EARNINGS / Part 2 of 2 - Renaissance Energy First Quarter Report and
News Release
TSE, ME SYMBOL: RES
MAY 6, 1998
CALGARY, ALBERTA--
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BALANCE SHEET (unaudited)
March 31 December 31
(Thousands of dollars) 1998 1997
-------------------------------------------------------------
ASSETS
Current Assets
Cash $ 39 $ 261
Accounts receivable 56,033 80,666
----------------------
56,072 80,927
Property, Plant and Equipment,
at cost 4,996,026 4,748,638
Accumulated Depletion and
Depreciation (1,464,778) (1,384,278)
-----------------------
3,531,248 3,364,360
-----------------------
$3,587,320 $3,445,287
-----------------------
LIABILITIES
Current Liabilities
Accounts payable $ 32,717 $ 38,321
Accrued liabilities 95,138 126,831
----------------------
127,855 165,152
Site Restoration Accrual 26,627 25,277
Long-Term Debt 947,839 781,785
Deferred Income Taxes 375,008 372,108
SHAREHOLDERS' EQUITY
Share Capital 1,529,214 1,524,510
Retained Earnings 580,777 576,455
-----------------------
2,109,991 2,100,965
-----------------------
$3,587,320 $3,445,287
-----------------------
Common Shares Outstanding (thousands)
Basic 116,523 116,222
Fully diluted 127,063 125,476
----------------------
Proceeds Due Upon the Exercise
of Stock Options (thousands) $ 313,330 $ 285,405
-----------------------------------------------------------
Statement of Income and Retained Earnings (unaudited)
Three Months Ended
March 31
(Thousands of dollars) 1998 1997
-----------------------------------------------------------
Operating Income
Petroleum and natural
gas revenues $ 187,416 $ 267,262
Royalties (24,744) (51,922)
Production expenses (49,300) (44,057)
------------------------
113,372 171,283
Expenses
General and administrative 7,259 6,366
Interest on long-term debt 11,866 7,569
Capital taxes 2,925 2,325
Depletion and depreciation 80,500 76,900
Current site restoration provision 3,600 3,800
-----------------------
Income Before Income Taxes 7,222 74,323
Deferred income taxes 2,900 30,800
-----------------------
Net Income 4,322 43,523
Retained Earnings - beginning
of period 576,455 461,092
-----------------------
Retained Earnings - end of period $ 580,777 $ 504,615
-----------------------
Net Income per Common Share
Basic $ 0.04 $ 0.38
Fully diluted $ 0.04 $ 0.36
-----------------------
Weighted Average Number of Common
Shares Outstanding (thousands)
Basic 116,364 115,636
Fully diluted 124,332 124,901
-----------------------
Imputed Interest on the Deemed
Exercise of Stock Options
(thousands) $ 2,600 $ 2,989
-----------------------------------------------------------
Statement of Cash Flow (unaudited)
Three Months Ended
March 31
(Thousands of dollars) 1998 1997
-----------------------------------------------------------
Operating Activities
Net Income $ 4,322 $ 43,523
Add charges not affecting cash
Depletion and depreciation 80,500 76,900
Current site restoration
provision 3,600 3,800
Deferred income taxes 2,900 30,800
-----------------------
Cash flow from operations 91,322 155,023
Financing Activities
Increase in long-term debt 166,054 58,054
Issue of shares 4,704 6,664
Change in non-cash working
capital (12,664) 49,201
-----------------------
158,094 113,919
-----------------------
Cash Available for Investing
Activities 249,416 268,942
Investing Activities
Additions to property, plant
and equipment (247,388) (265,842)
Site restoration expenditures (2,250) (2,333)
-----------------------
(249,638) (268,175)
-----------------------
Increase (Decrease) in Cash (222) 767
Cash, beginning of period 261 -
-----------------------
Cash, end of period $ 39 $ 767
-----------------------
Cash Flow per Common Share
Basic $ 0.78 $ 1.34
Fully diluted $ 0.75 $ 1.27
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Directors
Ronald G. Greene (Chairman)
Independent Businessman
Calgary, Alberta.
Clayton H. Woitas
President and Chief Executive Officer
Calgary, Alberta
Jonathan H. Deitcher
Vice President and Director
RBC Dominion Securities Inc.
Montreal, Quebec
J. Dean Muncaster
Chairman
Spill Tech Industries Inc.
Collingwood, Ontario
Brent D. Kinney
International Petroleum Lawyer, Clyde & Co.
Dubai, UAE
Daryl K. Seaman
Independent Businessman
Calgary, Alberta
Wilmot L. Matthews
Independent Businessman
Toronto, Ontario
Sheldon B. Steeves
Executive Vice President and Chief Operating Officer
Renaissance Energy Ltd.
Calgary, Alberta
Officers
Clayton H. Woitas, P. Eng.
President
and Chief Executive Officer
John A. Curkan
Vice President Marketing
Jeffrey S. Lebbert
Vice President Land
and Contracts
Terence L. Sharkey
Vice President Drilling
and Completions
Daniel C. Topolinsky, P. Geol.
Vice President Exploration
Sheldon B. Steeves, P. Geol.
Executive Vice President
and Chief Operating Officer
Derek W. Evans, P. Eng.
Vice President Exploitation
Richard P. Marshall
Vice President Production
Roy L. Smitshoek, P. Eng.
Vice President
Corporate Development
Grant A. Zawalsky, LL.B.
Secretary
John A. Thomson, C.A.
Senior Vice President and
Chief Financial Officer
Stephen R. Horner, C.A.
Vice President Corporate Services and Assistant Secretary
Douglas A. Proll, C.A.
Vice President Finance
and Treasurer
Boyd B. Stuart
Vice President Administration
and Information Systems
HEAD OFFICE
Suite 3000
425 First Street S.W.
Calgary, Alberta,
Canada, T2P 3L8
Telephone: (403) 750-1400
Facsimile: (403) 750-1368
Future interim report dates:
1998 Second Quarter--August 14, 1998
1998 Third Quarter--October 29, 1998
1998 Fourth Quarter--February 29, 1999
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