Cabre Announces 1997 Results.CALGARY, ALBERTA--(BUSINESS WIRE)--Feb. 27, 1998-- Cabre (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CBE CBE Commander of the Order of the British Empire (a Brit. title) CBE n abbr (= Companion of (the Order of) the British Empire) → título de nobleza CBE n abbr (= .) Cabre Exploration Ltd. (Cabre) wishes to announce its 1997 results based on unaudited financial statements. The Company increased its revenue net of royalties to $105.6 million, up six percent from $99.6 million in 1996. Net earnings declined 35 percent to $15.3 million ($0.88 per share; $0.86 FD) from $23.7 million ($1.41 per share; $1.35 FD) in 1996, resulting in an 8.6 percent return on equity, while cash flow declined two percent to $71.3 million ($4.12 per share; $3.98 FD) from $72.8 million ($4.32 per share; $4.11 FD). Net capital expenditures rose to $90.8 million from $71.7 million, including $7 million invested in international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. . At December 31, debt, net of working capital, was $74.4 million and there were 17,399,908 shares outstanding. Average daily oil and liquids production rose one percent to 10,362 barrels versus 10,240 barrels in 1996. Oil volume growth was impacted by gas-oil ratio penalties at the Company-operated Kessler oil pool as well as lack of access to drilling rigs during the second and third quarters. Average daily gas sales were 58.2 million cubic feet, up 42 percent from 41.0 million in 1996. Cabre's average oil price per barrel was $24.58 versus $26.51 in 1996. Gas prices averaged $1.79 per thousand cubic feet compared to $1.46 in 1996. Canadian proven oil and liquids reserves remained flat at 22.0 million barrels, while probable oil and liquids rose 14.3 percent from 7.5 million to 8.6 million barrels. Canadian proven gas reserves rose 18 percent from 144.9 billion cubic feet to 171.5 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter and probable gas reserves increased 141 percent to 47.6 BCF from 19.7 BCF. Canadian proven finding and on stream costs less capitalized general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. of $1.7 million and converting gas to barrels of energy equivalent ("BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ") on a 10:1 ratio, were $9.51 and $7.78 per BOE on a proven and proven and one-half probable basis respectively. This compares to $7.18 and $6.78 per BOE respectively in 1996. Total proven and probable BOE increased 13 percent to 52.5 million BOE from 46.5 million BOE in 1996 excluding international reserves. The Company participated in 132 wells (101.5 net) during 1997, including 57 (43.2 net) oil wells and 46 (34.5 net) gas wells resulting in a 78 percent success rate. Undeveloped land holdings at the year end were 713,096 net acres, compared to 540,693 acres a year earlier. The Company has a large seismic database comprising over 62,000 kms of 2-D and 650 Km2 of 3-D. The Company has a strong balance sheet with a debt to cash flow ratio of close to one to one. An active capital program is planned ranging between $80 to $110 million in Canada and $C15 to $C23 million internationally. The capital program will be at the lower range levels if oil prices remain weak. The Company anticipates drilling 140 wells in Canada and 8 wells internationally in Morocco and Egypt, where a minimum four well program is planned including two offsets to the 1997 Rabeh-1 discovery in the Company's West Esh El Mallaha ("WEEM WEEM Women Enlisted Expansion Model WEEM Waterway Efficiency Evaluation Model ") Concession (Cabre 50 percent) in Egypt. At WEEM an Operating Company operating company A business that engages in transactions with outsiders. , Eshpetco, was decreed into existence January 5, 1998 incorporating EGPC EGPC Egyptian General Petroleum Corporation , the state oil company, as a partner. Production commenced from Rabeh-1 on February 2. Although early production rates are lower, and water cuts are higher than originally expected, the well is still being production tested and the Company remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op on the exploration potential at WEEM, which will also include a large 2-D and 3-D seismic program. The Company's 1997 Annual General Meeting will be held at 15:30 on May 21, 1998. CONTACT: Cabre Exploration Ltd. Harry B. Wheeler, 403/231-8800 or Cabre Exploration Ltd. J. Douglas Kay, 403/231-8800 |
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