Archer resources Ltd. announces substantial increases for third quarter 1994.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)--Nov. 17, 1994--Archer Resources Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ARC arc, in electricity arc, in electricity, highly luminous and intensely hot discharge of electricity between two electrodes. The arc was discovered early in the 19th cent. by the English scientist Sir Humphry Davy, who so named it because of its shape. ) continued to substantially increase natural gas and oil production, and to achieve growth in financial results for the nine months ended Sept. 30, 1994. The company has continued to add shareholder's value through strategic acquisitions and an aggressive 1994 drilling program. Natural gas production increased 53%, oil production increased 65%, and funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. increased 104% for the third quarter 1994 compared to the same period in 1993. -0- HIGHLIGHTS Nine months ended Sept. 30, 1994 1993 Change FINANCIAL $000'S, except per share amounts Natural gas and oil production revenue 35,550 18,886 88% Net income 7,678 4,032 90% Funds from operations 20,550 10,050 104% ---------------------------------------------------------------- Per common share Net income Basic $0.47 $0.33 42% Fully diluted $0.43 $0.31 39% Funds from operations Basic $1.27 $0.83 53% Fully diluted $1.15 $0.74 55% OPERATIONS Daily Production Natural gas (mmcfd) 59.6 38.9 53% Oil and NGLS (bopd) 711 432 65% Equivalent (mmcfed) 66.7 43.2 54% Prices Natural gas ($ per mcf) 2.02 1.64 23% Oil and ngls ($ per bbl) 18.25 17.98 2% -0- Capital expenditures for the nine months ended Sept. 30, 1994 totaled $94.1 million, including $12.1 million for undeveloped land acquisitions, $47.5 million for 26 producing property acquisitions, and $15.6 million for drilling and completions. At present, Archer has undeveloped land holdings of 1,038,479 gross acres (712,975 net acres), and total land holdings of 2,170,890 gross acres (1,168,185 net acres). At Sept. 30, 1994, Archer had drilled 96 gross wells (63.3 net wells) which resulted in 56 gross natural gas wells (37.5 net wells) and 10 gross oil wells (3.4 net wells). The company's stated objective in the 1993 Annual Report was to drill 80 wells in 1994. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. Archer has drilled 146 gross wells (105.4 net wells) which has resulted in 82 gross natural gas wells (58.7 net wells) and 20 gross oil wells (12.2 net wells). All but eight of these wells have been drilled since April 25, 1994, with 65 gross wells (53.6 net wells) being drilled in the third quarter. The 18 wells drilled to date in November November: see month. have a 100% success rate. Archer anticipates drilling a total of 160 wells in 1994. The company has experienced delays in the past in being able to tie-in tie-in n. One thing that is related to or connected with another. Noun 1. tie-in - a fastener that serves to join or connect; "the walls are held together with metal links placed in the wet mortar during construction" gas already proven behind pipe which has pushed back related production approximately one reporting quarter. Incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. deliverability already behind pipe of 24 mmcfd and 500 bopd will be tied in prior to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. and during the first quarter of 1995. An aggressive tie-in program targeting our recently drilled wells will result in increases to production levels through to the first quarter of 1995. Production for the third quarter of 1994 averaged 64.5 mmcfd of natural gas and 1270 bopd of oil or 77.2 mmcf equivalent per day. Production for the third quarter of 1993 averaged 39.5 mmcfd of natural gas 355 bopd of oil or 43.1 mmcf equivalent per day. Recent tie-ins and compressor compressor, machine that decreases the volume of air or other gas by the application of pressure. Compressor types range from the simple hand pump and the piston-equipped compressor used to inflate tires to machines that use a rotating, bladed element to achieve start-ups have boosted current production levels to 90.0 mmcfd and 1850 bopd or 108.5 mmcf equivalent per day. Archer's common shares trade through the facilities of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "ARC". The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Archer Resources Ltd.
Dr. Grant A. Bartlett, 403/266-5522 (phone)
403/232-6008 (fax)
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