Directorate General of Petroleum Concessions
in Pakistan.
A second well is expected to be drilled in Block 22 prior to year-end
1998.
The Daud X-1 well in the Sadiqabad Block was drilled to a total depth of
3,286 meters. Good reservoir quality sands were encountered in the Lower Goru
Formation, however, the section contained no hydrocarbons due to the absence
of a reservoir seal. The well was plugged and abandoned.
Pakistan Petroleum Limited ''PPL'' is the operator of both wells in which
Pyramid has a 15% working interest.
PYRAMID FURTHER ANNOUNCES 1997 RESULTS AND HIGHLIGHTS - PYRAMID ENERGY
INC. reports that 1997 was a year of significant growth for the company with
the following highlights noted:
1) Organized and executed plans for taking the company public.
2) Negotiated an attractive Joint Venture with Pakistan Petroleum
Limited, the largest oil and gas company in Pakistan, involving two
large concession blocks comprising nearly 900,000 acres.
3) Raised $3.5 million by way of a private placement to finance, in part,
the drilling of two exploratory wells in Pakistan.
4) Raised $2.8 million by way of flow through share offering to finance
exploratory and development drilling in Western Canada.
5) Negotiated the acquisition of Canadian Delta Exploration Ltd. which
will add approximately 100 boepd to Pyramid's production, effective
January 1, 1998.
The 1997 results indicate increased production, cash flow and net income
from the previous year. The following table summarizes the results.
Year ended December 31st %Change
1997 1996
----------------------------------
FINANCIAL
Gross Revenue, $'000 1,993 1,624 +23
Cash Flow from Operations, $'000 832 558 +49
Per Common Share, $ 0.06 0.05 +20
Net Earnings, $000 200 126 +59
Per Common Share, $ 0.01 0.01 +0
Weighted Average Shares
Outstanding, 000 13,534 11,374 +19
Capital Expenditures, $'000 2,816 996 +183
Working Capital (deficiency), $'000 3,552 (1,554) +329
OPERATIONS
Production
Crude Oil and Liquid, bbls 49,725 39,736 +25
Natural Gas, mcf 333,797 333,559 +0
Reserves
Crude Oil and Gas Liquids, mbbls 553 388 +43
Natural Gas, mmcf 6,116 6,695 -9
With its strong cash position at year end, the company is poised for
significant growth both in Western Canada and abroad. Plans are underway on
many fronts for 1998, namely, corporate acquisitions, landing a new foreign
opportunity, as well as exploiting existing and new properties,
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