Baytex Energy Ltd. Announces Financial Results For The Year Ending December 31, 1996.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)--April 15, 1997--Baytex Energy Ltd. (TSE/Alberta Stock Exchange:BTE.A, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BTE.B) announced today financial results for the year ending December 31, 1996. Revenues increased to $15,887,991 compared to $5,444,805 for the same period of 1995, a 192 percent increase. Net earnings for 1996 were $4,307,023 or $0.46 per share ($0.39 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 437 percent from $801,956 or $0.12 per share ($0.10 fully diluted) for the same period in 1995. Cash flow for the twelve months ending December 31, 1996, was $11,151,023 or $1.19 per share ($0.98 fully diluted) up 255 percent from $3,139,356 or $0.48 per share ($0.37 fully diluted) for the corresponding period in 1995. Oil and natural gas liquid production increased 270 percent to 922 bbl/d in 1996 up from 249 bbl/d covering the same period in 1995. Natural gas production increased 49 percent to 13,216 mcf/d in 1996 from 8,891 mcf/d in the same period of 1995. Oil and natural gas liquids pricing remained strong throughout 1996 with Baytex averaging $24.62 per bbl an increase of 12 percent over the $22.02 received in 1995. Baytex's natural gas prices increased 18 percent to average $1.52 compared to $1.29 in 1995. Baytex participated in the drilling of 87 wells during 1996. This resulted in 34 (28.29 net) oil wells, 22 (20.35 net) gas wells and 31 (25.80 net) dry and abandoned wells. Baytex's active 1996 drilling program resulted in a substantial increase in reserves with oil and liquids up 231 percent to 7,329 mbbls at the end of 1996 compared to 2,216 mbbls for the corresponding period in 1995. Natural gas reserves increased 103 percent to 106,614 mmcf at the end of 1996 compared to 52,633 mmcf in 1995. Baytex's finding and on-stream costs for 1996 were $6.73 per boe proved and $4.44 per boe proved plus probable. During the first quarter of 1997, Baytex drilled 20 (19.58 net) wells resulting in 10 (9.95 net) oil wells, 7 (6.63 net) gas wells, and 3 dry and abandoned wells. Current production is 28.7 mmcf/d natural gas and 2460 bopd. Baytex has 650 bopd of production shut-in shut-in n. A person confined indoors by illness or disability. adj. 1. Confined to a home or hospital, as by illness. 2. Disposed to avoid social contact; excessively withdrawn or introverted. at Brownfield See greenfield. and Westerose due to spring break-up and road bans. This production is expected to be restored by the end of May 1997. The winter drilling program will result in an aggressive development program after spring break-up with a minimum twelve drilling locations planned for Westerose targeting light oil, six additional locations offsetting a Halkirk light oil discovery and fifteen more wells at Leahurst targeting multi-zone gas. On the exploration front, Baytex has fourteen more wells scheduled to be drilled in the Halkirk area in search of new oil pools. An additional fourteen exploration wells are scheduled; five at Morningside targeting liquids rich gas, three at Westerose targeting light oil, three at Swanhills targeting light oil, one at Kaybob targeting light oil and two at Paddle An input device that moves the screen cursor in a back-and-forth motion. It has a dial and one or more buttons and is typically used in games to hit balls and steer objects. See joy stick. Paddle - A language for transformations leading from specification to program. River targeting gas. 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" and "BTE.B". CONTACT: Baytex Energy Ltd. Bert Kloster, 403/750-1234 403/781-2350 (fax) www.baytex.ab.ca |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion