Centurion Production Reaches 5,000 Boepd; Cash Flow and Earnings More Than Double in 2nd Quarter.Business Editors 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. 30, 2002 Mr. Said Arrata, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , is pleased to announce a dramatic increase in Centurion's (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CUX CUX Corporate University Xchange (provides education research, benchmarking and advisory services to corporate America) ) Q2 revenues, cash flow and earnings over Q1, 2002 and the comparable quarter in 2001. The increases are reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the commencement of Egyptian commercial production from the El Wastani field on March 31, 2002. Egyptian production averaged about 3,000 boepd from the El Wastani and Hana fields during the 2nd Quarter bringing the company's average production for the quarter to approximately 5,000 boepd. Continued production levels from Centurion's Al Manzah waterflood Wa´ter`flood` n. 1. A flood of water; an inundation. project in Tunisia Tunisia (t  nē`zhə, ty–), Fr. Tunisie, officially Republic of Tunisia, republic (2005 est. pop. also contributed to a strong quarter.Cash flow for Q2, 2002 was $7,213,000 ($0.12 per share basic and $0.11 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) compared to $1,803,000 ($0.03 per share basic and diluted) for Q2, 2001. Cash flow for the six months ended June 30, 2002 was $9,755,000 ($0.16 per share basic and $0.15 per share diluted) compared to $4,246,000 ($0.07 per share basic and diluted) for the six months ended June 30, 2001. Earnings for Q2, 2002 were $1,972,000 ($0.03 per share basic and diluted) compared to $658,000 ($0.01 per share basic and diluted) for Q1, 2001. Earnings for the six months ended June 30, 2002 were $2,472,000 ($0.04 per share basic and diluted) compared to $1,691,000 ($0.03 per share basic and diluted) for the six months ended June 30, 2001. Production averaged 5,000 boe per day during the second quarter with approximately 2,000 bopd of oil being produced from 4 fields in Tunisia and 12 million cubic feet of natural gas (2,000 boepd) and 1,000 bopd of oil and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. being produced from two fields in Egypt. Progress continues on approval of the plan of development for the El Manzala South gas project in Egypt and the negotiation for a gas contract for 35 mmcf per day is nearing completion. The SEEB power project in Tunisia is approaching commissioning with the power transmission line nearing completion, which is expected to allow full operation of the plant by the end of September. Centurion will see a further increase in daily production of approximately 525 boepd when the power plant is commissioned.
Performance Highlights
(For Periods ending June 30)
(Canadian Dollars)
3 months 3 months 6 months 6 months
ending ending ending ending
2002 2001 2002 2001
-------------------------------------------
Oil and gas Sales ($mm) 10.9 4.0 15.6 8.1
Sales price per boe ($) 33.03 33.11 32.58 32.17
Cash flow ($mm) 7.2 1.8 9.8 4.2
Per share basic ($) 0.12 0.03 0.16 0.07
Per share diluted ($) 0.11 0.03 0.15 0.07
Earnings ($mm) 2.0 0.7 2.5 1.7
Per share basic
and diluted 0.03 0.01 0.04 0.03
Shares outstanding
(millions) 62.2 62.3 62.2 62.3
Production (average
boepd) 5,000 1,440 3,740 1,490
Total production (boe) 455,000 131,000 685,000 272,000
Certain statements in this News Release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. |
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