EARNINGS / Brittany Energy Inc. Nine Month Report
CALGARY, Nov. 27 /CNW/ - Brittany Energy is pleased to report its third
quarter 1998 results, which continue to reflect stronger natural gas pricing
and a lower return on the liquids side.
Brittany again recorded production volume increases for these nine
months of 1998, producing an average of 247 barrels of oil equivalent per day,
up 180 percent from 88 barrels of oil equivalent per day for the same period
one year earlier. Production is 44 percent natural gas and 56 percent oil and
natural gas liquids. Prices for liquids dropped to $18.73 per bbl from a high
of $26.46 per bbl for the same period in 1997, with natural gas increasing to
$1.77 per mcf from $1.65 per mcf.
At Long Coulee, Brittany tied in a Glauconite gas well, which is
presently producing in excess of 400 mcfe; net 167 mcfe.
The Elcott field saw a horizontal Midale oil well drilled in the third
quarter with an initial production rate estimated at better than 170 barrels
of oil per day of 39 degrees API, sweet crude with a 30% water cut. Brittany
has participated in this well as to its 28.5 percent working interest.
At Swift Current, Brittany participated in an 1865 meter Souris River
test. The well has been cased to T.D. for shallow gas and oil potential; land
sales are pending.
Brittany continues to move forward to exploit its existing asset base
through drilling, tieing-in behind pipe gas reserves and developing its
exploration plays with further land and seismic acquisition.
1998 1997
Total Revenue 1,245,144 488,139
Cash Flow from Operations 369,264 225,894
Cash Flow per Common Share $0.03 $0.03
Net Earnings (Loss) (103,074) 65,530
Net Earnings per Common Share (Loss) $(0.01) $0.01
Production boepd: Nine month average 247 88
Common Shares Outstanding 12,946,213 9,086,001
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