Best Pacific Resources Reports Strong Growth in 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 11, 1997--Best Pacific (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 Resources Ltd. ("Best Pacific") today announced record financial performance for the year ended December December: see month. 31, 1996. Cash flow from the operations nearly quadrupled in 1996 to $2,217,248 from the 1995 total of $583,573. Net income for 1996 was $288,695, compared to net income of $16,632 in 1995. The earnings gain in 1996 is a reflection of an increase in total daily average production to 891 barrels of oil equivalent per day (boepd) in 1996, up substantially from the 1995 daily average production of 290 boepd. Best Pacific exited 1996 producing 1,280 boepd. Summarized information for 1996, including a comparison to 1995, is shown below: -0- Year ended December 31 1996 1995 Percent Change ---------------------- ---- ---- -------------- Financial (000's except per share) Production Revenue $6,187 $2,069 199 percent Net Earnings $ 289 $ 17 1,636 percent Net Earnings Per Common Share $0.028 $0.002 1,300 percent Cash Flow From Operations $2,217 $ 584 280 percent Cash Flow Per Common Share $0.212 $0.062 242 percent Net Asset Value (15 percent discount risked) $23,224 $10,233 127 percent Net Asset Value Per Common Share $ 1.58 $ 0.76 108 percent Production Natural Gas (mcf/d) 4280 200 2,040 percent Crude Oil (bbls/d) 463 270 71 percent Combined (boepd) 891 290 207 percent -0- Best Pacific looks forward to a continuation of improving results in 1997 through further exploration, development and acquisition initiatives, such as the recent successful take-over of Spirit Corporation and the recently announced acquisition of properties currently producing over 300 boepd. Best Pacific Resources Ltd. is listed on the Alberta Stock Exchange: Trading Symbol Trading symbol See: Ticker symbol - BPG -0- Note to Editors: Neither the Alberta Stock Exchange nor any other regulatory 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. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and C.M. Ko, 403/263-8389 403/233-7463 (FAX) |
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