EARNINGS - SPEC 20 LISTED / Big Bear Exploration 1997 Results
BIG BEAR EXPLORATION LTD.
ASE, VSE SYMBOL: BDX
APRIL 30, 1998
Big Bear Announces 1997 Financial Results
CALGARY, ALBERTA--
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Big Bear Exploration Ltd. ("Big Bear") announced its financial
results for the year ended December 31, 1997. The eight-month
comparative period ended December 31, 1996 resulted from the
change of the Company's financial year end from April 30 to
December 31, effective December 31, 1996.
Production and cash flow from operations both increased
significantly in 1997. Production for the year ended December 31,
1997 averaged 713 boe per day as compared to 255 boe per day
averaged for the eight-month period ended December 31, 1996. Cash
flow from operations in 1997 totalled $1,809,000, up from $16,000
recorded in the 1996 comparative period. The majority of the
production and cash flow increases resulted from 8 (3.4 net) Keg
River horizontal wells drilled in 1997 on the Company's core
property located at Rainbow Lake in northwestern Alberta.
/T/
Year Ended 8 Months Ended Year Ended
December 31, December 31, April 30,
1997 1996 1996
---------------------------------------------
FINANCIAL
Total revenues,
net of royalties 4,468,000 736,000 975,000
Cash flow from
operations 1,809,000 16,000 (362,000)
Basic per share 0.08 0.00 (0.12)
Fully diluted per
share 0.06 0.00 (0.12)
Net loss (168,000) (126,000) (1,478,000)
Basic per share (0.01) (0.02) (0.47)
NPV of total reserves
(BT @ 15 percent) 59,324,000 17,491,000 4,269,000
NPV of total reserves
(BT @ 10 percent) 68,199,000 21,542,000 5,367,000
Long-term debt 11,830,000 -- 1,025,000
Shareholders'
equity 16,635,000 3,098,000 246,000
Capital expenditures,
net 28,570,000 1,646,000 (102,000)
Common shares
outstanding 29,497,000 9,389,000 3,159,000
(ending)
OPERATIONAL
Average daily
production (boe) 713 255 242
Oil and NGLs (bbls) 340 26 30
Natural gas (mcf) 3,726 2,290 2,120
Average sales price
Oil and NGLs
(per bbl) $24.41 $23.19 $16.23
Natural gas (per mcf) $1.56 $1.26 $1.15
Proved plus probable
reserves (mboe) 7,064 2,200 959
Crude oil & NGLs
(mbbls) 4,334 212 161
Natural gas (mmcf) 27,300 19,880 7,978
Wells drilled
(gross(net)) 21(13.9) 7(5.2) 2(0.0)
Undeveloped land
(gross (net))
(acres) 68,913(45,398) 25,916(17,264) 17,300(10,600)
/T/
Big Bear drilled 21 (13.9 net) wells in 1997, resulting in 9 (3.7
net) oil wells, 11 (9.5 net) gas wells and 1 (0.7 net) dry and
abandoned well.
Big Bear has continued with an active re-entry program in Rainbow
Lake through the first quarter of 1998. To date this year, Big
Bear has participated in 12 (8.9 net) horizontal re-entries plus
one (1.0 net) horizontal new drill. This has resulted in 11 oil
wells (7.9 net) and 2 (2.0 net) D & A wells. As a result of lower
than anticipated oil prices, higher than expected drilling costs
and delayed drilling operations, the corporation completed less
than the 16 re-entries it had planned.
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