TOP TWENTY UPDATE / CIMARRON PETE
FOR: CIMARRON PETROLEUM LTD.
TSE SYMBOL: CIR
NOVEMBER 15, 1996
Cimarron Petroleum Ltd. Announces Financial Results and
Appointment of Director
CALGARY, ALBERTA--Cimarron Petroleum Ltd. announces its UNAUDITED
financial results and supplementary operating data for the nine
months ended September 30, 1996 and the appointment of a new
Director.
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Three Months Nine Months
Ended Ended
September 30 September 30 Percent
1996 1995 1996 1995 Change
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FINANCIAL (000 except per share)
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Gross revenues $15,602 $7,833 $46,019 $24,622 +87
Cash flow 8,964 3,763 26,897 12,981 +107
Per share 0.67 0.47 2.25 1.63 +38
Net Income 836 (123) 5,166 3,249 +59
Per share 0.05 (0.01) 0.43 0.41 +5
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PRODUCTION
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Liquids
Barrels per day 3,367 2,158 3,052 2,205 +38
Netback per barrel
Sales price $26.26 $20.28 $24.47 $21.74 +13
Royalties 4.15 3.05 3.29 2.67 +23
Operating costs 5.04 4.89 4.90 4.75 +3
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$17.07 $12.34 $16.28 $14.32 +14
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Gas
Million cu. ft.
per day 54.7 32.7 58.4 32.0 +83
Netback per
thousand cu.ft.
Sales price $ 1.48 $ 1.26 $ 1.60 $ 1.32 +21
Royalties 0.19 0.19 0.20 0.16 +25
Operating costs 0.34 0.27 0.32 0.25 +28
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$ 0.95 $ 0.80 $ 1.08 $ 0.91 +19
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WELLS DRILLED (January - September 1996)
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Exploratory Development Total
Gross Net Gross Net Gross Net
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Oil 6 2.7 23 12.1 29 14.8
Gas 15 13.4 14 13.0 29 26.4
Dry 12 8.2 2 1.7 14 9.9
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TOTAL 33 24.3 39 26.8 72 51.1
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September 30 September 30 Percent
LANDS (thousands of acres) 1996 1995 Change
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Gross - Developed 343 115 +198
- Undeveloped 594 197 +202
- Total 937 312 +200
Net - Developed 164 72 +128
- Undeveloped 336 138 +143
- Total 500 210 +138
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NET INDEBTEDNESS (millions)
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Long-term debt (24.1) (19.1)
Working capital (deficit) 3.7 (0.4)
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(20.4) (19.5)
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SHARE DATA (millions)
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Weighted average 11.9 8.0
Outstanding at period end 13.0 8.1
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Cimarron Petroleum Ltd. announces, effective November 1, 1996, Mr.
Paul Koszec joined the Board of Directors of the Company. Mr.
Koszec is a retired businessman residing in Edinburgh, Scotland.
His career has been focused on the investment business, the most
recent 9 years of which have been as Investment Manager of
Scottish Provident Institution, London U.K.
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