Canadian Leader Energy announces first half 96 results.CALGARY, Alberta--(BUSINESS WIRE)--Aug. 22, 1996--Canadian Leader Energy Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : LOL "Laughing out loud" or "lots of luck." See digispeak. (chat) LOL - "laughing out loud", or "lots of love" or "luck". ) reports improved results for both the first half and the second quarter of 1996: -0-
$Thousand
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First Half Second Quarter
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1996 1995 1996 1995
---- ---- ---- ----
Oil and gas sales, net of
royalties $4,500 $1,370 $2,577 $ 672
Net Income (Loss) $ 671 $ (92) $ 438 $ (26) Net Income Per Share $ 0.02 $ 0.00 $ 0.01 $ 0.00 Cash Flow $2,581 $ 421 $1,467 $ 247 Cash Flow Per Share $ 0.07 $ 0.02 $ 0.04 $ 0.01 Average Daily Production (BOE's) 1,685 477 2,002 467 -0- OPERATIONS - Recent success at Prairiedale; well encountered 30 feet of Bakken net oil pay; capable of in excess of 100 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. . - Recently drilled and cased offset to Kitto Lake gas well; awaiting completion. - Will spud horizontal well in September at El Biban concession in Tunisia, North Africa. - Actively pursuing other opportunities in Kitto Lake / West Pembina area of Central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. with at least three additional wells drilled before year end. FINANCIAL RESULTS Q2 - 96 oil and natural gas sales, net of royalties increased to $2,577,000 compared to $1,923,000 for Q1 - 96. Daily production for Q2 - 96 averaged 1,292 bpd of oil and 7.1 mmcf per day of natural gas. This compares to Q1 - 96 average production of 557 bpd of oil and 8.1 mmcf per day of natural gas. The decrease in natural gas production reflects the payout of the Kitto Lake wells with the resultant decrease in working interest. Oil and natural gas sales, net of royalties, for the six months ended June 30, 1996 was $4,500,000 (average daily production of 925 bpd of oil and 7.6 mmcf per day of natural gas) compared to $1,370,000 (average daily production of 247 bpd of oil and 2.3 mmcf per day of natural gas) for the same period in 1995. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for Q2 - 96 were $606,000, a slight decrease from Q1 - 96. Operating expenses for the six months ended June 30, 1996 were $1,253,000, an increase of $699,000 over the same period in 1995. The increased costs reflect the significantly higher production levels in 1996. Operating costs operating costs npl → gastos mpl operacionales per BOE BOE Based on Experience BOE Board of Education BOE BoletÃn 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 are $3.32 in 1996 compared to $4.76 in 1995. 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. were higher in Q2 - 96 than the previous quarter due to higher staffing costs, higher travel costs resulting from the Tunisian operations and because of annual general meeting costs. Costs for the six months ended June 30, 1996 increased to $638,000 from $401,000 for the same period in 1995. This increase reflects the cost of enhanced infrastructure. After amounts capitalized as fixed asset additions and allocated to share capital expense, the net general and administrative costs for the period were $460,000. The depletion, depreciation, and amortization charge for the six months ended June 30, 1996 was $1,910,000 compared to $513,000 for the six months ended June 30, 1995. The increase reflects the higher production levels and a slightly higher unit depletion charge. Capital expenditures for the six months ended June 30, 1996 totalled $12,617,000. OUTLOOK Canadian Leader Energy Inc. is positioned with strong cash flow, good management and technical teams, and with excellent exploration and development opportunities in Western Canada
Western Canada, commonly referred to as the West and Tunisia, North Africa. Canadian Leader looks forward to a very busy and successful second half of 1996. Canadian Leader trades on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the trading symbol Trading symbol See: Ticker symbol "LOL". CONTACT: Canadian Leader Energy Inc. Jeffrey L. Standen, 403/264-1095 or Canadian Leader Energy Inc. Paul W.M. Read, 403/264-1095 or Canadian Leader Energy Inc. Barry W. Swan, 403/264-1095 |
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