Cabre Reports New Year-End Results.CALGARY, Alberta--(BUSINESS WIRE)--March 14, 1996--CABRE EXPLORATION(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. has changed its fiscal year end from July 31 to December 31 in order to provide a better comparison with other oil and gas producers. The Company substantially met its production and financial targets for the year to December 31, 1995. Revenue rose to $74.5 million net of royalties, earnings increased to $10.3 million ($0.62 per share) and cash flow advanced to $48.7 million ($2.96 per share; $2.84 fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ). For the year ending July 31, 1995 revenue was $70.1 million, earnings were $9.8 million ($0.60 per share) and cash flow was $45.7 million ($2.78 per share, $2.67 fully diluted) As results conforming to the prior years ending December 31 were not prepared, direct comparison between 1995 and these years is unavailable. Debt net of working capital at December 31 was $63.4 million; there were 16,538,022 shares outstanding. Daily average production of oil and natural gas liquids was 9,609 barrels while natural gas sales were 31.9 million cubic feet. Cabre drilled or participated in 119 wells (72.5 net) in 1995, including 47 oil wells (29.7 net), and 30 gas wells (18.3 net). The 42 dry holes (18.4 net) included one well onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Egypt (0.15 net) where another well is likely to be drilled in 1996. The most active areas were in the 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. , southeastern and Grande Prairie Grande Prairie (Fr. gräNd prâ'rē`), city (1991 pop. 28,271), W Alta., Canada, NW of Edmonton. It is the chief business center for the Peace River valley farming area. regions of Alberta. Net undeveloped land holdings rose to 551,000 acres compared to 483,000 acres at July 1995. An independent engineering report was prepared for the year ending July 31, 1995. The Company was not required to complete a new report for the year to December 31. For accounting purposes Cabre's engineers calculated reserve additions and deletions for the five months ending December 31, 1995. The Company expects to spend about $60 million in 1996 and participate in about 150 wells (100 net), of which one-third will be drilled in the first quarter. New gas well tie-ins and completion of oil development projects in the Provost area are expected to contribute to an average production increase of 25 percent over 1995 levels. The Company's 1995 Annual General Meeting will be held at 15:30 on April 24, 1996. CONTACT: Cabre Exploration Ltd. Harry B. Wheeler Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 403/231-8800 or Cabre Exploration Ltd. J. Douglas Kay President and COO (Cell Of Origin) See mobile positioning. 403/231-8800 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion