Basic Petroleum announces record profit, production and reserves also reach new highs; Basic will build third pipeline.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. CITY--(BUSINESS WIRE)--Feb. 26, 1996--Basic Petroleum International Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BPILF) announced that its 1995 net profit rose to $8.4 million from $0.6 million in 1994. Earnings per share increased to $1.33 versus 10 cents in 1994, while cash flow per share improved to $2.03 from 56 cents in 1994. The company's fourth quarter 1995 net revenues exceeded the net revenues for the entire year of 1994. Crude production showed a gain of 31%, moving to 3.4 million barrels versus 2.6 million barrels in 1994. Net profit and production figures are the highest in the company's history. Reserves and reserve valuations also moved to new highs for the company. Using the standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. measure of discounted future net cash flows, the value of the company's reserves increased to $233.1 million compared with a valuation of $182.5 million as of year end 1994. Xan-8 Successful; Increases Production by 12% Basic's most recent development well, Xan-8, was completed on January January: see month. 25th and tested at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1500 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. , increasing total daily production to 14,000 barrels per day, or by 12%. Daily production, in the last twelve months, has increased 60%. Basic Will Build Third Pipeline The third pipeline, to be completed by September September: see month. 1996, will enable the company to transport all of its production by pipeline. The third pipeline will have the same 20,000 barrel barrel: see English units of measurement. per day capacity as the company's first two pipelines. If production levels so require, Basic may increase total pipeline capacity to 30,000 barrels per day by adding more pumping stations at a relatively low cost. 1996 To Focus on Additions To Reserves, Continued Production Increases Building on its strong 1995 result, the company indicated that its strategic priorities for 1996 will center on further additions to reserves and continuing to build production. Basic will therefore drill two more exploratory wells this year, and will complete the development of its Xan field by drilling six more development wells in 1996. -0-
Basic Petroleum International Ltd.
Key Figures
Full Full Fourth Fourth
Year Year Quarter Quarter
US $ 000s 1995 1994 1995 1994
Total Production Revenue $45,625 $28,005 $16,908 $9,512 Net Revenues From Petroleum Operations 18,687 6,980 7,089 2,089 Net Profit 8,367 632 3,298 476 Earnings Per Share (in US$) $1.33 $0.10 $0.53 $0.08 Shareholders' Equity $56,197 $47,135 Production Data Production 3,431,589 2,636,791 1,051,913 643,919 Avg. Oil Sale Price/Bbl (US$) $12.44 $10.15 $11.93 $10.92 CONTACT: Basic Petroleum International Ltd. M.R. Bonner Bonner may refer to:
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