Bonavista Petroleum Announces Financial Results.CALGARY, ALBERTA--(BUSINESS WIRE)--May 16, 1997--Bonavista Petroleum (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BNP BNP B-type natriuretic peptide, brain natriuretic peptide Physiology A 32-residue peptide hormone produced predominantly in the ventricles, secreted in response to fluid overload–eg, CHF. See Atrial natriuretic peptide. .) Bonavista Petroleum Ltd. (formerly Ascentex Energy, Inc.) announces results for the year ended December 31, 1996, as well as production and financial estimates for 1997 pursuant to the acquisition of the assets of Lone Butte Butte, city, United States Butte (by  t), city (1990 pop. 33,336), seat of Silver Bow co., SW Mont.; inc. 1879. It is a trade, ranching, and industrial center. Energy Inc. (formerly "ATAPCO") on
February 1, 1997.
The Company focused considerable effort on asset rationalization rationalization, in psychology: see defense mechanism. and debt reduction during 1996. Consequently, average production fell 25 percent from 969 boe/d in 1995 to 727 boe/d in 1996. However, higher commodity prices offset lower production such that 1996 production revenue of $6.2 million was only 8 percent less than the previous year. Cash flow gained an additional benefit from significantly lower operating costs operating costs npl → gastos mpl operacionales and posted an 18 percent increase from $2.2 million ($0.41/share) to $2.6 million ($0.45/share). Earnings were also positively impacted, rising from a loss of $57,000 ($0.01/share) in 1995 to $514,000 ($0.09/share) this past year. Of greater importance than the improved financial results reported for 1996, is the recent asset acquisition and its estimated impact on the current year. Production has been tripled over year-end values to 2,100 boe/d, comprised of 15 mmcf/d of gas and 600 barrels of oil and liquids per day. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. production revenue and cash flow are estimated to be in the $15 million and $7.5 million range, respectively, which would equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to approximately $0.75 per share cash flow for 1997. Bonavista has identified some thirty potential drilling locations on its undeveloped lands, most of which are adjacent to Company operated gas processing and gathering facilities in the Dixonville and Oyen areas of Alberta. Furthermore, Bonavista owns approximately 20,000 net acres along the productive Tilston and Lodgepole subcrop trends of southwestern Manitoba, where industry has been increasingly active during the past six months. CONTACT: Bonavista Petroleum Ltd. Eric C. Gronberg, 403/265-3320 |
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