Canrise Resources Announces Financial and Operating Results for the Year Ending December 31, 1995.CALGARY, Alberta--(BUSINESS WIRE)--March 27, 1996--CANRISE RESOURCES LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability .(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ) Canrise Resources Ltd. is pleased to announce significant growth in revenue, cash flow, production volumes, reserves and asset value for the fiscal year ended December 31, 1995. -0-
Percent
1995 1994 Change
---- ---- -------
Production Revenue $4,751,694 $2,775,494 71
Cash Flow from Operations $2,382,415 $1,491,561 60 Per Share (Basic) $ 0.25 $ 0.21 Net Income $ 433,472 $ 397,007 9 Per Share (Basic) $ 0.05 $ 0.05 Daily Production Natural Gas (mmcf/d) 6.5 3.5 86 Oil & Liquids (bbls/d) 184 43 328 BOE (bbls/d) 831 352 136 Capital Expenditures $9,042,366 $6,174,263 46 Reserves (Proved plus 50 percent Probable) Natural Gas (bcf) 22.4 11.4 96 Oil & Liquids (mstb) 927 150 518 Asset Value (Proved plus 50 percent Probable) $24,294,000 $16,328,000 49 Per Share (Basic) $ 2.53 $ 1.71 Weighted Average Shares Outstanding 9,595,959 7,259,192 32 -0- The 71 percent increase in production revenue and 60 percent increase in cash flow is largely due to the 136 percent increase in average daily sales volumes on a 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 (10:1) basis. Production growth was achieved by placing discoveries in the Manir, Minnehik, and Sutton areas on stream and through property acquisitions in the Carrot carrot, common name for some members of the Umbelliferae, a family (also called the parsley family) of chiefly biennial or perennial herbs of north temperate regions. Creek and Elmworth areas. Canrise received average prices of $1.39 per mcf for natural gas and $21.87 per barrel for oil and liquids in 1995, the respective average prices for 1994 were $1.96 per mcf and $18.45 per barrel. Canrise invested $9,042,366 in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in 1995, about 46 percent above 1994. The corporation drilled 9 wells (5.3 net) resulting in 6 gas wells (3.9 net), one oil well (0.1 net) and 2 dry holes (1.3 net ), providing a 78 percent (75 percent net) success ratio. Canrise's land position increased 59 percent to 66,284 acres (29,618 net) from 41,633 acres (16,856 net). The average land interest increased to 45 percent from 40 percent, and 70 percent of the 1995 holdings are undeveloped. Drilling and property acquisitions led to proved plus 50 percent probable reserve additions of nearly 14.0 bcf of gas and 850 thousand barrels of oil and liquids. This translates into a reserve replacement ratio of 7.2 and 1995 finding and on stream costs of $4.00 per BOE. Canrise's current sales production is approximately 15 million cubic feet of natural gas per day and 430 barrels of oil and liquids per day. Continued growth in sales volumes in 1996 is due to production from successful 1995 fourth quarter drilling at McLeod, Whitecourt and Chip Lake. During the first quarter of 1996 the corporation participated in the drilling of 7 wells (2.9 net) which are currently being evaluated and will be completed over the next several months. Subject to extensive testing, it appears the wells will be capable of a gross 15 million cubic feet of natural gas per day (4 net) and 250 barrels of oil and liquids per day (50 net). At present, Canrise anticipates drilling 16 (9.7 net) additional wells through the course of the year. Subsequent to the March 4, 1996, secondary distribution of the controlling 5.3 million shares held by Odyssey Odyssey (ŏd`ĭsē): see Homer. Odyssey Homer’s long, narrative poem centered on Odysseus. [Gk. Lit.: Odyssey] See : Epic Odyssey Partners, Mr. Stephen Berger and Mr. Frank Pottow have resigned from the Canrise Resources Ltd. Board of Directors effective April 1, 1996. As a result of this distribution the corporation now has a total of 10, 938,333 outstanding shares, now widely distributed Adj. 1. widely distributed - growing or occurring in many parts of the world; "a cosmopolitan herb"; "cosmopolitan in distribution" cosmopolitan bionomics, environmental science, ecology - the branch of biology concerned with the relations between organisms . Canrise's 1995 Annual Special Meeting will be held at 2:00 p.m. on Wednesday, June 12, 1996, in the Cardium Room of the Calgary Petroleum Club, 319 - 5 Avenue S.W. Calgary, Alberta. Canrise Resources Ltd. is an Alberta based corporation engaged in the exploration, development and acquisition of oil and gas properties in Western Canada
Western Canada, commonly referred to as the West . Canrise is listed 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 CRE. The Toronto Stock Exchange has neither approved or disapproved the information contained herein. CONTACT: Canrise Resources Ltd. Peter J. Kurceba President and Chief Executive Officer 403/232-9222 403/262-4518 (FAX) or Canrise Resources Ltd. David M. Fisher Chief Financial Officer 403/232-9225 403/262-4518 (FAX) http://www.Canrise@Nucleus nucleus, in physics nucleus, in physics, the extremely dense central core of an atom. The Nature of the Nucleus Composition .com |
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