CS Resources Limited Announces Third 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)--Nov. 12, 1996--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 third quarter of 1996. Higher volumes of crude oil production and prices accounted for these results. 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 reached a record level of $13.9 million or $0.56 per common share, an increase of 23 percent compared with the prior quarter. Net income climbed to $4.0 million or $0.17 per common share, an increase of 107 percent in comparison to the prior quarter. The results for the nine months ended September September: see month. 30, 1996 were favourable in comparison to the same period in 1995. Cash flow from operations was $34.6 million or $1.49 per common share, an increase of 21 percent in comparison to the same period in 1995. Net income in the current nine month period was $7.4 million or $0.32 per common share, an increase of 36 percent compared to the same period in 1995. Crude oil production averaged 14,016 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, an increase of 25 percent compared to the same period in 1995. Crude oil production in the quarter was adversely affected by the shutting in at Pelican Lake of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,500 barrels per day since mid August due to poor road conditions caused by wet weather. The road conditions have improved recently and crude oil production will be restored to prior levels in the fourth quarter. In the third quarter, crude oil production from the Company's 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 was limited to 1,100 barrels per day due to start-up Start-up The earliest stage of a new business venture. operational issues. Higher production volumes are expected as the Company resolves these issues. All three well pairs are planned to be in operation within 30 days. -0-
Consolidated Statement of Operations
Three Months Ended Nine Months Ended
September 30 September 30
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Unaudited ($000s) 1996 1995 1996 1995
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Revenue
Oil and gas sales,
net of royalties $23,842 $17,085 $62,135 $50,147
Pipeline and
facility 1,415 926 3,304 2,678
Equity interest in
pipeline operations 170 240 490 750
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25,427 18,251 65,929 53,575
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Expenses
Production 8,265 6,963 22,315 18,258
General and
administrative 1,655 1,378 4,485 4,139
Interest and
bank charges 714 454 2,587 1,154
Depletion and
depreciation 7,441 6,765 22,559 18,671
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18,075 15,560 51,946 42,222
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Net Income Before Tax $7,352 $2,691 $13,983 $11,353
Income Taxes
Current 721 205 1,712 982
Deferred 2,676 1,250 4,900 4,950
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Net Income for the
Period $3,955 $1,236 $7,371 $5,421
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Cash Flow from
Operations $13,902 $9,129 $34,578 $28,648
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Financial and Operating Results
Per Share Data
Net Income - basic $0.17 $0.06 $0.32 $0.27
- fully diluted $0.17 $0.06 $0.32 $0.27
Cash flow - basic $0.56 $0.45 $1.49 $1.42
- fully diluted $0.51 $0.38 $1.34 $1.22
Common Shares
Outstanding (000's) - - 26,526 20,381
Weighted Average (000's) - - 23,263 20,186
Capital Expenditures
(Net) $16,593 $26,627 $65,324 $51,403
Production
Crude Oil (bbl/day) 14,016 11,179 12,627 10,353
Natural Gas (mcf/d) 15,683 17,250 19,603 18,672
Prices
Crude Oil ($/bbl)
- unhedged $22.68 $17.53 $20.87 $18.64
- hedged $20.48 $18.00 $19.17 $18.74
Natural Gas ($/mcf) $ 1.24 $ 0.99 $ 1.32 $ 1.21
Operating Expenses
Barrel of oil
equivalent ($/boe) $ 5.61 $ 5.49 $ 5.46 $ 5.59
Condensed Balance Sheet
As at As at
September 30 December 31
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Unaudited ($000s) 1996 1995
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Assets
Current Assets $20,781 $22,106
Investments 7,661 7,458
Property Plant & Equipment 223,645 180,516
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$252,087 $210,080
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Liabilities and Shareholders' Equity
Current Liabilities $25,129 $30,069
Long Term Debt 27,930 46,521
Deferred Charges 25,650 21,304
Shareholders' Equity
Common Shares 143,242 89,421
Retained Earnings 30,136 22,765
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$173,378 $112,186
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$252,087 $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 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 Goerge Crookshank, 403/ 260-6100 403/ 260-6191 (FAX) |
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