Canrise Resources Ltd. announces financial and operating results for the three and six month periods ended June 30, 1996.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)--Aug. 20, 1996--Canrise Resources Ltd. today announced its financial and operating results for the second quarter of 1996. The Corporation is pleased to report that it achieved new records for six month and quarterly production, revenue, cash flow and net income. 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 six and three month periods ended June June: see month. 30, 1996 and 1995. -0- SIX MONTHS ENDED JUNE 30: 1996 1995 Change (%) ------------------------------------------------------------------ Production Revenue $5,264,926 $1,867,595 182 Cash Flow from Operations $2,838,994 $1,011,686 180 Per Share (Basic) $0.27 $0.11 145 Net Income $850,996 $170,326 400 Per Share (Basic) $0.08 $0.02 300 Daily Sales Production Natural Gas (mcf/d) 11,324 5,194 118 Oil & NGL (bbls/d) 383 133 188 Average Product Prices Natural Gas ($/mcf) $1.80 $1.41 28 Oil & NGL ($/bbl) $22.27 $22.66 (2) Capital Expenditures $4,671,574 $5,387,417 (13) Long Term Debt - - - Drilling (Gross Wells) Gas 5 3 67 Oil 3 - - D & A 2 1 100 Total Drilled 10 4 150 Weighted Average Shares 10,622,078 9,586,768 11 Outstanding THREE MONTHS ENDED JUNE 30: 1996 1995 Change(%) ------------------------------------------------------------------ Production Revenue $2,835,109 $1,103,814 157 Cash Flow from Operations $1,535,548 $583,818 163 Per Share (Basic) $0.14 $0.07 100 Net Income $437,947 $106,049 313 Per Share (Basic) $0.04 $0.01 300 Daily Sales Production Natural Gas (mcf/d) 12,545 5,308 136 Oil & NGL (bbls/d) 425 193 120 Average Product Prices Natural Gas ($/mcf) $1.74 $1.44 21 Oil & NGL ($/bbl) $21.97 $23.26 (6) Capital Expenditures $1,385,139 $3,439,082 (60) Long Term Debt - - - Drilling (Gross Wells) Gas 3 - - Oil - - - D & A - - - Total Drilled 3 - - Increased revenue reflects significant production growth through drilling success and improved natural gas prices. Production growth is a result of six new gas wells and two new oil wells commencing production during the first six months of 1996. Canrise's current sales production is 13,500 mcf/d of natural gas and 500 bbl/s of oil and NGL NGL - A dialect of IGL. . Recent successes are expected to increase these figures to 16,000 mcf/d and 600 bbl/s by mid September September: see month. . An extremely wet spring across 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. delayed the Corporation's 1996 exploration and development program by over a month. The second half of the year should see Canrise participating in the drilling of over twenty wells (12 net) in its west-central Adj. 1. west-central - of a region of the United States usually including Colorado; Nevada; Utah western - of or characteristic of regions of the United States west of the Mississippi River; "a Western ranch" Alberta focus area. The program is now underway with one well drilling Well drilling is the process of drilling a hole in the ground for the extraction of a natural resource such as ground water, natural gas, or petroleum. Drilling for the exploration of the nature of the material underground (for instance in search of metallic ore) is best described , five wells about to spud, two completing, two testing, one awaiting completion, two preparing for tie-in, and one on-stream. 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 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 . THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE INFORMATION CONTAINED HEREIN. CONTACT: Peter J. Kurceba President and Chief Executive Officer Tel: (403) 232-9222 Fax: (403) 262-4518 OR David M. Fisher, C.A. Vice President, Finance and Chief Financial Officer Tel: (403) 232-9225 Fax: (403) 262-4518 |
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