CS Resources Limited - Second quarter 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)--Aug. 20, 1996--CS RESOURCES LIMITED (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 second quarter of 1996. 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 in the second quarter reached a record $11.3 million or $0.49 per common share, an increase of 25 percent compared with the same period in 1995. Net income in the second quarter was $1.9 million or $0.08 per common share, an increase of 13 percent compared with the same period in 1995. Cash flow from operations for the six months ended June June: see month. 30, 1996 was $20.7 million or $0.93 per common share compared with cash flow from operations of $19.5 million or $0.97 per common share for the same period in 1995. Net income in the current six month period was $3.4 million or $0.15 per common share compared to $4.2 million or $0.21 per common share for the same period in 1995. Daily production in the second quarter averaged 14,748 barrels of oil equivalent, an increase of 25 percent compared with the same period in 1995. Crude oil production averaged 12,774 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 the quarter and 14,000 barrels per day throughout the month of June as a result of successful drilling programs at Pelican Lake, Winter and West Provost PROVOST. A title given to the chief of some corporations or societies. In France, this title was formerly given to some presiding judges. The word is derived from the Latin praepositus. . In addition, crude oil production commenced from the Senlac Sen·lac A hill in southern England near Hastings. The battle fought here in 1066, in which William the Conqueror defeated Harold II, is known as the Battle of Hastings. 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. Project in the second quarter. Start-up Start-up The earliest stage of a new business venture. was extended into the third quarter due to minor equipment failures and refinements made to operating procedures. The Company is confident production levels of 4,000 to 5,000 barrels per day will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. in the near future. Subsequent to June 30, 1996, the Company received $27.3 million on the exercise of 3.4 million share purchase warrants, which resulted in the issue of the same number of common shares. As a result of the exercise of the warrants, the Company had, as at August 1, 1996, 26.5 million common shares outstanding and bank debt of $33 million. -0-
Consolidated Statement of Operations
Three Months Ended Six Months Ended
June 30 June 30
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Unaudited ($000s) 1996 1995 1996 1995
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Revenue
Oil and gas sales,
net of royalties $20,746 $16,292 $38,293 $33,062
Pipeline and facility 863 615 1,889 1,752
Equity interest in
pipeline operations 114 260 320 510
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$21,723 $17,167 $40,502 $35,324
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Expenses
Production $7,329 $5,830 $14,050 $11,295
General and
administrative 1,672 1,349 2,830 2,761
Interest and
bank charges 832 367 1,873 700
Depletion and
depreciation 8,008 5,928 15,118 11,906
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$17,841 $13,474 $33,871 $26,662
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Net Income Before Tax $ 3,882 $ 3,693 $ 6,631 $ 8,662 Income Taxes Current 600 409 991 777 Deferred 1,374 1,600 2,224 3,700 ------------------------------------------------------------- Net Income for the Period $ 1,908 $ 1,684 $ 3,416 $ 4,185 ------------------------------------------------------------- ------------------------------------------------------------- Cash Flow from Operations $11,294 $ 9,071 $20,675 $19,519 ------------------------------------------------------------- -------------------------------------------------------------
Financial and Operating Results
Per Share Data
Net Income - basic $ 0.08 $ 0.09 $ 0.15 $ 0.21
- fully
diluted $ 0.08 $ 0.08 $ 0.15 $ 0.20
Cash flow - basic $ 0.49 $ 0.45 $ 0.93 $ 0.97
- fully
diluted $0.44 $0.39 $0.83 $0.84
Common Shares
Outstanding (000's) 23,073 20,274 23,073 20,274
Weighted Average
(000's) 22,223 20,126 22,223 20,126
Capital Expenditures (Net) $16,406 $12,417 $48,731 $24,776 Production Crude Oil (bbl/day) 12,774 10,008 11,925 9,932 Natural Gas (mcf/d) 19,738 18,055 21,584 19,395 Prices Crude Oil ($/bbl) $ 21.94 $ 19.86 $ 19.80 $ 19.28 Natural Gas ($/mcf) $ 1.28 $ 1.12 $ 1.35 $ 1.30 Operating Expenses Barrel of oil equivalent ($/boe) $ 5.36 $ 5.23 $ 5.36 $ 5.07
Condensed Balance Sheet
As at As at
June 30 December 31
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Unaudited ($000s) 1996 1995
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Assets
Current Assets $ 21,399 $ 22,106
Investments 7,508 7,458
Property Plant & Equipment 214,396 180,516
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$243,303 $210,080
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Liabilities and Shareholders' Equity Current Liabilities $ 21,177 $ 30,069 Long Term Debt 56,455 46,521 Deferred Charges 23,519 21,304
Shareholders' Equity
Common Shares 115,971 89,421
Retained Earnings 26,181 22,765
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$142,152 $112,186
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$243,303 $210,080
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-0- 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, Calgary Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the A. Sharp or 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 FAX: 403/260-6191 |
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