CS Resources reports year end results.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 21, 1995--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 the results of its operations for the year ended December 31, 1994. For the fifth consecutive year, CS Resources achieved increases in operating and financial results. Revenue from operations increased by 38 percent to $60.6 million in comparison to 1993. 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 rose by 49 percent to $30.2 million and net income by 7 percent to $4.5 million compared to 1993. These increases were the result of a 21 percent increase in crude oil production which averaged 9,853 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. and an increase of 183 percent in natural gas which averaged 14.3 million cubic feet per day, in comparison to 1993. In 1995, the Company has established a $60.0 million capital expenditure program. In excess of 85 gross wells (51 net) are planned for the 1995 drilling program. In addition, the Company is proceeding with the development of a thermal project at East Senlac which is scheduled for start up in the fourth quarter of 1995. CS Resources Limited is a Calgary-based petroleum company with operations focused in 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. . -0- CS Resources Limited Financial Highlights Year ended December 31 Percent 1994 1993 Change FINANCIAL HIGHLIGHTS ($000's except per share data) Revenue $60,576 $43,912 38 Net Income 4,491 4,205 7 Net Income Per Share - basic 0.23 0.26 (12) Net Income Per Share - fully diluted 0.23 0.25 ( 8) Cash Flow From Operations 30,198 20,206 49 Cash Flow Per Share - basic 1.52 1.27 20 Cash Flow Per Share - fully diluted 1.33 1.13 18 Capital Expenditures 25,956 28,458 ( 9) Weighted Average Common Shares Outstanding 19,914 15,931 25 OPERATIONS Crude Oil Production (bbls/d) 9,853 8,116 21 Crude Oil Price ($/bbl) $ 15.10 $ 13.01 16 Natural Gas Production (mcf/d) 14,250 5,027 183 Natural Gas Price ($/mcf) $ 1.84 $ 1.59 25 Wells Drilled (net) Oil 15.5 22.8 Gas 9.6 1.4 Dry 6.4 0.2 ---- ---- 31.5 24.4 ----- ---- CONTACT: Dennis A. Sharp President or George A. Crookshank Vice President Finance (403) 234-8410 |
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