EARNINGS / Artemis Q1 Results
ARTEMIS' GAS FOCUS GENERATES STRONG QUARTER
CALGARY, June 3 /CNW/ - Artemis Energy Limited is pleased to report its
first quarter 1998 performance, reflecting the strength of a pure natural gas
story during a time of declining crude oil prices. Artemis recorded
significant growth in its production to 432 barrels of oil equivalent per day,
up from 182 barrels of oil equivalent per day for the same period a year
earlier. Artemis' first quarter production was 82% gas and 17% natural gas
liquids. Cash flow was up 34% to $295,000, cash flow per share was up 17% to
$0.07/share, and earnings were $39,600.
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Q1 1998 HIGHLIGHTS Three months ended March 31 %
($000, except where indicated) 1998 1997 change
------------------------------ ---- ---- ------
Revenue 729.0 522.6 +39%
Cash Flow 295.1 220.4 +34%
$/share 0.07 0.06 +17%
Net Earnings 39.6 117.4 -67%
$/share 0.009 0.034 -73%
Production
Natural Gas (mmcf/d) 3.53 1.60 +121%
Liquids (bbls/d) 95 33 +188%
BOE/d 432 182 +137%
>>
Prices for gas dropped to $1.92/mcf from an exceptional $2.84/mcf in Q1
1997, and liquids prices dropped to $14.05/bbl from $22.46. Reductions in
operating costs to $3.81/BOE and in royalties to $3.40/BOE allowed strong
operating netbacks of $11.73/BOE, and the 137% increase in production more
than compensated for the 32% drop in gas sales price.
Artemis cut short its winter drilling program following a well
abandonment, as high industry activity levels raised costs and impaired
service quality beyond comfort levels. With costs and quality stabilizing,
Artemis expects to begin drilling in late July, initially on a three section
farm in recently negotiated in the Mikwan area. This would be the first well
in a scheduled five well program, and is part of a $4.0 million capital budget
for 1998.
Artemis is a privately financed natural gas exploration and production
company that will be seeking a public stock exchange listing within a year.
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For further information: Riley Waite, President, Artemis Energy
Limited, (403) 264-2533, Fax: (403) 264-2605 |
