EARNINGS / Raider Resources Ltd. - First Quarter Results
TSE SYMBOL: RAI
JUNE 2, 1998
CALGARY, ALBERTA--Oil and natural gas liquids prices declined 27
percent during the first quarter of 1998 over the average price
received through the full year of 1997. Raider received $19.74
for a barrel for oil and $15.88 per barrel for natural gas liquids
during this period. However, natural gas prices remained strong
through the first quarter of 1998 as the Company averaged $2.04
per mcf as compared to $2.08 per mcf for the year of 1997. As
only one third of Raider's production is oil and natural gas
liquids this severe decline in prices impacted our revenues, but
not significantly.
Through the first three months of 1998, Raider experienced
difficulties at two high working interest properties which
resulted in the temporary decline in production rates. Through
1997 Raider averaged 740 BOE/day. The Company exited 1997 at over
900 BOE/day. In the first quarter the production rate fell back
to 634 BOE/day, which is directly attributable to the loss of
production from an oil well at Morinville and a gas well at Green
Court. The gas well at Green Court was undergoing remedial work
and is now back on stream at the previous level of production and
the Company is now producing 850 BOE/day.
/T/
1998 1997
---------- ----------
Oil and Gas Sales $1,105,927 $2,173,344
Funds from Operations $ 326,025 $1,307,770
per Share $0.03 $0.13
Net Income (Loss) $ (124,939) $ 320,153
per Share $(0.01) $0.03
Production
Oil and NGL 18,346 BBL 27,334 BBL
per day 204 BBL 304 BBL
Natural Gas 389,469 MCF 579,456 MCF
per day 4,327 MCF 6,438 MCF
BOE per day 634 BOE 948 BOE
/T/
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