EARNINGS / Dynamic Oil & Gas announces strong second quarter results
VANCOUVER, Nov. 30 /CNW/ - Dynamic Oil & Gas, Inc.
NASDAQ: DYOLF; VSE: DOL
Dynamic Oil Limited is pleased to report financial highlights for the
second quarter of fiscal 1999 ending September 30, 1998.
The Company's significant new growth began last quarter and continues in
the second quarter of fiscal 1999. Dynamic achieved its second quarter of
positive net earnings and funds flow from operations. Total production
increased to 1,690 BOE (barrels of oil equivalent) per day, an increase over
the second quarter last year of 828.6% and over last quarter by 24.0%.
Three months ending Sep 30
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1998 1997
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FINANCIAL
Gross revenue $2,264,153 $282,233
Revenue - net of royalties and production costs 976,314 113,976
Net earnings (loss) 530,625 (246,608)
- per share 0.03 (0.01)
Funds flow from operations 684,100 (163,840)
- per share 0.03 (0.01)
Working capital -284,644 1,612,660
Capital expenditures 999,495 745,347
Long-term debt 257,750 1,141,750
Shareholder's equity $6,292,985 $4,620,874
Common shares issued - weighted average No.19,600,491 No.16,009,133
OPERATIONAL
Volume sales
Gas - mcf 872,921 143,972
Weight-averaged gas prices - per mcf $1.91 $1.61
NGL - bbls 63,286 1,324
Weight-averaged NGL prices - per bbl $7.97 $17.29
Oil - bbls 4,920 1,065
Weight-averaged oil prices - per bbl $19.54 $25.80
Total - BOE per day 1,690 182
The St. Albert property, which is the source of most of the Company's
recent growth, has not yet reached full exploration or development potential.
Late third/early fourth quarters, sweet gas production is anticipated to
increase from 5.5 to 17 mmcf per day, and sour gas is expected to increase
from 15 to 18 mmcf per day for a total of approximately 35 mmcf/d from the
property.
Further gas re-completions and drilling is expected at St. Albert and oil
development is waiting on improved oil prices. Dynamic has a 50% working
interest in the developed gas and facilities and a 25% interest in the deep
oil reserves.
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