EARNINGS / Danoil Announces Interim Results
TSE, ASE SYMBOL: DAN.A
MAY 27, 1998
CALGARY, ALBERTA--DANOIL ENERGY LTD. (Danoil) is pleased to
present its financial and operating results for the period ended
March 31, 1998.
Low oil prices dramatically reduced results, however, Danoil still
managed to post significant increases on a year over year
comparison basis. Danoil's discretionary cash flow increased 133
percent to $1.67 million ($0.08 per share basic) from $721,000
($0.05 per share) a year earlier. The increase is 60 percent on a
per share basis. Gross revenues increased 30 percent to $4.80
million from $3.68 million. The Company reported a loss of
$125,000 ($0.01 per share). The improvement in revenues and cash
flow were a result of the acquisition of Cabos Resources Inc. and
Vintage Resource Corp. together with a successful 1997 drilling
program. During the period, the Company received an average field
price of $12.40 per barrel of oil and liquids and $1.80 per mcf of
natural gas as compared to 1997 prices of $21.14 per barrel and
$1.81 per mcf.
Crude oil and NGL volumes averaged 2,604 bpd and natural gas
volumes averaged 9,922 mcf/d during the reporting period in 1998
compared to 1,781 bpd and 3,509 mcf/d during 1997, increases of 46
percent and 183 percent respectively. On a boe basis, the
Company's production increased 69 percent over the corresponding
1997 reporting period.
/T/
Three Months ended Three Months ended
March 31, 1998 March 31, 1997
$000s $ Per $000s $ Per
BOE BOE
------------------------------
PRODUCING ACTIVITIES:
Oil and Gas Revenue
(& Other Income) 4,801 14.83 3,681 19.18
Royalties, net of ARTC 426 1.32 470 2.45
Operating costs 1,905 5.89 2,008 10.47
-------------------------------
Operating Income 2,470 7.62 1,203 6.26
CORPORATE ACTIVITIES:
General and administrative 471 1.45 452 2.35
Interest, net 317 0.98 23 0.12
Capital taxes 7 0.02 8 0.04
-------------------------------
Funds from Operations 1,673 5.17 721 3.72
SHARES OUTSTANDING:
Basic 21,453,325
Fully Diluted 24,125,236
/T/
DANOIL ENERGY LTD. is a Calgary based oil and gas exploration and
development company whose shares trade on the Alberta and Toronto
Stock Exchanges under the trading symbol "DAN.A". |
