Best Pacific Reports Second Quarter Results.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 11, 1995--BEST PACIFIC RESOURCES(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 ) In the first half of 1995, revenues, net of royalties, increased to $691,420 or 107 percent over the same period in 1994. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $273,546 representing $0.03 per share compared to $78,630 or $0.01 per share in the prior year. Overall, the Company experienced net income of $81,836 or $0.01 per share based on average production levels of 222 barrels of oil. Best Pacific closed an acquisition of several oil and gas properties in the Gadsby area of east central Alberta for $1,480,000, effective July 1, 1995. The average interest acquired is 82.2 percent over more than 4,000 gross acres of land and will add 100 barrels of 32 degree API oil and 500 mcf of gas to the Company's existing production. Best Pacific will operate the field and plans to have a development program in place by October of this year. The Company has financed the Gadsby acquisition and development with funds raised through an immigration immigration, entrance of a person (an alien) into a new country for the purpose of establishing permanent residence. Motives for immigration, like those for migration generally, are often economic, although religious or political factors may be very important. fund which has generated $7,000,000 to date. As a result, Best Pacific is well financed to continue its growth strategy. In addition, Best Pacific has secured a line of credit with the National Bank of Canada This article is about a commercial bank. For Canada's central bank, see Bank of Canada. National Bank of Canada (Banque Nationale du Canada) TSX: NA is the sixth largest bank in Canada, and so is one of the Big Six banks. in the amount of $2,000,000. The Company intends to use this source to pursue opportunities in southeastern Saskatchewan. A second acquisition was made at Bilbo bil·bo 1 n. pl. bil·boes An iron bar to which sliding fetters are attached, formerly used to shackle the feet of prisoners. [Origin unknown.] in northwestern Alberta for $10,000. The Company acquired a 100 percent interest in three- quarters of a section of land with 1.5 bcf of gas reserves. The suspended gas well will be tied in once gas prices recover to more economic levels. Best Pacific Resources Ltd. is listed on the Alberta Stock Exchange - trading symbol Trading symbol See: Ticker symbol - BPG. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Stephen C.M. Ko or Steven D. Kirk 403/263-8389 403/233-7463 (FAX) |
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