BlackRock Announces Results for the Year Ended December 31, 1996.TORONTO--(BUSINESS WIRE)--April 4, 1997--BlackRock Ventures Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : BVI) reported a loss of Cdn. $3.6 million for 1996 on revenues of $322,000, primarily reflecting its share of a loss generated by an equity accounted investment. BlackRock Ventures BlackRock Ventures Inc. TSX: BVI is a Calgary, Alberta based oil company active in the exploration, development and production of heavy oil in western Canada. On July 10, 2006 Shell Canada completed its buy out of Black Rock for approximately $24CDN per share or owns 18.8% of the outstanding shares of Rayrock Yellowknife Yellowknife, city (1991 pop. 15,179), capital of the Northwest Territories, Canada, on the north shore of Great Slave Lake, at the mouth of the Yellowknife River. Resources Inc. (TSE: RAY), which had a net loss of U.S. $12.5 million. Rayrock had record revenues of U.S. $107.1 million in 1996 but took U.S. $25.4 million in write-downs primarily relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc certain of its gold properties. Rayrock owns approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 46% of BlackRock BlackRock Inc. (NYSE: BLK) is a major American investment management firm. As of September 30, 2007, BlackRock’s assets under management totaled $1.3 trillion[2] across fixed income, liquidity, equity, alternative investment and real estate strategies. Ventures' outstanding common shares. BlackRock's 1996 revenue was derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from conventional oil and gas properties it received upon the reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. of Discovery West Corp. in October October: see month. , 1996. In 1997, BlackRock's main focus will be upon developing its oil sands property, located near Cold Lake, Alberta Cold Lake is a city in northeastern Alberta, Canada, named after the lake it is situated near. Cold Lake itself was formerly known as Coldwater Lake. History The Town of Cold Lake amalgamated with the nearby communities of Grand Centre and the civilian areas of CFB Cold . Pilot plant construction set to begin BlackRock is expected to begin construction of the surface facilities for its Cold Lake pilot plant in April, 1997; in December December: see month. , 1996 the company completed drilling of its first Steam Assisted Gravity Drainage Steam Assisted Gravity Drainage (SAGD) is an enhanced oil recovery technology for heavy crude oil and bitumen. Description Two parallel horizontal oil wells are drilled in the formation. (SAGD SAGD Steam-Assisted Gravity Drainage (oil extraction process) SAGD Security Architecture Guidance and Directions ) well pair. Upon completion of the surface facilities and tie-in tie-in n. One thing that is related to or connected with another. Noun 1. tie-in - a fastener that serves to join or connect; "the walls are held together with metal links placed in the wet mortar during construction" with the wells, BlackRock will begin to introduce steam into the 700-million barrel barrel: see English units of measurement. Clearwater Clearwater, city, United States Clearwater, residential and resort city (1990 pop. 98,784), seat of Pinellas co., W central Fla., on the Pinellas peninsula, between Clearwater Bay and the Gulf of Mexico; inc. 1891. deposit underlying the property. BlackRock expects to begin producing bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. after approximately
two months' of steaming the deposit. At full production, the pilot
plant is expected to produce approximately 600 barrels of oil per day
(bopd). Results from the pilot plant will be used to help assess the
viability of a 25,000 bopd commercial-scale SAGD plant on the property.Financing in place BlackRock launched a rights offering of its common shares in December, 1996 which ended in January January: see month. , 1997 and raised Cdn. $15.6 million. The 1996 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma balance sheet reflects the effect of this activity as if it had occurred at the end of 1996. Approximately $5.0 million of the proceeds of this financing will be used to complete the construction of the pilot project. -0-
Balance Sheet As at December 31
(Cdn$ in thousands) Pro forma(1) 1996
----------------------------------------------------------------
Assets (unaudited)
Current assets
Cash $ 11,194 $ 1,682
Accounts receivable 365 365
Prepaid expenses 125 125
----------------------------------------------------------------
11,684 2,172
----------------------------------------------------------------
Long-term investments 29,856 29,856
Oil and gas properties - at cost, less
accumulated depreciation of $65 5,478 5,478
----------------------------------------------------------------
35,334 35,334
----------------------------------------------------------------
$ 47,018 $ 37,506
----------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accruals $ 3,773 $ 2,323
Due to affilited company 5,764
----------------------------------------------------------------
3,773 8,087
----------------------------------------------------------------
Shareholders' Equity
Capital stock 49,574 34,748
Deficit (3,625) (3,625)
----------------------------------------------------------------
45,949 31,123
Deduct recprocal shareholdings (1,704) (1,704)
----------------------------------------------------------------
44,245 29,419
----------------------------------------------------------------
$ 47,018 $ 37,506
----------------------------------------------------------------
(1) The proforma information reflects the successful completion of
the BlackRock rights offering which ended on January 17, 1997.
Pursuant to the offering, 22,324,651 common shares of the Company
were issued at $0.70 per share. A portion of the proceeds was used
to repay $5.7 million owing to Rayrock Yellowknife.
Statement of Loss
For the period from the date of incorporation, May 16 1996 to
December 31, 1996
(Cdn$ in thousands, except per share amounts)
1996
----------------------------------------------------------------
Operating revenues
Oil and gas $ 322
----------------------------------------------------------------
Operating expenses
Production, including royalties 133
Depletion and depreciation 65
General and administrative 234
----------------------------------------------------------------
432
-----------------------------------------------------------------
Operating loss 110
----------------------------------------------------------------
Other (income) expense
Interest expense 126
Other expense 29
Interest income (9)
----------------------------------------------------------------
146
----------------------------------------------------------------
Loss before undernoted item 256
Share of loss of equity accounted investment 3,363
----------------------------------------------------------------
Loss for the period $ 3,619
----------------------------------------------------------------
Loss per share $ 0.12
----------------------------------------------------------------
Statement of Changes in Financial Position
For the period from the date of incorporation, May 16, 1996 to
December 31, 1996
(Cdn$ in thousands) 1996
----------------------------------------------------------------
Operating activities
Loss for the period $ (3,619)
----------------------------------------------------------------
Non-cash charges to losses
Depletion and depreciation 65
Share of loss of equity accounted associate 3,363
Other 6
----------------------------------------------------------------
3,434
----------------------------------------------------------------
Funds used in operations (185)
Decrease in working capital, excluding cash 1,827
----------------------------------------------------------------
Cash provided by operating activities 1,642
----------------------------------------------------------------
Investment activities
Additions to oil and gas properties (2,958)
----------------------------------------------------------------
Cash used in investment activities (2,958)
----------------------------------------------------------------
Financing activities
Loan from affiliated company 3,004
Dividends on preferred shares (6)
----------------------------------------------------------------
Cash provided by financing activities 2,998
----------------------------------------------------------------
Increase in cash being cash at the end of the period $ 1,682
----------------------------------------------------------------
CONTACT: BlackRock Ventures Inc. Martti E. Kangas, Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. (416) 489-0022, ext. 227 E-mail: rayrock@inforamp.net |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion