I think this is positive:
RICHMOND, British Columbia, March 2 /PRNewswire/ -- The following was issued today by
Dynamic Oil & Gas, Inc. (Nasdaq: DYOLF - news; Vancouver: DOL - news):
Dynamic Oil Limited is pleased to report financial highlights for the third quarter of fiscal 1999 ending
December 30, 1998.
Dynamic achieved its third consecutive quarter of positive net earnings and funds flow from
operations after beginning significant new growth in the first quarter of fiscal 1999. Total production
averaged 1,646 BOE (barrels of oil equivalent) per day, an increase over the second quarter last
year of 441%. Production dropped slightly from the previous quarter due to facilities construction
while new gas was added to the St. Albert system late in December, 98. Volume sales for the period
declined due to a one-time retroactive adjustment.
Three months ending Dec. 31
1998 1997
FINANCIAL
Gross revenue $2,392,165 $689,823
Revenue -- net of royalties
and production costs 1,268,167 317,300
Net earnings (loss) 265,719 (631,641)
-- per share 0.01 (0.03)
Funds flow from operations 931,054 29,345
-- per share 0.04 0.00
Working capital -1,392,556 1,675,401
Capital expenditures 2,293,563 3,296,212
Long-term debt 257,750 1,052,750
Shareholder's equity $7,046,966 $5,505,870
Common shares issued
-- weighted average No.19,726,111 No.16,009,133
OPERATIONAL
Volume sales
Gas -- mcf 1,011,207 157,940
Weight-averaged gas prices -- per mcf $2.16 $2.14
NGL -- bbls 8,283 2,441
Weight-averaged NGL prices -- per bbl $8.32 $16.12
Oil -- bbls 5,265 9,727
Weight-averaged oil prices -- per bbl $17.66 $31.75
Total -- BOE per day (volume adjusted) 1,246 304
With new gas on stream late in the third quarter, the Company exited the fiscal period with
production in excess of 2,000 BOE per day. 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. Two
additional wells planned for the property are expected to spud in early March, 99.
On Behalf of the Board of Directors
Wayne J. Babcock
President |
