May 3, 2000 PRESS RELEASE Trading Symbol on CDNX -- FEC
FOX ANNOUNCES RECORD YEAR-END RESULTS
Fox announced record financial and operating results for the year ended December 31, 1999. The Company continues to show significant growth in the key aspects of its business, particularly oil and gas revenue, cash flow, net income, reserves and engineering valuation.
Comparative Financial and Operating Highlights for the year ended December 31,
1999 1998 % Change
Financial
Oil and Gas Revenue $ 2,367,350 $2,023,618 +17
Net Earnings (Loss) $ 18,905 ($ 156,539) +112
Cash Flows from Operations $ 900,405 $ 658,361 +37
Per Share $ 0.044 $ 0.037 +19
Working Capital (Deficiency) $ 24,706 ($ 871,338) +102
Bank Debt $ 2,995,000 $ 3,650,000 -18
Total Assets $12,339,250 $10,267,165 +20
Shareholder?s Equity $ 5,943,513 $ 4,672,808 +27
Average Shares Outstanding 20,568,860 17,763,359 +16
Operating
Daily Production
Oil & NGL?s (Bbls/d) 101 107 -6
Natural Gas (Mcf/d) 1,672 1,922 -15
Barrels of Oil Equivalent (BOE/d) 268 300 -10
Exit Production at Year End (BOE/d) 465 295 +58
Reserves, Proved plus Risked Probable
Oil & NGL?s (Bbls) 464,800 126,500 +267
Natural Gas (MMcf) 12,684 11,060 +15
Barrels of Oil Equivalent (BOE) 1,733,400 1,232,500 +40
Reserve Engineering Valuation @ PV12% $19,715,900 $12,906,500 +53
Average Selling Prices
Oil (per Bbl) $24.53 $17.34 +41
Natural Gas (per Mcf) $ 2.40 $ 1.85 +30
Barrels of Oil Equivalent (per BOE) $24.18 $18.51 +31
Operating Netback (per BOE) $14.69 $10.90 +35
Wells Drilled (Gross) 9 14 -36
Undeveloped Lands (Net Acres) 12,790 10,494 +22
Fox completed a merger with another public oil and gas company in the fall 1999 increasing its production, reserves and inventory of projects. Effective November 1, 1999 (finalized March 31, 2000), the Company purchased a 20% interest in the Long Coulee Unit No. 2 adding roughly 95 BOE/d of production and 253,000 BOE of total proved plus risked probable reserves based on an engineering report prepared by Paddock Lindstrom & Associates Ltd. The Company drilled eight successful shallow gas wells and participated in a horizontal oil well prior to year-end. Fox also tied-in an oil and gas well, and a gas well for production in November 1999. At year end, the Company had production of 465 BOE/d as a result of production increases due to the merger, new drilling and tie-ins, and property purchases. Fox sold four properties producing 65 BOE/d during 1999.
For further information contact:
Donald R. Holding, President & C.E.O.
#1400, 444 ? 5th Avenue SW, Calgary, Alberta T2P 2T8
Telephone: (403) 265-3627 Facsimile: (403) 265-3628 Toll Free: 1-888-720-2108
E-mail: fec@foxenergy.com Website:www.foxenergy.com |
