Amendment - Sceptre announces results for year end 1995.CALGARY, Alberta--(BUSINESS WIRE)--March 7, 1996--Sceptre Resources Limited today announced: Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses in 1995 of $108.2 million represented a decrease of 15 percent from the $128.0 reported in 1994. This reduction was a result of a decrease in net operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. due to a significant drop in natural gas prices, a decline in crude oil volumes and increased production expenses, partially offset by an increase in crude oil prices and natural gas production. On a per share basis, cash flow from operations was $1.91 in 1995 compared to $2.31 in 1994. During 1995, net earnings declined to $2.2 million from $23.9 million in 1994. Earnings per share was $0.04 for 1995 compared to $0.43 in 1994. This change reflects the decrease in cash flow from operations, as well as an increase in depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able and depreciation and a loss on disposal of the Company's cogeneration cogeneration In power systems, use of steam for both power generation and heating. High-temperature, high-pressure steam from a boiler and superheater first passes through a turbine to produce power. operations, partially offset by a decrease in deferred income tax expense. Natural gas production increased nine percent in 1995, to average 160 MMcfd compared to 147 MMcfd in 1994. The increase is attributable to a full year of production from the Company's B.C. Foothills region, as well as exploratory success. Crude oil and natural gas liquids production decreased five percent in 1995, to average 21,377 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. compared to 22,503 per day in 1994 due to higher than anticipated rates of decline. Throughout the year, the Company invested $142.7 million in capital projects compared to $181.1 million in 1994. The Company's 1995 exploratory drilling program increased 119 percent to end the year at 92 gross wells (53 percent success rate), compared to 42 wells drilled (45 percent success rate) in 1994. In addition, 135 development wells were drilled (81 percent were successful) in 1995 compared to 253 wells drilled (94 percent success rate) in 1994. During the year, the Company added 17.4 MMBOE MMBOE Million Barrels of Oil Equivalent (energy and petroleum industry) , produced 13.6 MMBOE, disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of 5.7 MMBOE and took negative revisions of 9.3 MMBOE in proven plus probable reserves. The revisions relate primarily to heavy oil at Tangleflags East properties and natural gas at Liebenthal, Crane Lake, Murray River Murray River Principal river of Australia. Rising near Mount Kosciusko, in southeastern New South Wales, it flows across southeastern Australia from the Snowy Mountains to the Great Australian Bight of the Indian Ocean; it is 1,609 mi (2,589 km) long. and Grizzly. -0- COMPARATIVE FIGURES
Three Months Year Ended
Ended December 31, December 31,
1995 1994 1995 1994
FINANCIAL SUMMARY
(thousands of dollars
except per
share amounts)
Gross revenue $ 54,872 $ 65,276 $239,313 $ 247,707
Cash flow
from operations 20,768 33,236 108,184 127,951
Per share $ 0.37 $ 0.58 $ 1.91 $ 2.31
Net earnings (5,178) 1,711 2,180 23,947
Per share $ (0.09) $ 0.02 $ 0.04 $ 0.43
Capital
expenditures 22,410 64,566 142,728 181,114
Long-term debt - - 191,753 171,942
Common shareholders'
equity - - 360,894 357,811
Total assets - - 638,229 623,339
Weighted average
number of shares
outstanding (000's) - - 56,788 55,284
OPERATING SUMMARY
Production
Crude oil and
liquids (BPD) 20,193 23,182 21,377 22,503
Natural gas
(MMcfd) 159 169 160 147
Reserves (Proven
and Probable)
Crude oil and
liquids (MMBbls) - - 70 74
Natural gas (Bcf) - - 556 631
Total (MMBOE) - - 126 137
Wells Drilled (Gross)
Exploration 21 19 92 42
Development 31 36 135 253
Total 52 55 227 295
Undeveloped Land (Thousands of net acres) - - 1,213 853 NOTE TO EDITORS: Three months ended December 31, 1994 figures amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. from previous release made on March 6, 1996. CONTACT: Sceptre Resources Limited Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network G. Weber Weber, river, United States Weber (wē`bər), river, c.125 mi (200 km) long, rising in the Uinta Mts., N central Utah, and flowing north and northwest to join the Ogden River at Ogden. The combined stream flows to the Great Salt Lake. , (403) 298-9838 Dawne L. Stirling, (403) 298-9826 |
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