Best Pacific Reports 1997 Results.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)--March 20, 1998--Best Pacific Resources Ltd. (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group .) ("Best Pacific" or the "Company") is pleased to present operating statistics for the year ended December December: see month. 31, 1997. It has been another stellar year for the Company highlighted by record levels of production, cash flow, earnings, and reserves. Average daily production for the Company over the full year of 1997 rose to 1,612 barrels of oil equivalent per day (boepd), comprised of 815 barrels of light oil per day (bopd) and 7,970 thousand cubic feet per day (mcf/d) of natural gas. This represents an increase of 81 percent over 1996 average production of 891 boepd. Accordingly, 1997 cash flow doubled in comparison to 1996, to $4.4 million from $2.2 million and net earnings increased by 188 percent in 1997 to $833,891 from $288,695 in 1996. Best Pacific also increased its reserve base significantly in 1997. Proven plus risked probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserves at year end totaled over 7 million barrels of oil equivalent (mmboe), compared to 4.39 mmboe at year end 1996. The Company achieved 1997 finding and development costs (FDC FDC - Floppy Disk Controller ) of $5.82 per boe, based on proved plus half probable reserves. Best Pacific's five year average of FDC from 1993 to 1997 is $4.10 per boe. Best Pacific also dramatically increased its undeveloped land base in 1997 to 59,000 net acres at year end from the 1996 year end amount of 7,277 net acres. Summarized financial information for the years ended December 31, 1997 and 1996 is presented below: -0-
1997 1996
REVENUE
Oil and Natural Gas Sales $11,393,169 $6,186,969
Royalties (2,076,317) (984,160)
Other Revenue 290,294 106,817
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$9,607,146 $5,309,626
EXPENSES
Operating $3,613,199 $1,977,352
Income Taxes 130,708 55,000
Depletion & Depreciation 3,438,432 1,846,524
Interest 681,615 424,935
Administrative 750,054 675,091
Site restoration
and abandonment 159,247 42,029
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$8,773,255 $5,020,931
NET EARNINGS $833,891 $288,695
NET EARNINGS PER SHARE $0.046 $0.028
CASH FLOW FROM OPERATIONS $4,431,570 $2,217,248
CASH FLOW PER SHARE $0.244 $0.212
-0- During the fourth quarter of 1997, Best Pacific's average production was 1,936 boepd (904 bopd and 10,320 mcf/d of natural gas), an increase of 11 percent from the third quarter average production of 1,751 boepd. The Company had a 1997 exit production rate of 2,200 boepd. -0- Note to Editors: Neither the Alberta Stock Exchange nor any other regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. body have reviewed this news release and they neither approve nor disapprove dis·ap·prove v. dis·ap·proved, dis·ap·prov·ing, dis·ap·proves v.tr. 1. To have an unfavorable opinion of; condemn. 2. To refuse to approve; reject. v.intr. of the contents of this news release. CONTACT: Best Pacific Resources Ltd. C.M. Ko, 403/263-8389 403/233-7463 (FAX) http://www.bestpacific.com bpr@bestpacific.com |
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