Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (8196)	5/2/2001 10:38:44 PM
From: The Fix	Read Replies (2) \| Respond to of 24927

Richard, Have you had a boo yet at CSH's NR? Chain Energy Corp - News Release Chain Energy earns four cents per share in Q1 Chain Energy Corp CSH Shares issued 14,088,433 2001-05-02 close $0.98 Wednesday May 2 2001 News Release Mr. D.T. Wilson reports Chain Energy has provided its financial and operating results for the three months ended March 31, 2001. First quarter 2001 highlights Increased cash flow by 314 per cent to $3-million from $0.7-million in the first three months of 2000. On a per-share basis, cash flow increased 140 per cent to 12 cents per share compared with five cents per share for the first three months of 2000, and increased 50 per cent compared with eight cents per share for the fourth quarter of 2000. Participated in seven wells, resulting in five (1.6 net) gas wells, one (one net) oil well and one (0.5 net) dry hole, achieving an 86-per-cent drilling success rate. FINANCIAL HIGHLIGHTS Three months ended March 31 (in thousands of dollars) 2001 2000 Revenue before royalties 4,703 1,447 Cash flow from operations 3,048 736 Per share -- basic and fully diluted $0.12 $0.05 Net income 1,026 161 Per share -- basic and fully diluted $0.04 $0.01 OPERATIONS HIGHLIGHTS Three months ended March 31 2001 2000 Average production Oil and liquids (bbl/day) 432 241 Natural gas (mcf/day) 4,085 2,367 Barrel of oil equivalent (boe/day with gas at 6:1) 1,113 635 Barrel of oil equivalent (boe/day with gas at 10:1) 841 478 Product prices Oil and liquids ($/bbl) 32.30 36.25 Natural gas ($/mcf) 9.30 3.03 Per boe (with gas at 6:1) 46.96 25.02 Per boe (with gas at 10:1) 62.17 33.31 Operating cost ($/boe with gas at 6:1) 6.16 4.15 Operating cost ($/boe with gas at 10:1) 8.15 5.52 General and admin ($/boe with gas at 6:1) 0.71 2.95 General and admin ($/boe with gas at 10:1) 0.94 3.92 Current production is approximately 5,500 thousand cubic feet per day of gas and 525 barrels of oil and natural gas liquids, an increase of 64 per cent over the average for the year 2000 of 655 boe per day (converted at 10 thousand cubic feet equals one boe). The final tie-in operations are being completed on the wells drilled in the first quarter. In addition, solution gas compression will be installed at Gordondale, Gilby and Westerose to accommodate production increases generated by recent drilling and workover successes. Chain operates over 80 per cent of its production, which is focused in its two core areas of the Peace River Arch and central Alberta. As a result of strategic property transactions, the company currently has no bank debt and an estimated working capital deficiency of $300,000. The company has a multitude of both internally generated prospects and acquisition opportunities it is pursuing. Property disposition Chain closed the sale of its interests in northeast British Columbia (Umbach area) April 18, 2001 (effective April 1), for net proceeds of $3.3-million. This partner-operated average 9.5-per-cent working interest property was producing 267 thousand cubic feet of natural gas and three barrels of natural gas liquids per day, and had proved reserves of 0.6 billion cubic feet and 5,200 barrels of liquids based on Dec. 31, 2000, independent engineering. The sale proceeds eliminated Chain's bank debt. fIXER