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Gold/Mining/Energy : Trigas (TGX on TSE)
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To: mark hedley who wrote (11)1/20/1999 1:09:00 PM
From: Jay Anderson   of 14
 
TriGas Announces 1998 Exit Rate and 1999 Capital Budget

CALGARY, Jan. 20 /CNW/ - TriGas Exploration Inc. exited 1998 producing 18
mmcfe/d (98% natural gas and NGL's), providing an increase of 15.8 mmcfe/d
(494%) over the 1997 exit rate of 3.2 mmcfe/d.
The Company's Board of Directors has approved a 1999 capital expenditure
budget of $11.3 million which will be funded through internally generated cash
flow. The capital budget was arrived at using a 1999 natural gas price
forecast of $2.25 per Mcf. The Company remains flexible and could increase or
decrease the capital program depending on natural gas price. TriGas has an
inventory of drillable natural gas prospects in its core area that exceeds its
current 1999 capital budget.
The Company's lenders have recently increased the line of credit by $4.0
million to $18.5 million. TriGas's net debt at December 31, 1998 was
approximately $14.5 million.
The TriGas drilling program will focus on Wabamun natural gas prospects
in south central Alberta at Lone Pine, East Lone Pine and Irricana. The Lone
Pine and East Lone Pine land blocks were partially acquired through the Ranger
acquisition in mid 1998.
Fifteen Wabamun gas wells are scheduled in this budget, with the majority
expected to be drilled horizontally. Wabamun production capability in the
area typically ranges from 4 to 8 mmcf/d. TriGas working interests range from
20 to 50% in these wells with an average interest of approximately 40%.
TriGas (37.1%) drilled the first well in its winter program at Lone Pine
in Q4, 1998. The well was rig released December 7, 1998, completed, tied-in
1.5 miles and on-stream by December 31, 1998.
The common shares of TriGas are listed on The Toronto Stock Exchange
under the symbol ''TGX'.
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