Berkley Petroleum Reports Continued Rapid Growth.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 21, 1996--Berkley(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). BKP BKP Bleached Kraft Pulp BKP Buchele & Kremer Produktivitätsberatung GmbH BKP Backup File BKP Breakpoint .) Berkley Petroleum is pleased to report continued rapid growth in all key performance areas during the first nine months of 1996. Net revenue in the nine months was $23.1 million, compared to $7.2 million in the first nine months of 1995. Cash flow in the first nine months of 1996 was $17.1 million ($1.27/share), a 298 percent increase over 1995 cash flow of $4.3 million ($.34/share). Nine month 1996 net earnings were $6.5 million ($.49 /share), compared to 1995 earnings of $1.1 million. Production in the first nine months averaged 5500 barrels of oil equivalent per day (37 MMCFPD sales gas, 1800 bpd of oil and ngl.) Average natural gas sales price was $1.32/mcf in the nine months, average oil price was $29.23/bbl Cdn.
(x)NET
YEAR (x)EARN EARN/SHARE (x)CASH CF/SHARE REVENUE
Q3'95 .8 .06 1.69 .14 2.9
Q3'96 2.3 .16 6.07 .44 8.8
9 Mos'95 1.1 .09 4.3 .34 7.2
9 Mos'96 6.5 .49 17.1 1.27 23.1
(x)Millions of dollars
The company participated in 36 wells in the first nine months, resulting in 14 gas wells (6.2 net), 16 oil wells (7.0 net), 2 suspended wells (0.8 net) and 4 dry holes (1.5 net). New pool discoveries were made at Midale, Lapp, Fort St. John Fort St. John can refer to more than one place:
At Midale Saskatchewan, the company has now drilled 13 successful oil wells and no dry holes. Current Berkley interest production is approximately 2500 bopd from 10 wells, actual well capability is considerably greater than current production levels. Berkley's net production from Midale averaged 700 bopd in the third quarter, the major increases have occurred in the fourth quarter. At Stoddart B.C., the company has completed 2 successful gas wells and is currently drilling a third. Company operated production at Stoddart is expected to reach 17 MMCFPD by early December. In the Puskwa-Smoky area, the company has cased the first exploration test, BPC BPC British Potato Council BPC Brewton-Parker College (Mt Vernon, GA) BPC Bible Presbyterian Church BPC Bangladesh Petroleum Corporation (Chittagong, Bangladesh) BPC British Pharmaceutical Codex et al Smoky Smoky, river, c.250 mi (400 km) long, rising in Jasper National Park, W Alta., Canada, and flowing generally NE to the Peace River. It receives the Wapiti and Little Smoky rivers. It was explored (1792) by Alexander Mackenzie. Heights 14-16-73-1W6, to a total depth of 3115m. Total company production reached the 9000 bopde level in November with the new Midale and Stoddart production as well as new contributions from Lapp and Puskwa. A 1996 exit production level of 10,000 bopde is anticipated. A total of 20 exploration new pool wildcats are planned by the company during the next 12 months, including large reserve potential tests at Puskwa and Saxon in Alberta, Dawson Creek Dawson Creek, city (1991 pop. 10,981), E British Columbia, Canada, near the Alta. border, on Dawson Creek and NE of Prince George. An important grain-shipping center, it is the southern terminus of the Alaska Highway. , Fort St. John and Patry in NEBC NEBC Northwest Environmental Business Council NEBC New England Botanical Club (Cambridge, MA) NEBC New England Bible College (South Portland, ME) NEBC North Eastern Bible College . Berkley Petroleum's News Release for the past 14 months can be accessed electronically through Canadian Corporate News website at http://cdn-news.com -0- The information contained herein, has been neither approved nor disapproved by the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: Berkley Petroleum Corp. Michael L. Rose, 403/ 571-3600 |
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