Genesis Exploration (GEX.TO) Earnings should be out today.
Only reference I've ever seen on SI to GEX was on here I think. Got a whack years ago at about .54 or less if I remember right. Have always kept some of the "free shares" in the ol' RRSP account, just for luck, along with EN?FN whose earnings should also be out today.
<EDIT> Ding, dong mail just in, their earnings are out:
Genesis Exploration Ltd. First Quarter Report and News Release Production Increases 152%
CALGARY, May 5 /CNW/ - Significant new exploration discoveries in the
second half of 1998 combined with an active exploitation program contributed
to achieving a first quarter average production of 10,188 barrels of oil
equivalent per day compared to 4,040 barrels of oil equivalent per day in the
same period last year, an increase of 152%.
- Natural gas production increased 134% to average 60 million cubic feet
per day and oil and liquids production increased 183% to average 4,187
barrels per day.
- Cash flow increased 218% to $8.9 million and net income before
non-recurring items increased 176% to $1.9 million.
- In the first quarter of 1999, Genesis reinvested $22 million, including
$6 million for equipment, pipeline and processing infrastructure. The
ensuing increase in productive capacity will be evident in our annual
production volumes which we expect to average 12,000 barrels of oil
equivalent per day.
- Genesis was successful in moving 3.6 million barrels of oil equivalent
or nearly 20% of our proven non-producing reserves into the proven
producing category. In other words, these reserves are now being
converted into cash flow to fund future exploration.
- A total of 22 wells were drilled in the first three months, of which 11
were exploratory wells. Of the total, 13 were cased as natural gas
wells and three as oil wells for a 73% success ratio.
- Genesis continued to expand its inventory of undeveloped lands by
acquiring 32,000 net acres in the first quarter. |
