Canrise Resources Ltd. Announces Financial and Operating Results for the Three and Nine Month Periods Ended Sept. 30, 1997.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--Nov. 19, 1997--Canrise Resources Ltd. (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 .) Wednesday Wednesday: see week. announced its results for the third quarter of 1997. In terms of exploration and development, this quarter was the most active in the corporation's history. The following tables summarize sum·ma·rize intr. & tr.v. sum·ma·rized, sum·ma·riz·ing, sum·ma·riz·es To make a summary or make a summary of. sum the results for the nine and three month periods ended Sept. 30, 1997 and 1996. -0-
NINE MONTHS ENDED SEPTEMBER 30: 1997 1996 Change
(%)
Production Revenue $17,198,031 $8,250,693 108
Cash Flow from Operations $9,384,721 $4,337,928 116
Per Share (Basic) $0.67 $0.40 68
Net Income $1,818,365 $1,220,728 49
Per Share (Basic) $0.13 $0.11 18
Daily Sales Production
Natural Gas (mcf/d) 19,889 11,605 71
Oil & NGL (bbls/d) 888 414 114
Average Product Prices
Natural Gas ($/mcf) $2.12 $1.79 18
Oil & NGL ($/bbl) $23.39 $22.65 3
Capital Expenditures $53,650,624 $10,710,980 401
Long Term Debt $26,949,855 - -
Drilling (Gross Wells)
Gas 23 12 92
Oil 4 3 33
D&A 5 3 67
Total Drilled 32 18 78
Shares
Weighted Average 14,090,451 10,840,689 30
Outstanding, end of period 14,615,298 11,281,299 30
-0-
THREE MONTHS ENDED SEPTEMBER 30: 1997 1996 Change
(%)
Production Revenue $5,946,227 $2,985,767 99
Cash Flow from Operations $3,195,004 $1,501,934 113
Per Share (Basic) $0.22 $0.13 69
Net Income $674,062 $369,732 82
Per Share (Basic) $0.05 $0.03 67
Daily Sales Production
Natural Gas (mcf/d) 21,199 12,160 74
Oil & NGL (bbls/d) 950 475 100
Average Product Prices
Natural Gas ($/mcf) $2.02 $1.76 15
Oil & NGL ($/bbl) $22.86 $23.27 (2)
Capital Expenditures $11,620,977 $6,039,406 92
Long Term Debt $26,949,855 - -
Drilling (Gross Wells)
Gas 11 5 120
Oil 3 - -
D&A 2 2 0
Total Drilled 16 7 129
Increased revenue reflects stronger product prices and significant production growth from the success of Canrise's exploration, development and acquisition activities. Current production is approximately 25,730 mcf/d of natural gas and 1,250 bbls/d of oil/NGL. Later this month, further production growth will be realized through the start-up Start-up The earliest stage of a new business venture. of the new 1 5,000 (10,000 net) mcf/d Canrise operated McLeod/Niton gas plant. Third quarter drilling remained focused in west-central Alberta and resulted in 11 gas wells (6.6 net), 3 oil wells (1.6 net) and 2 dry holes (I .1 net). With the addition of two wells drilled subsequent to the third quarter, Canrise has drilled 34 wells (20.2 net), for 85% success rate, with 3 (1.5 net) wells drilling. In total, the corporation expects to drill more than 40 wells for the year. On Oct. 7, 1997 Canrise closed an equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. upon the sale of 3,000,000 Special Share Purchase Warrants providing gross proceeds of $24,900,000. Each warrant is exchangeable for one Common Share. When the receipts for the final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. are received, the proceeds, currently in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , will be released. Also in October, Canrise's bank operating line of credit was increased by $10 million to $45 million. Canrise 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. -0- The Toronto Stock Exchange has neither approved or disapproved the information contained herein. CONTACT: Canrise Resources Ltd. Peter J. Kurceba 403/262-0840 or David M. Fisher, C.A. 403/262-0842 Fax: 403/262-1485 E-mail: dfisher@canrise.com Internet address There are two kinds of addresses that are widely used on the Internet. One is a person's e-mail address, and the other is the address of a Web site, which is known as a URL. Following is an explanation of Internet e-mail addresses only. For more on URLs, see URL and Internet domain name. : www.canrise.com |
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