EARNINGS / Nu-Sky Energy Inc. Releases 2nd Quarter Results and
Grants Stock Options
VSE SYMBOL: NUS
APRIL 27, 1998
CALGARY, ALBERTA--Nu-Sky Energy Inc. (the "Company") is releasing
its 2nd Quarter results this week and is pleased to report that
its overall well-being is improving, as indicated in the
Highlights which follow:
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Percent
1998 1997 Change
AVERAGE DAILY PRODUCTION:
Oil (bbls/d) 105.7 85.5 23.6
Natural Gas (mcf/d) 70.6 100.8 (30.0)
BOE/day 112.8 95.6 18.0
FINANCIAL:
Price/bbl $ 24.38 $ 30.18 (19.2)
Price/mcf 1.88 1.23 52.8
Netbacks/BOE 14.17 16.01 (11.5)
Operating Cost/bbl 8.41 9.45 (11.0)
Revenue Net of Royalties 460,566 440,421 4.6
Net Income (Loss) (2,888) 56,666 NA
Working Capital Deficiency 167,985 662,573 74.6
Cash Flow 118,723 155,179 (23.5)
Common Shares
Outstanding 10,430,299 7,410,032 40.8
Cash Flow per Share 0.011 0.021 (47.6)
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The Company also announces that it has granted options to purchase
725,000 Common Shares to Directors, Officers and Key Consultants
of the Company. The exercise price of the options is $0.20 per
Common Share and the options expire on April 2, 2001. All of the
options were granted subject to the approval of the Vancouver
Stock Exchange and options to purchase 600,000 of the Common
Shares are subject to the approval of the shareholders of the
Company at its next shareholders' meeting. Prior to the present
grant the only outstanding stock options of the Company are
options to purchase 280,000 Common Shares at $0.20 per share until
May 14, 1999. |
