EARNINGS / Palliser Energy Nine Month Report
PALLISER ENERGY CORP. ANNOUNCES THIRD QUARTER 1997 RESULTS / ACTIVITY
UPDATE
CALGARY, Nov. 25 /CNW/ - PALLISER ENERGY CORP., is pleased to announce
its financial and operating results for the nine months ended September 30,
1997.
Three Months Ended Nine Months Ended
September 30 September 30
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1997 1996 1997 1996
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Revenue $1,223,569 $813,656 $3,735,999 $2,271,069
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Cash Flow $376,711 $321,352 $1,420,961 $918,589
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Per Share - Basic $0.04 $0.04 $0.14 $0.12
- Fully diluted $0.04 $0.04 $0.13 $0.11
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Net Earnings (Loss) ($26,385) $72,455 $189,628 $172,960
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Per Share - Basic $Nil $0.01 $0.02 $0.02
- Fully diluted $Nil $0.01 $0.02 $0.02
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Production Oil & NGLS
(bbls/day) 393 191 385 152
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Natural Gas (Mcf/d) 3,915 3,736 3,951 3,597
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Oil Price Per Barrel $21.40 $24.32 $21.16 $23.86
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Gas Price Per Mcf $1.69 $1.35 $1.77 $1.46
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Average Shares
Outstanding 9,970,273 7,911,471 9,937,342 7,901,471
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- Revenue increased by 64.5% to $3,735,999 (3rd Quarter 1997 -
$1,223,569).
- Cash flow from operations increased by 54.7% to $1,420,961 being 14
cents per share (3rd Quarter 1997 - $376,711 or 4 cents per share).
- Net Earnings for the period were $189,628 being 2 cents per share
(3rd Quarter 1997 loss of $26,385 or nil cents per share).
- Oil and Natural Gas Liquids production increased by 153% to 385
barrels per day (3rd Quarter 1997 - 393 barrels per day).
- Sales of natural gas increased by 9.8% to 3,951 Mcf/d from the levels
recorded one year earlier (3rd Quarter 1997 - 3,915 Mcf/d).
- Capital expenditures for the nine months amounted to $6,114,768
(3rd Quarter 1997 - $2,305,061).
All figures contained in this release, including 1996 figures, relate
exclusively to the oil & gas operations of Palliser Energy Corp. (PLX as
listed on the Toronto Stock Exchange) following the corporate reorganization
of Palliser Energy Inc. on August 28, 1997 in which the well servicing assets
were separated into a new and independently operated entity, Petro Well Energy
Services Inc. (PWS as listed on the Toronto Stock Exchange). Petro Well will
be reporting its financial and operating results separately as of the current
quarterly reporting period.
Subsequent to September 30, 1997 the Corporation disposed of two non-core
properties for net proceeds of $1.45 million which will be applied to reduce
long term debt. The non-operated interests which were sold represent gas
production of approximately 600 Mcf/d which has been replaced by recent
production additions as of mid September. The company is also currently
proceeding to tie-in a further 1,500 Mcf/d net gas production before year end.
Palliser Energy Corp, is both an oil & gas exploration and production
company operating in western Canada. |
