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 : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (10895)	5/26/1998 11:12:00 AM
From: SofaSpud	Respond to of 15196

EARNINGS / Calibre Energy Q1 Results CALIBRE ENERGY INC. - FIRST QUARTER RESULTS CALGARY, May 26 /CNW/ - Calibre Energy Inc. today announced its first quarter results. The Company increased average production by 180% from 728 BOE/d in the fourth quarter of 1997, to 1,335 BOE/d in the first quarter of 1998. The increase in average production was a result of the tie-in of wells drilled in the fourth quarter of 1997 and the acquisition of Trego Energy Inc. at the end of January 1998. Production for March 1998 averaged 1,630 BOE/d. The Company's present production mix is 65% light oil and 35% natural gas. Calibre drilled 5 gross (4.2 net) wells in the first quarter in two of its three core areas resulting in 3 gaswells, 1 oilwell and 1 dry hole, for an 80% success rate. The new wells will be placed on production in the second quarter. With the decline in oil prices the Company has redirected its drilling efforts to the Southeast Alberta core area where natural gas is the primary target. Revenue for the first quarter of 1998, as compared to the first quarter 1997, was up 55% to $2.15 million while cash flow for first quarter 1998 increased 87% over the same period in 1997 to $1.2 million representing $0.05/share (basic and fully diluted). Operating costs for the first quarter were $4.91/BOE, down from the $5.49/BOE recorded in the fourth quarter 1997. Natural gas prices for the first quarter averaged $2.07 per MCF, down from $2.76 in the first quarter last year. Oil and liquids prices averaged $19.26 per BBL, down from $28.51 in 1997. << Year (x)Profit Profit/ (x)Cash C.F./ (x)Revenue Share Flow Share ----------------------------------------------------------------------- First Quarter 1997 $3 $0.00 $562 $0.04 $1,184 1998 $59 $0.00 $1,177 $0.05 $2,156 (x)Thousands of Dollars >> The Toronto Stock Exchange has neither approved nor disapproved the information contained herein. -30- For further information: Dean Smith, President and Chief Executive Officer or Stewart Duncan, Corporate Development, (403) 237-7020, Fax: (403) 237-5806, E-Mail: calibre@calibre-energy.com