CANRISE RESOURCES LTD. ANNOUNCES 1995 FIRST QUARTER FINANCIAL AND OPERATING RESULTS.CALGARY, Alberta--(BUSINESS WIRE)--May 30, 1995--CANRISE RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ) Canrise Resources Ltd. today announced its financial and operating results for the first quarter of 1995. For the three month period ended March 31, 1995, and relative to the similar period last year, production revenue increased 34% to $763,781 compared to $568,698, 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 increased 24% to $427,868 ($0.04 per share) compared to $344,770 ($0.06 per share), and net income decreased 36% to $64,277 ($0.01 per share) compared to $99,770 ($0.02 per share). The reduction in cash flow per share to $0.04 from $0.06 is due to an increase in the number of shares outstanding and current low gas prices. However, given a successful exploration and development program, combined with key acquisition and improving natural gas volumes, the company expects that 1995 cash flow per share will exceed the $0.21 per share of 1994. Production of natural gas and associated liquids increased 105% to 5.81 mmcfe per day compared to 2.83 mmcfe per day. Current production is approximately 9.0 mmcfe per day. Canrise participated in four gross wells (1.75 net) during the period. Three of the wells were successful gas wells. One well has been tied-in tied-in a conformation defect in an animal in which a limb is perceptibly thinner at one point, e.g. tied-in below the knee, or below the hock. and is producing at an average rate of 2.0 mmcf per day (1.0 net). One of the two remaining successful wells will be tied-in late in the second quarter and the other after freeze-up next winter. Overall, Canrise anticipates participating in drilling ten (5.0 net) additional wells during the remainder of the year. The company was also involved in acquisition activity during the first quarter. Canrise acquired a 100% interest in a completed gas well at Elmworth. Tie-in of the well is in progress and production of 2.0 mmcf per day will commence in July. The company also agreed to purchase producing oil properties at Carrot carrot, common name for some members of the Umbelliferae, a family (also called the parsley family) of chiefly biennial or perennial herbs of north temperate regions. Creek which represents a $1.9 million investment for 395,000 barrels of light oil. Carrot Creek began providing Canrise with 190 bbls per day of production in late April. Canrise Resources Ltd. is an Alberta based corporation engaged in the exploration, development and acquisition of natural gas and oil properties in Western Canada
Western Canada, commonly referred to as the West . The common shares of the corporation are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the Alberta Stock Exchange. Neither the Toronto Stock Exchange nor the Alberta Stock Exchange have either approved or disapproved the information contained herein. CONTACT: Peter J. Kurceba, 403/232-9222 or David M. Fisher, C.A., 403/232-9225 403/262-4518 (FAX) |
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