EARNINGS / Thunder Energy Inc. Announces First Quarter Results
TSE SYMBOL: THY
MAY 27, 1998
CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSE) released today
first quarter financial and operating results for the three month
period ending March 31, 1998.
/T/
HIGHLIGHTS
Financial ($000's - except per share amounts)
Three Months Ended
March 31
------------------
Percent
1998 1997 Change
---- ---- -------
Revenues $2,396 $ 616 289
Cash flow $ 1,077 $ 314 243
Per share $ 0.08 $ 0.03 167
Net Income $ 210 $ 157 34
Per share $ 0.02 $ 0.01 100
Capital expenditures $ 4,161 $ 1,749 138
Weighted average common
shares outstanding 14,360 12,310 17
Operations
Daily production volumes
Natural gas (mcf) 7,037 2,547 176
Oil and NGL's (bbl) 872 45 1,838
Total (boe's) 1,576 300 425
Average sales price
Natural gas ($/mcf) $ 1.85 $ 2.21 (16)
Oil and NGL's ($/bbl) $ 15.62 26.45 (41)
Wells Drilled - Gross (net)
Gas 1 (0.5) 3 (1.5)
Oil 2 (1.0) 1 (0.2)
Dry 2 (1.0) -
Total 5 (2.5) 4 (1.7)
/T/
Thunder continued to show impressive growth with cash flow
reaching a record $1.1 million and earnings totaling $210,000, up
35 percent over first quarter 1997. These increases reflect 50
percent production growth over fourth quarter 1997 to average
1,576 boe/d. Considering that oil prices dropped to a four-year
low during the quarter, the improvements in cash flow and earnings
were directly related to the Company's ability to steadily
increase production and the addition of low cost reserves in its
focus areas. Current production has risen a further 15 percent to
1,800 boe/d split evenly between gas and oil.
During the first quarter Thunder drilled and operated 5 wells (2.5
net) with a 60 percent success rate. In May, Thunder commenced
its second quarter drilling program. In this program Thunder will
drill and operate 15 wells (7.5 net) at its Rosalind property.
Twelve of the wells will target gas, two wells will be infill
horizontal oil wells and one well will target oil and gas. To
date, Thunder has completed six wells resulting in 4 cased gas
wells, 1 well cased for both oil and gas and 1 dry hole.
Thunder Energy is a Calgary based oil and gas exploration company.
Thunder's shares are traded on the Toronto Stock Exchange under
the trading symbol "THY".
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