Basic Petroleum Completes Tierra Blanca 5 Well; Announces Third Quarter and Nine Month Financial Results.NEW YORK--(BUSINESS WIRE)--Oct. 29, 1996-- Tierra Blanca Tierra Blanca could mean: Places named Tierra Blanca
well in 1996 Net income increases 163% in the third quarter, and 149% in the first nine months Basic Petroleum International Limited announced today the successful completion of Tierra Blanca 5, a step-out well in the west central part of the Company's Contract Area 1-85. Concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. , the Company reported record financial results for the third quarter and nine months ended September September: see month. 30, 1996. Drilling Activity The Tierra Blanca 5 well is located 3.2 kilometers northwest For names and places containing the slightly longer word 'northwestern' (or variants), see . Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. of Tierra Blanca 4, confirming the extension of the Tierra Blanca structure in this direction, and will be placed on production with a submersible pump A submersible pump is a pump which has a hermetically sealed motor close-coupled to the pump body. The whole assembly is submerged in the fluid to be pumped. The advantage of this type of pump is that it can provide a significant lifting force as it does not rely on external air at a rate of 600 barrels of oil per day (BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ). Based on the success of Tierra Blanca 5, the Company is evaluating the potential of drilling additional wells in this field. Furthermore, the Company announced that it has started drilling at Xan 12, which is now at a depth of about 4,600 feet and the estimated total depth is 7,800 feet. Xan 12 is the Company's fifth development well drilled in 1996 in the Company's productive Xan Field in northwestern north·west n. 1. Abbr. NW The direction or point on the mariner's compass halfway between due north and due west, or 45° west of due north. 2. An area or region lying in the northwest. 3. Guatemala Guatemala, city, Guatemala Guatemala, city (1994 est. pop. 823,301), S central Guatemala, capital of the republic. Its full name is La Nueva Guatemala de la Asunción. In a broad, fertile, highland valley, c. . Financial Results Net profit for the third quarter ended September 30, 1996 increased 163% to $5.438 million, from $2.064 million in the third quarter of 1995 and compares with $2.804 million reported in the second quarter of 1996. Earnings per share grew 124% to $0.74 from $0.33 and cash flow per share rose 129% to $1.12 from $0.49 in the previous year's third quarter. Net revenues were up 125% to $10.378 million, compared with $4.615 million recorded last year. For the nine month period, net profit increased 149% to $12.609 million, compared to $5.069 million in the first nine months of 1995. Earnings per share increased 131% to $1.87 from $0.81 and cash flow per share rose 139% to $3.04 from $1.27 in the first nine months of last year. Net revenues reached $26.827 million, a 131% increase over the $11.598 million recorded in the same period last year. Commenting on the results, Mme. Gilberte E. Beaux beaux n. A plural of beau. , Chairman of Basic Petroleum International Limited, said, "Basic Petroleum's strong third quarter performance results from a combination of increased production and higher crude oil prices. Production increased 107% over the same period last year, or an average of about 17,500 BOPD compared to 8,426 BOPD, while our average crude oil price rose to $14.77 per barrel from $12.13 per barrel. It is worth noting that such results were achieved despite high oil truck transportation costs of $3.889 million for the third quarter, and $8.470 million in the nine month period. Such costs will disappear when our third pipeline is completed in November November: see month. . The impact of this new pipeline along with our increased production contribute to our strong outlook for increased financial growth in 1997." Basic Petroleum International Limited is an oil exploration, development and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar company. The Company's operations are in Guatemala, with executive offices in Paris and an investor relations Investor relations The process by which the corporation communicates with its investors. office in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Company's shares trade on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market System under the symbol BPILF. -0-
BASIC PETROLEUM INTERNATIONAL LIMITED
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF INCOME AND EXPENDITURES (USD 000)
(USD 000, except production, oil sales and prices per
barrel, and earnings per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Total Revenue from
Petroleum Operations $25,975 $11,875 $58,911 $33,162
Oil & Asphalt
Inventory Variation (456) (1,389) 436 (152)
Government Royalties
and State Participation (5,125) (443) (8,079) (3,434)
Production and Operating
Expenses (4,862) (3,275) (13,048) (9,372)
Oil Truck Transportation (3,889) (1,794) (8,470) (7,289)
Asphalt Truck
Transportation (1,265) (359) (2,923) (1,317)
Net revenues from
petroleum operations 10,378 4,615 26,827 11,598
General and
Administrative Expenses (1,453) (1,136) (4,397) (3,171)
Depreciation and
Depletion (2,793) (1,045) (7,865) (2,895)
Interest income
(expenses) & Other
Expenses (694) (370) (1,956) (463)
Net Profit $5,438 $2,064 $12,609 $5,069
Net Profit Per Ordinary
Share $0.74 $0.33 $1.87 $0.81
Weighted Average
Shares Outstanding 7,349,469 6,289,689 6,731,984 6,271,297
Production in barrels 1,603,924 775,172 3,954,045 2,379,676
Oil sales in barrels 1,577,854 840,682 3,581,348 2,188,464
Asphalt sales in
barrels 85,067 59,967 295,128 198,021
Average oil sales
price per barrel $14.77 $12.13 $14.07 $12.63
Average asphalt sales
price per barrel $31.43 $27.92 $28.82 $27.89
SUMMARY BALANCE SHEET AND CASH FLOW STATEMENT (USD)
Nine Months Ended September 30,
1996 1995
Total current assets 33,657 16,020
Petroleum properties, net 100,845 68,456
Total assets $134,502 $84,476
Total current liabilities 19,961 10,411
Long-term liabilities 16,889 21,479
Total shareholders' equity 97,652 52,586
Total liabilities and shareholders'
equity $134,502 $84,476
Net cash flow from operating activities 13,233 7,117
Net cash flow from investing activities (32,495) (31,648)
Net cash flow from financing activities 23,871 21,248
Net increase (decrease) in cash 4,609 (3,283)
Cash at end of period $4,712 $73
CONTACT: Monica R. Bonner Bonner may refer to:
(212) 664-8731 or Stuart M. Carlisle Carlisle, city, England Carlisle, city (1991 pop. 72,006) and district, Cumbria, NW England, near the junction of the Caldew, Eden, and Petteril rivers. The city of Carlisle is an important rail center. (212) 614-5287 |
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