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CANADIAN JOREX CONTINUES STEADY GROWTH THROUGH 1992

 CALGARY, Feb. 22 /CNW/ - The Calgary based junior oil and gas company today released unaudited financial results for 1992 which showed an increase of 278 percent in cash flow per share and a 17 percent production gain on a barrels of oil equivalent basis. Due to the Company's significant tax pools, Canadian Jorex was not in and is not expected to be in a taxable position for several years. Comparative results for the two periods to December 31 are as follows:
 Year ended December 31
 1992 1991
 Financial
 ---------
 Petroleum & Natural gas sales $ 8,099,000 $ 7,314,000
 Cash flow from operations $ 2,433,000 $ 703,000
 - Per share $ 0.25 $ 0.09
 Earnings (Loss) $ 613,000 ($10,935,000)
 - Per share $ ($ 1.37)
 Production
 ----------
 Crude oil (bbls) 265,155 254,237
 Daily average 724 697
 Natural gas (MCF) 1,764,421 1,213,327
 Daily average (MCF) 4,821 3,324
 Total daily (BOE) 1,206 1,029
 Weighted average no. of shares 9,731,596 8,007,732
 During 1992 the Company participated in the drilling of 11 gross (4.88 net) wells of which 6 gross (2.33 net) were oil wells, 1 gross (0.80 net) was a gas well and 4 gross (1.75 net) were dry and abandoned. Seven of the total wells drilled were in the Gift Lake area of northern Alberta with Canadian Jorex holding a 25 percent working interest. During 1992 the Company acquired an additional 5 sections of land in the area with a 50 percent working interest.
 The Company's acquisition in 1992 of a natural gas processing plant at Farrow, Alberta along with additional gas and oil reserves has resulted in Canadian Jorex increasing its natural gas production by approximately 4.5 MMCF/D from this area alone. As part of the Company's accelerated exploitation program for its large shut-in gas inventory, a pipe line was completed to the plant in December from Canadian Jorex's nearby Brant pool. The Farrow area will be a major focus for the Company in 1993. Exploration and development drilling for natural gas as well as light oil has already commenced in a multi-well program for this year.
 For further information: Louis J. Schneider, President, Canadian Jorex Limited, (403) 266-0930 or; Grant Howard, President, STRATCOM Inc., (403) 221-0915
 (CJX.)
 -0- 02/22/93


CO: CANADIAN JOREX LIMITED IN: OIL SU: ERN ST:

-- C2643 -- X367 02/22/93
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Publication:PR Newswire
Date:Feb 22, 1993
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