EARNINGS / Bridgetown Energy Corp. Year End Results
BRIDGETOWN ENERGY CORPORATION
ASE SYMBOL: BRY
APRIL 16, 1998
Bridgetown Energy Corporation Year End Results
CALGARY, ALBERTA--BRIDGETOWN ENERGY CORPORATION ASE: "BRY" today
released its year end financial results and reserve report.
For the year ending December 31, 1997 Bridgetown's revenue
increased 104 percent to $489,995 from $240,182 in 1996, cash flow
from operations increased 117 percent to $304,376 from $139,957
and earnings increased 132 percent to $112,679 from $48,570. It
should be noted that only two months of operations from the
Company's newly acquired Figure Lake Properties have been included
in the 1997 financial results. Average outstanding shares
increased modestly over the period to 3,602,272 from 3,561,911.
Gas production averaged 568 mcf/d with an exit rate of 904 mcf/d
and NGLs averaged 17 bbls/d with a December rate of 27 bbls/d.
Based on a report prepared for Bridgetown by the company's
independent engineers effective January 1,1998, total proven gas
reserves increased to 3,476,000 mcf from 1,826,900 mcf and proven
NGLs increased to 86,500 bbls from 74,900 bbls. Bridgetown's
production and reserves are 100 percent natural gas and related
liquids. The net present value of the proven reserves on a 15
percent discounted basis increased to $4,082,200 from $2,365,300.
The Board of Directors is pleased to announce that Ms. Faralee A.
Chanin of the firm Field Atkinson Perraton has been appointed as
Assistant Secretary of the Corporation.
The Company's Annual General Meeting will be held at the Calgary
Petroleum Club 319 - 5th Avenue S.W. Calgary, Alberta at 3:00
p.m. on June 4, 1998. The record date has been set as April 29,
1998.
/T/
FINANCIALS AND PRODUCTION
12 months ended December 31
Financial Data 1997 1996
Revenue $ 489,995 $ 240,182
Cash Flow 304,376 139,957
Net Income 112,679 48,570
Long Term Debt 1,000,000 350,000
Working Capital 92,540 (66,316)
Shareholders Equity 648,225 515,786
PER SHARE
Net Income $ 0.03 $ 0.01
Cash Flow $ 0.08 $ 0.04
OPERATIONAL DATA
Gas Production (mcf/d) 568 577
Price ($/mcf) $ 1.95 $ 1.78
Natural Gas Liquids (bbls/d) 17 10
Price ($/bbl) $ 23.61 $ 26.12
December exit rates- Gas(mcf/d) 904 545
- Natural Gas Liquids (bbls/d) 27 8 |
