SERVICE SECTOR / Petro Well Energy Services reports 1997 Results
CALGARY, April 21 /CNW/ - Petro Well Energy Services Inc. today reported
record annual results as rig hours increased to 30,295 for 1997 from 27,278 in
1996. The high level of well completions and workovers activity in the Western
Canadian oil and gas industry enabled Petro Well to achieve high utilization
rates for its service rigs.
Revenue increased 21% to $10,594,495 in 1997 from $8,771,999 in 1996.
Slightly over one half of this increase resulted from higher rig utilization,
with the balance coming from higher prices.
Net earnings for 1997 were $719,368 ($0.07 per share), 34% higher than
the $536,046 ($0.06 per share) reported in the previous year.
Petro Well is a Calgary based well servicing company operating in Western
Canada. The Company owned eleven rigs in 1997 and added a twelfth in March of
1998. The company began publicly trading on September 2, 1997 after Palliser
Energy Inc. reorganized its well servicing and oil and gas businesses into two
separate companies. Petro Well's shares trade on The Toronto Stock Exchange
under the symbol PWS.
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Highlights ($thousands, except per share amounts)
-------------------------------------------------
Three Months Ended Year Ended
December 30th December 31st
1997 1996 1997 1996
----------------------------------------------
Revenue $3,073 $2,761 $10,595 $8,772
Funds from Operations $ 297 $ 712 $ 1,987 $2,021
Earnings $ 232 $ 198 $ 719 $ 536
Earnings Per Share $ 0.02 $ 0.02 $ 0.07 $ 0.06
Rig Hours 8,496 8,339 30,295 27,278
Shares Outstanding
(thousands) ----- ----- 10,330 9,856 |
