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

To: CuriousGeorge who wrote (6477)	5/29/1999 1:53:00 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 24892

GEX.T sorry, all I can do is point you in the right direction, without scanning their last year end book. Call them, get a package. I bought it a .54, sold 1/2 around $8 or 9, I forget, and just sit on the rest and let GEX do their thing, and post the odd financial, other than that I don't look at it much. For all their filings go here: sedar.com Address: #850, 333-5th Avenue S.W. Calgary,ALB ,T2P 3B6 Phone: (403) 266-6900 Fax: (403) 266-6988 Senior Executive: Mr. David J. Wilson President and CEO IR Professional: Donald Sabo (I think he is Chairman now) ----------- CALGARY, May 5 /CNW/ - Significant new exploration discoveries in the second half of 1998 combined with an active exploitation program contributed to achieving a first quarter average production of 10,188 barrels of oil equivalent per day compared to 4,040 barrels of oil equivalent per day in the same period last year, an increase of 152%. - Natural gas production increased 134% to average 60 million cubic feet per day and oil and liquids production increased 183% to average 4,187 barrels per day. - Cash flow increased 218% to $8.9 million and net income before non-recurring items increased 176% to $1.9 million. - In the first quarter of 1999, Genesis reinvested $22 million, including $6 million for equipment, pipeline and processing infrastructure. The ensuing increase in productive capacity will be evident in our annual production volumes which we expect to average 12,000 barrels of oil equivalent per day. - Genesis was successful in moving 3.6 million barrels of oil equivalent or nearly 20% of our proven non-producing reserves into the proven producing category. In other words, these reserves are now being converted into cash flow to fund future exploration. - A total of 22 wells were drilled in the first three months, of which 11 were exploratory wells. Of the total, 13 were cased as natural gas wells and three as oil wells for a 73% success ratio. - Genesis continued to expand its inventory of undeveloped lands by acquiring 32,000 net acres in the first quarter. ''We are focused on increasing our production base through the connection of existing proven non-producing reserves to processing infrastructure and, taking advantage of reduced competition and a lower cost environment to build our prospect inventory for the future,'' said Chairman Don Sabo. --------------