EARNINGS / SEARCH ENERGY CORP. ANNOUNCE FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 1998
CALGARY, May 19 /CNW/ - SEARCH ENERGY CORP. (TSE - ''SGY'') announces its
financial results for the three months ended March 31, 1999.
<<
Year Revenue(x) Cash Flow(x) C.F./Share Profit(x) Profit/Share
---- ---------- ------------ ---------- --------- ------------
First
Quarter
1997 $2.31 $0.88 $0.07 $0.24 $0.02
1998 $2.69 $0.91 $0.03 ($0.15) ($0.01)
(x) Millions of Dollars
>>
First quarter oil production was 984 Bopd, an increase of 36% over first
quarter 1997 oil production of 726 Bopd. Gas production in the first quarter
of 1998 grew by 241% 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% 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% 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% 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% WI) and the second is a gas well at
Wainwright (87.5% 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% WI). The Company intends to drill at least
two more wells on this property.
Search is a growth oriented Canadian junior oil and gas company engaged
in exploration, acquisition and production of crude oil and natural gas
reserves in Alberta, Saskatchewan and Manitoba.
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For further information: Mr. William T. Davis, President & Chief
Executive Officer, or Mr. Jeffrey P. Jongmans, Chief Financial Officer, Search
Energy Corp., (403) 261-8810, Fax: (403) 262-0723 |
