EARNINGS / Vintage Resource Corp. 1997 Results
VINTAGE RESOURCE CORP.
ASE, TSE SYMBOL: VRU
APRIL 20, 1998
Vintage Announces 1997 Results
CALGARY, ALBERTA--VINTAGE RESOURCE CORP. (Vintage) is pleased to
present its financial and operating results for the year ended
December 31, 1997.
/T/
HIGHLIGHTS
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12 months 15 months Percent
ended ended Change
Dec. 31, 1997 Dec. 31, 1996
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FINANCIAL
Net Revenue (000) $ 7,829 $ 9,835 -20.4
Operating Income (000) $ 4,374 $ 6,133 -28.7
Cash Flow (000) $ 3,837 $ 5,116 -25.0
Cash Flow per share $ 0.24 $ 0.37
Net Income (000) $ 920 $ 1,660 -44.6
Net Income per share $ 0.06 $ 0.12
Capital Expenses (000) $ 3,938 $ 4,241 -7.1
OPERATIONAL
Oil & NGLs Production
(bbls/day) $ 494 $ 618 -20.0
Average Sale Price
($/bbl) $ 25.48 $ 25.81 -1.3
Netback ($/bbl) $ 15.89 $ 18.02 -11.8
Natural Gas Production
(mcf/d) $ 4,139 $ 3,715 +11.4
Average Sale Price
($/mcf) $ 2.12 $ 1.75 +21.1
Netback ($/mcf) $ 0.92 $ 0.82 +12.2
BOE (bbl/day) $ 908 $ 990 -8.3
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/T/
The primary reason for the negative change in the comparative
results is that the 1996 figures are based on a 15 month period
while those from 1997 are based on only 12 months. The three
fewer months of operations is reflected in lower values. In
general, lower production and higher operating costs for oil were
offset by increased production and higher sales prices for natural
gas. |
