EARNINGS / Snow Leopard Resources Reports First Quarter Results
TSE SYMBOL: SNW.A
MAY 29, 1998
CALGARY, ALBERTA--Snow Leopard Resources Inc. reports its results
for first quarter 1998. Compared to first quarter 1997 oil and
gas revenues (net of royalties) decreased by 13 percent to
$674,000. Gas sales averaged 5.1 mmcf per day compared to 3.9
mmcf per day in 1997 and oil sales averaged 65 bbls per day
compared to 100 bbls per day in 1997. The average gas price
decreased from $1.98 to $1.65 per mcf and the average oil price
decreased from $28.16 to $19.49 per barrel. A net loss of
$125,000 was incurred in first quarter 1998 and funds generated
from operations decreased by 37 percent to $353,000. Capital
expenditures were $1,055,000 in first quarter 1998, with $820,000
incurred in Canada and $235,000 in Kazakhstan.
/T/
Earnings/ Cash Cash
First Quarter Revenue Earnings Share Flow Flow/Share
(x) (x) (x)
------------- ------- -------------- ---- ----------
1998 $ 674 $ (125) -- $ 353 $ 0.01
1997 $ 774 $ 219 $ 0.01 $ 557 $ 0.03
(x) thousands of dollars
/T/
Subsequent to March 31, 1998 Snow Leopard participated in two
successful oil wells in the Hartaven area of southeast
Saskatchewan. Both wells are expected to be placed on production
during the second quarter.
The Class A common shares of Snow Leopard are listed on the
Toronto Stock Exchange under the trading symbol SNW.A.
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