CS Resources Limited - 1996 Year End Results.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)--Feb. 18, 1997--CS Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME CRZ CRZ Cruise CRZ Contamination Reduction Zone CRZ Chirped Return to Zero CRZ Close Reconnaissance Zone CRZ Controlled-Reaction Zone CRZ Compact Renaissance Zero .)--CS Resources Limited today announced record levels of financial and operating results for the year ended December December: see month. 31, 1996. For the seventh consecutive year, CS Resources achieved increases in both operating and financial results. Revenue from operations rose 28 percent in 1996 to $89.0 million compared with $69.4 million in 1995. 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 for the year ended December 31, 1996 totalled $47.2 million or $1.96 per common share, an increase of 30 percent over the $36.2 million or $1.79 per common share realized in the prior year. Net earnings for the year were $10.3 million or $0.43 per common share, an increase of 65 percent compared with $6.2 million or $0.31 per common share in 1995. Crude oil production averaged 12,955 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. in 1996, an increase of 24 percent in comparison to 1995 with crude oil production at year end increasing to 14,500 barrels per day. The average crude oil price in the year was $21.15 per barrel barrel: see English units of measurement. before hedging hedging, in commerce, method by which traders use two counterbalancing investment strategies so as to minimize any losses caused by price fluctuations. It is generally used by traders on the commodities market. losses up from $17.58 per barrel in 1995. Natural gas production in the year averaged 18.3 million cubic feet per day unchanged from the prior year. Prices increased to $1.39 per thousand cubic feet in 1996 compared with $1.24 per thousand cubic feet in 1995. Capital expenditures reached a record level of $85.2 million before dispositions of $10.6 million. A total of 9.7 million barrels of crude oil and 2.7 billion cubic feet were added to proven and probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserves in the year. In 1996, replacement costs were $5.02 per barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. reflecting net additions and the advancement A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. of certain reserves at Pelican Lake into our current development plans. The Company has a 1997 capital expenditure program of $103 million of which 45 percent will be directed to primary heavy oil activities, 35 percent to thermal thermal /ther·mal/ (ther´m'l) pertaining to or characterized by heat. ther·mal adj. 1. Of, relating to, using, producing, or caused by heat. 2. operations and 20 percent to natural gas and light oil exploration activities. -0-
Consolidated Statement of Earnings
Three Months Ended Year Ended
December 31 December 31
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($000s) 1996 1995 1996 1995
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Revenue
Oil and gas sales,
net of royalties $22,193 $14,819 $84,328 $64,966
Pipeline and facility 617 753 3,921 3,431
Equity interest in
pipeline operations 298 280 788 1,030
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$23,103 $15,852 $89,037 $69,427
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Expenses
Production $ 7,653 $ 6,465 $29,968 $24,723
General and
administrative 1,755 600 6,240 4,739
Interest and bank charges 363 710 2,950 1,864
Depletion and
depreciation 8,438 6,859 30,997 25,530
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$18,209 $14,634 $70,155 $56,856
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Net Earnings Before Tax $ 4,899 $ 1,218 $18,882 $12,571
Income Taxes
Capital 404 385 2,116 1,367
Deferred 1,600 50 6,500 5,000
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Net Earnings for
the Period $ 2,895 $ 783 $10,266 $ 6,204
Per Share - basic $ 0.11 $ 0.04 $ 0.43 $ 0.31
- fully diluted $ 0.11 $ 0.04 $ 0.43 $ 0.31
Cash Flow from
Operations $12,635 $ 7,531 $47,213 $36,179
Per Share - basic $ 0.47 $ 0.37 $ 1.96 $ 1.79
- fully diluted $ 0.45 $ 0.34 $ 1.82 $ 1.56
Average Shares Outstanding (000's) 24,089 20,236
Capital Expenditures
(Net) $ 9,229 $23,714 $74,553 $74,627
Production
Crude Oil (bbl/day) 13,928 10,845 12,955 10,477
Natural Gas (mcf/d) 14,319 17,152 18,271 18,289
Prices
Crude Oil ($/bbl) $ 21.89 $ 14.57 $ 21.15 $ 17.58
Natural Gas ($/mcf) $ 1.66 $ 1.34 $ 1.39 $ 1.24
Operating Expenses
Crude Oil $ 5.46 $ 4.86 $ 5.51 $ 5.44
Natural Gas $ 0.43 $ 0.71 $ 0.48 $ 0.45
BOE $ 5.35 $ 5.18 $ 5.43 $ 5.30
1996 Changes in Reserves
Crude Oil (mmbbls) Natural Gas (bcf)
Proven Probable Total Proven Probable Total
(x) (x)
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December 31, 1995 68.2 12.6 80.8 52.8 7.0 59.8
Additions 7.0 2.7 9.7 2.4 0.3 2.7
Purchases/
Dispositions 0.2 0.3 0.5 (7.1) (0.7) (7.8)
Production (4.7) - (4.7) (6.7) - (6.7)
Revisions - (0.9) (0.9) (4.5) 0.1 (4.4)
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December 31, 1996 70.7 14.7 85.4 36.9 6.7 43.6
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(x) Probable reserves risked at 50 percent
Condensed Balance Sheet
As at As at
December 31 December 31
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Unaudited ($000s) 1996 1995
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Assets
Current Assets $ 31,887 $ 22,106
Investments 6,949 7,458
Property Plant & Equipment 224,591 180,516
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$263,427 $210,080
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Liabilities and Shareholders' Equity
Current Liabilities $ 26,357 $ 30,319
Long Term Debt 33,139 46,521
Future Site Restoration Costs 4,863 5,099
Deferred Taxes 22,455 15,955
Shareholders' Equity
Common Shares 143,582 89,421
Retained Earnings 33,031 22,765
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176,613 112,186
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$263,427 $210,080
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CS Resources Limited is a Calgary-based petroleum company with operations focused in the western Canada
Western Canada, commonly referred to as the West sedimentary basin The term sedimentary basin is used to refer to any geographical feature exhibiting subsidence and consequent infilling by sedimentation. As the sediments are buried, they are subjected to increasing pressure and begin the process of lithification. . The Company's common shares are listed for trading on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: CS Resources Limited Dee A. Parkinson Par·kin·son , James 1755-1824. British physician who gave (1817) a comprehensive description of paralysis agitans, or Parkinson's disease, and was the first to recognize (1812) perforation of the appendix as a cause of death in appendicitis. , 403/260-6100 403/260-6191 (FAX) or CS Resources Limited George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). A. Crookshank, 403/260-6100 403/261-6191 (FAX) |
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