Here's the 1Q, looks great, they mention a well flowing at 450BPD, I might add to my position, however already have too much in oils. Scott
Search Energy Corp -
First quarter results
Search Energy Corp SGYShares issued 281508661998-05-15 close $0.75Tuesday May 19 1998Mr. William Davis reports
FINANCIAL HIGHLIGHTS
Three months ended March 31
(millions of dollars)
1997 1998
Revenue 2.31 2.69
Cash flow (cents) 88 91
Cash flow per share
(cents) 7 3
Profit (cents) 24 (15)
Profit per share
(cents) 2 1
First quarter oil production was 984 bopd, an increase of 36 per cent over first quarter 1997 oil production of 726 bopd. Gas production in the first quarter of 1998 grew by 241 per cent to average 6,518 mcfd as compared to 1,911 mcfd in 1997. On a boe basis, 1998 production was 1,635 boed, an increase of 78 per cent over 1997 first quarter production of 917 boed. Current production is 1,900 boed, comprised of 1,200 bopd and 7,000 mcfd. Product prices were lower in the first quarter of 1998 as compared to 1997. Oil averaged $18.24 per bbl, a 38 per cent decrease from the first quarter of 1997 price of $29.62 per bbl. Gas averaged $1.83 per mcf in 1998, a reduction of 17 per cent from the comparable 1997 quarterly price of $2.20 per mcf The company currently has two wells awaiting completion. One is a horizontal oil well at Morrisview (100 per cent WI) and the second is a gas well at Wainwright (87.5 per cent WI). Search is currently drilling a horizontal well at its Gainsborough property in Southwest Manitoba. The first horizontal drilled in 1998 is currently producing 450 bopd (50 per cent WI). The company intends to drill at least two more wells on this property. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
