EARNINGS / Bridgetown Energy Releases First Quarter Financial
Results
ASE SYMBOL: BRY
JUNE 1, 1998
CALGARY, ALBERTA--BRIDGETOWN ENERGY CORPORATION ASE: "BRY" today
released its first quarter financial results.
For the quarter ending March 31, 1998 Bridgetown's revenue
increased 103 percent to $249,164 compared to $122,871 for the
first quarter of 1997, cash flow from operation increased 62
percent to $136,391 from $84,234 and earnings increased 72 percent
to $77,700 from $45,177. Condensed financial and operational
highlights are as follows:
/T/
3 months ended March 31 Percent
-----------------------
1998 1997 Change
Financial Data (unaudited)
-------------------------
Revenue (after royalties) $249,164 $122,871 103
Cash Flow from operations 136,391 84,234 62
Net Income 77,700 45,177 72
Long term debt 900,000 350,000 157
Working Capital 15,935 14,477 10
Shareholders Equity 758,715 560,963 35
Per Share
---------
Net Income $0.02 $0.01 103
Cash Flow $0.04 $0.02 62
Average Common Shares
Outstanding 3,745,173 3,561,911 5
Operational Data
----------------
Gas Production (mcf/d) 788 573 37
Price ($/mcf) $2.08 $2.27 -8
Natural Gas Liquids (bbls/d) 21 13 62
Price ($/bbl) $20.77 $27.35 -24
/T/
Shareholders are reminded that the Company's Annual General
Meeting will be held at the Calgary Petroleum Club 319 - 5th
Avenue S.W., Calgary, Alberta at 3:00 p.m. on June 4, 1998.
For further information please visit out web site at
www.bridgetownenergy.com.
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