Canrise Resources announces financial and operating results for the three and nine month periods ended September 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 Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. , Canada--(BUSINESS WIRE)--Nov. 20, 1996-- Canrise Resources Ltd. today announced its financial and operating results for the third quarter of 1996. The Corporation is pleased to report significant year to year growth in all key operational and financial statistics. 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 September September: see month. 30, 1996 and 1995. -0- NINE MONTHS ENDED SEPTEMBER 30: 1996 1995 CHANGE ------------------------------------------------------------------ PRODUCTION REVENUE $8,250,693 $3,286,951 151 CASH FLOW FROM OPERATIONS $4,337,928 $1,700,817 155 PER SHARE (BASIC) $0.40 $0.18 122 NET INCOME $1,220,728 $194,118 529 PER SHARE (BASIC) $0.11 $0.02 450 DAILY SALES PRODUCTION NATURAL GAS (MCF/D) 11,605 6,296 84 OIL & NGL (BBLS/D) 414 167 148 AVERAGE PRODUCT PRICES NATURAL GAS ($/MCF) $1.79 $1.32 36 OIL & NGL ($/BBL) $22.65 $22.12 2 CAPITAL EXPENDITURES $10,710,98 $6,436,272 66 DRILLING (GROSS WELLS) GAS 12 3 300 OIL 3 - - D&A 3 1 200 TOTAL DRILLED 18 4 350 WEIGHTED AVERAGE SHARES OUTSTANDING 10,840,689 9,592,912 13 PRODUCTION REVENUE $2,985,767 $1,419,356 110 CASH FLOW FROM OPERATIONS $1,501,934 $689,131 118 PER SHARE (BASIC) $0.13 $0.07 86 NET INCOME $369,732 $23,792 1,454 PER SHARE (BASIC) $0.03 $0.00 - DAILY SALES PRODUCTION NATURAL GAS (MCF/D) 12,160 8,465 44 OIL & NGL (BBLS/D) 475 235 102 AVERAGE PRODUCT PRICES NATURAL GAS ($/MCF) $1.76 $1.23 43 OIL & NGL ($/BBL) $23.27 $21.52 8 CAPITAL EXPENDITURES $6,039,406 $1,048,855 476 DRILLING (GROSS WELLS) GAS 5 - - OIL - - - D&A 2 - - TOTAL DRILLED 7 - - Increased revenue reflects significant production growth through drilling success and improved natural gas prices. Production growth is a result of eight new gas wells and two new oil wells commencing production during the first nine months of 1996. Canrise's current sales capability is approximately 14,000 mcf/d of natural gas and 600 bbls/d of oil and NGL NGL - A dialect of IGL. . Third quarter drilling resulted in five new gas wells. A significant discovery at Kaybob South tested at rates of 10,200 mcf/d of natural gas and 500 bbls/d of NGL. This well is expected to be placed on-stream on-stream adv. & adj. In or into operation or production. in late 1996 or early 1997. The Corporation holds a 100% working interest before-payout and a 60% working interest after-payout in the well. Canrise has tied-up nine additional sections of adjacent land subject to fulfilling drilling commitments. Follow up drilling will commence in the first quarter of 1997. The Corporation will continue to carry out exploration and development activities in its core focus areas located in west 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. . Up to twelve (5.9 net) more wells are expected to be drilled in the fourth quarter. Successful wells will be tested, tied-in tied-in a conformation defect in an animal in which a limb is perceptibly thinner at one point, e.g. tied-in below the knee, or below the hock. and placed on production in early 1997. 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 . -0- The Toronto Stock Exchange has neither approved or disapproved the information contained herein. CONTACT: Peter J. Kurceba OR David M. Fisher, C.A. President and Chief Vice President, Finance Executive Officer and Chief Financial Officer Telephone: 403/232-9222 Telephone: 403/232-9225 Fax: 403/262-4518 Fax: 403/262-4518 |
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