CANADIAN OILPATCH / CANRISE RESOURCES
ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE
THREE MONTH AND NINE MONTH PERIODS ENDED
SEPTEMBER 30, 1996 !
DATE=1996-11-21
DATELINE=CALGARY, ALBERTA
Canrise Resources Ltd. today announced its financial and operating
results for the third quarter of 1996. The Corporation is pleased
to report significant year to year growth in all key operational
and financial statistics. The following tables summarize the
results for the nine and three month periods ended September 30,
1996 and 1995.
NINE MONTHS ENDED SEPTEMBER 30: 1996 1995 CHANGE
------------------------------------------------------------------
PRODUCTION REVENUE $8,250,693 $3,286,951 151
CASH FLOW FROM OPERATIONS $4,337,928 $1,700,817 155
PER SHARE (BASIC) $0.40 $0.18 122
NET INCOME $1,220,728 $194,118 529
PER SHARE (BASIC) $0.11 $0.02 450
DAILY SALES PRODUCTION
NATURAL GAS (MCF/D) 11,605 6,296 84
OIL & NGL (BBLS/D) 414 167 148
AVERAGE PRODUCT PRICES
NATURAL GAS ($/MCF) $1.79 $1.32 36
OIL & NGL ($/BBL) $22.65 $22.12 2
CAPITAL EXPENDITURES $10,710,98 $6,436,272 66
DRILLING (GROSS WELLS)
GAS 12 3 300
OIL 3 - -
D&A 3 1 200
TOTAL DRILLED 18 4 350
WEIGHTED AVERAGE SHARES
OUTSTANDING 10,840,689 9,592,912 13
PRODUCTION REVENUE $2,985,767 $1,419,356 110
CASH FLOW FROM OPERATIONS $1,501,934 $689,131 118
PER SHARE (BASIC) $0.13 $0.07 86
NET INCOME $369,732 $23,792 1,454
PER SHARE (BASIC) $0.03 $0.00 -
DAILY SALES PRODUCTION
NATURAL GAS (MCF/D) 12,160 8,465 44
OIL & NGL (BBLS/D) 475 235 102
AVERAGE PRODUCT PRICES
NATURAL GAS ($/MCF) $1.76 $1.23 43
OIL & NGL ($/BBL) $23.27 $21.52 8
CAPITAL EXPENDITURES $6,039,406 $1,048,855 476
DRILLING (GROSS WELLS)
GAS 5 - -
OIL - - -
D&A 2 - -
TOTAL DRILLED 7 - -
Increased revenue reflects significant production growth through
drilling success and improved natural gas prices. Production growth
is a result of eight new gas wells and two new oil wells commencing
production during the first nine months of 1996. Canrise's current
sales capability is approximately 14,000 mcf/d of natural gas and
600 bbls/d of oil and NGL.
Third quarter drilling resulted in five new gas wells. A
significant discovery at Kaybob South tested at rates of 10,200
mcf/d of natural gas and 500 bbls/d of NGL. This well is expected
to be placed on-stream in late 1996 or early 1997. The Corporation
holds a 100% working interest before-payout and a 60% working
interest after-payout in the well. Canrise has tied-up nine
additional sections of adjacent land subject to fulfilling drilling
commitments. Follow up drilling will commence in the first quarter
of 1997.
The Corporation will continue to carry out exploration and
development activities in its core focus areas located in west
central Alberta. Up to twelve (5.9 net) more wells are expected to
be drilled in the fourth quarter. Successful wells will be tested,
tied-in and placed on production in early 1997.
Canrise is an Alberta based corporation engaged in the exploration,
development and acquisition of oil and gas properties in Western
Canada. Canrise is listed on the Toronto Stock Exchange under the
trading symbol CRE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Peter J. Kurceba OR David M. Fisher, C.A.
President and Chief Vice President, Finance
Executive Officer and Chief Financial Officer
Telephone: (403) 232-9222 Telephone: (403) 232-9225
Fax: (403) 262-4518 Fax: (403) 262-4518
The Toronto Stock Exchange has neither approved or disapproved the
information contained herein.
SUITE 400,435 - FOURTH AVENUE, S.W., CALGARY, ALBERTA, CANADA,
T2P 3A8 TELEPHONE (403) 262-3385 FACSIMILE (403) 262-4518 |
