Baytex Energy Announces Financial Results for First Quarter.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)--May 29, 1997--Baytex Energy Ltd. (TSE/Alberta:BTE.A) of Calgary, announced today financial results for the first quarter ended March 31, 1997. Baytex's growth continued in the first quarter of 1997 highlighted by total production more than doubling to 5,260 boe per day from 2,267 boe per day in the first quarter of 1996. Revenues increased to $10.4 million compared to $3.8 million for the same period of 1996, a 171 percent increase. Cash flow more than doubled increasing to $6.5 million from $2.4 million in the first quarter of 1996. Cash flow per share increased to $0.47 per share (basic) and $0.42 per share (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), up from $0.30 per share (basic) and $0.24 per share (fully diluted) in 1996. Net earnings for the first quarter were $2.2 million up from $0.9 million in the first quarter of 1996. Earnings per share increased to $0.16 per share (basic) and $0.14 per share (fully diluted), up from $0.11 per share (basic) and $0.09 per share (fully diluted) for the same period in 1996. Oil and natural gas liquid production increased to 1,800 bbl/d in the first quarter of 1997 up from 987 bbl/d in the same period of 1996. Natural gas production more than doubled increasing 170 percent to 34.6 mmcf/d in the first quarter of 1997 from 12.8 mmcf/d in the same period of 1996. Oil and natural gas liquids pricing continued strong through the first quarter with Baytex averaging $26.61 per bbl an increase of 16 percent over the $22.96 received in the first quarter of 1996. Baytex's natural gas prices increased 29 percent to average $1.97 per mcf compared to $1.53 per mcf in 1996. Baytex participated in the drilling of 20 wells (19.6 net) during this first quarter. This resulted in 10 (9.95 net) oil wells, 7 (6.65 net) gas wells and 3 (3 net) dry and abandoned wells. At 85 percent, the Corporation's drilling success was our highest ever recorded in a quarterly reporting period. On May 20, 1997, Baytex signed an agreement to purchase an interest in 178 (135 net) sections of land in the Leahurst area, a 20 percent interest in a 40 mmcf/d sweet gas plant, a 33.3 percent interest in a 17 mmcf/d sour gas Sour gas is natural gas or any other gas mixture which contains significant amounts of hydrogen sulfide (H2S). According to this reference [1], natural gas is usually considered sour if there are more than 5. plant, 112 km of an associated gas gathering system, 22.5 bcf of gas reserves, and 9 mmcf/d of production for a purchase price of approximately $13.6 million. This acquisition is scheduled to close on July July: see month. 3, 1997. As a result of this Leahurst acquisition, Baytex plans 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" 3 wells and drill a minimum 20 wells before year-end on the associated lands. Baytex has four drilling rigs under contract to complete the Corporation's most active year in its history with another 80 wells planned for the remainder of 1997. Second quarter drilling has been successful as two successful oil wells have been drilled. These wells flowed on production test at 1,056 bopd and 452 bopd respectively. The Corporation has several follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan locations planned offsetting these wells. Baytex is a junior oil and gas exploration company whose shares are traded on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). under the trading symbol Trading symbol See: Ticker symbol "BTE.A". -0- Note to Editors: The Alberta Stock Exchange has neither approved or disapproved of the information contained herein. CONTACT: Baytex Energy Ltd. Bert Kloster, 403/750-1234 403/750-1244 (fax) www.baytex.ab.ca |
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