Arakis Reports Results for the Six Months Ended June 30, 1996.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Aug. 29, 1996-- ARAKIS ENERGY CORPORATION reports a net loss of $7,106,389 for the six months ended June June: see month. 30, 1996,or ($0.19) per share. (All figures in U.S. dollars in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). This compares with a loss of $3,811,000 for the six months ended June 30, 1995, or ($0.16) per share. For the three months ended June 30, 1996, the net loss was $3,525,813, or ($0.08) per share,compared with a net loss of $2,122,685, or ($0.09) per share, for the three months ended June 30, 1995. These losses reflect the continued costs associated with the ongoing exploration and development of the Company's Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. oil
concession CONCESSION. A grant. This word is frequently used in this sense when applied to grants made by the French and Spanish governments in Louisiana. .
A further $18.2 million of direct investment was made in the Sudan oil project during the six month period ended June 30, 1996. Financing activity in the second quarter resulted in the Company receiving net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $79.7 million. This combined with $21.6 million received in the first quarter, ended March 31, 1996, has provided the Company with $101.3 million of new capital, to June 30, 1996. During the second quarter of 1996, the Company, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. State Petroleum Corporation, continued its 1996 field development and exploration program. Well activity in Q2 1996 included the completion of two new major discoveries, the El Toor 62a and the Toma South 21d, both located in the Unity Exploration area. The El Toor 62a had a production capability of 5,000 barrels of oil per day, at a reservoir pressure draw down of 10 percent, while the Toma South 21d had a production capability of 10,000 barrels of oil per day, at a reservoir draw down of 10 percent. These two wells when reservoir estimates are reviewed by the Company's independent engineers, are expected to add significantly to the Company's reserves at year end 1996. -0- FINANCIAL HIGHLIGHTS (in $000's United States dollars) (except per share amounts)
Six Months Ended Three Months Ended
June 30 June 30 June 30 June 30
1996 1995 1996 1995
Revenues $ 519 $ 1,030 $ 401 $ 601 Net Income (loss) (7,106) (3,811) (3,526) (2,123) Earnings (loss) per Share ($0.19) ($0.16) ($0.08) ($0.09) Weighted Average Shares Outstanding 36,968,218 23,568,088 40,780,384 24,625,367
As at As at
June 30, 1996 June 30, 1995
Working Capital $ 68,406 $ 4,281 Total assets 169,463 68,248 Long-term debt 2,617 3,876 8 percent convertible debenture, due 2001 56,945 - Shareholder's Equity $105,173 $ 59,412 CONTACT: Arakis Energy Corporation David Harrison David Harrison may refer to:
403/263-2471 403/263-8069 (FAX) http:\\www.arakis.com |
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