EARNINGS / Centurion Energy - 1997 Results of Operations
TSE SYMBOL: CUX
MAY 22, 1998
Centurion Energy - 1997 Results of Operations
CALGARY, ALBERTA--Centurion Energy International Inc. announces
the results of its operations for the year ended December 31, 1997
as follows:
/T/
1997 1998
---- ----
OIL AND GAS SALES, net of Royalties $13,200,000 $14,700,000
AVERAGE PRODUCTION (BOEPD) 1,818 2,516
NET EARNINGS (LOSS) $(4,200,000)$ 1,200,000
NET EARNINGS (LOSS) PER SHARE $ (0.10)$ 0.04
CASH FLOW $ 4,600,000 $ 6,800,000
CASH FLOW PER SHARE $ 0.10 $ 0.23
/T/
1997 was a year of transition for Centurion. A merger of Canadian
Leader Energy Inc. and Eagle Energy Corp. to form Centurion was
completed on May 20, 1997; a new management team was appointed;
Canadian production was sold effective July 1, 1997; Argentinean
acquisition was not successful, and major effort to bring on new
Tunisian production was implemented. As previously announced, the
El Biban Field commenced production in March 1998, quadrupling
Centurion's daily net production to 4,100 bopd.
Earnings from operations before foreign prospect review expense
and the provision for non-recovery of Argentinean deposit were
$879,000 or $0.02 per share. The loss for 1997 includes a
provision for the non-recovery of the $4.2 million deposit made
for the Argentinean purchase that did not close. The vendors did
not return the deposit and the company is aggressively pursuing
recovery of the deposit through the courts.
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