Basic Petroleum announces record 1996 profit.NEW YORK--(BUSINESS WIRE)--February 19, 1997-- -- Production and reserves value also reach new highs -- Basic plans to commence an aggressive exploration program on all of its acreage in 1997 Basic Petroleum International Limited announced today that its 1996 net profit rose 115% to $18.1 million from $8.4 million in 1995. Earnings per share increased to $2.62 versus $1.34 in 1995, while cash flow per share improved to $4.13 from $2.03 in 1995. Crude production showed a gain of 56% moving to 5.3 million barrels versus 3.4 million barrels in 1995. Net profit and production figures are the highest in the Company's history. Reserve valuations also moved to new highs, increasing to $308.4 million compared with a valuation of $233.1 million as of year end 1995. More production forecasted at less cost After the successful completion of four development wells in the Xan field and one well in Contract 1-85 in 1996, Basic will continue to develop these fields by drilling at least four wells in 1997. Completion of the pipeline network in December December: see month. now allows the Company to transport all of its production from its fields directly to its terminal at Santo Tomas Santo Tomás, Spanish for Saint Thomas, describes numerous locations. Places in the world
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. . That eliminates truck transport costs, which were $11.1 million in 1996. 1997 to focus on additions to reserves The Company's focus on reserves in 1997 initially includes an aggressive seismic program of 540 kilometers and the drilling of at least two or more exploratory wells. Commenting on the results, Mme. Gilberte E. Beaux beaux n. A plural of beau. , Chairman of the Basic Petroleum International Limited, said, "Our focus in 1997 will be on increasing production from the ten producing wells in the Xan field, and an additional four development wells will be drilled during the year. We will continue to reduce operating costs operating costs npl → gastos mpl operacionales from $4.84 per barrel to less than $3.00 per barrel by the end of the year due, in large part, to the completion of the pipeline. In addition, Basic will continue its exploration drilling and conduct further seismic programs to expand the Company's reserve base. To realize these goals, we will invest around $50 million 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 with executive offices in Paris, operations in Guatemala 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 O-T-C 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. Key Figures Full Full Fourth Fourth Year Year Quarter Quarter US $ 000s 1996 1995 1996 1995 Total Production 80,847 45,625 21,936 12,483 Revenue Net Revenues from Petroleum 36,840 18,687 10,014 7,089 Operations Net Profit 18,122 8,412 5,513 3,343 Earnings per Share 2.62 1.34 0.74 0.53 (in US$) Cash Flow 28,521 12,782 8,047 4,818 Cash Flow per Share 4.13 2.03 1.08 0.76 (in US$) Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. 102,633 55,537 PRODUCTION DATA Production (Bbl.) 5,328,343 3,431,589 1,374,294 1,051,913 Avg. Oil Sale 14.38 12.44 15.27 11.93 Price/Bbl.(US$) CONTACT: Monica R. Bonner (212) 664-8731 Stuart M. Carlisle (212) 614-5287 |
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