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

To: Kerm Yerman who wrote (4728)	2/25/1998 10:51:00 AM
From: CuriousGeorge	Respond to of 24921

Caspian Sea - The High Cost of Extracting Wealth Tapping Into This Fortune Isn't for the Fainthearted Petroleum: Decayed infrastructure and difficult access are a challenge for those investing in ex-Soviet region. By TYLER MARSHALL, Times Staff Writer ÿ latimes.com

To: Kerm Yerman who wrote (4728)	2/25/1998 4:57:00 PM
From: Gord Wilson	Respond to of 24921

Genisis (GEX} news Hi Kerm, I believe this is one the 21 companies that you follow. Thanks for all your good work. Gord CALGARY, Feb. 25 /CNW/ - Genesis Exploration Ltd. tripled its proven reserves in 1997 to 140 Bcf (1996 - 45 Bcf) of gas and 6.6 million bbls. (1996 - 2.1 million bbls.) of liquids. Probable reserves have increased to 58.3 Bcf of gas (1996 - 5.7) and 2.4 million bbls. of liquids (1996 - 0.4). Finding and on stream costs per proven BOE were $5.96 and per proven plus probable BOE were $4.06. The Company also increased its undeveloped land position to 139,400 net acres (1996 - 42,800). Genesis achieved cash flow of $15,705,000 ($0.66/share) and net income of $4,876,000 ($0.20/share) in 1997. This compares to 1996 cash flow of $5,365,000 ($0.35/share) and net income of $1,553,000 ($0.10/share). Gross revenue increased to $30.1 million in 1997 from $11.4 million in 1996 on a production increase to 4,246 BOE/d from 1,550 BOE/d in 1996. Operating costs in 1997 were $7,754,000 ($5.00/BOE/d) compared to $3,205,000 ($5.65/BOE) in 1996. General and administrative expenses, net of recoveries were $1,649,000 ($1.06/BOE) in 1997 versus $786,000 ($1.39/BOE) in 1996. Capital expenditures in 1997 were $98.9 million including $46.2 million on acquisitions. The balance of $52.7 million of the Company's capital program was spent for the Company's ongoing exploration and development program with $32.7 million on drilling, $8.7 million on land, $3.5 million on seismic and $7.8 million on tangible equipment and gathering systems. During the year, the Company increased its net asset value per weighted average share outstanding to $5.24 from $4.01 in 1996. %SEDAR: 00003045E