Best Pacific Reports Third Quarter Results.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 8, 1995--Best Pacific Resources Ltd. (BPR (Business Process Reengineering) See reengineering. BPR - Business Process Re-engineering ) (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 ) is pleased to announce its financial results for the nine months ended September 30, 1995. Gross revenues from oil and gas sales increased by 49.5 percent to $1,308,856 from $875,431 in the same period of 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 $396,214 or $0.42 per share, up 42 percent from $278,843 in the same period last year. The increases are primarily due to higher average production levels of 245 barrels of oil equivalent per day versus last year's nine month average of 167 barrels of oil per day. The company is scheduled to commence immediate construction of an oil and gas gathering facility at the recently acquired Gadsby field. Production is expected to increase by 1MMCF MMCF Million Cubic Feet MMCF Multimedia Communications Forum MMCF Mint Mocha Chip Frappuccino MMCF Multi Media Communication Forum of gas per day and 50 barrels of oil per day, adding to the Company's existing production of 310 barrels of oil equivalent per day. Further development at Gadsby includes a horizontal re-entry, scheduled to spud at the end of this month, in which BPR has a 67.5 percent working interest. A seismic program at Little Bow has identified several potential locations, one of which will be drilled on the Company's 45 percent working interest lands before the end of the year. The development of the Gadsby and Little Bow fields is being financed by the Company's 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. Best Pacific Resources Ltd. is listed on the Alberta Stock Exchange - trading symbol BPG. -0- Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Best Pacific Resources Mr. Stephen Ko or Mr. Steven Kirk, 403/263-8389 403/233-7463 (Fax) |
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