Centurion Profitable in Q2 and Doubles Cash Flow over Q1.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, 1999-- The second quarter of 1999 saw a significant recovery commence for international oil prices and the full impact of the improved prices will be further reflected in the third quarter. Cash flow for the second quarter doubled over the first quarter and earnings improved to a profit of $914,000 compared to a first quarter loss of $344,000. The Al Manzah #1 production test continues and the well has been confirmed by independent engineers to be a major oil discovery with up to 75 million barrels of oil in place. The new reserve estimate is 15 million barrels, proved and probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. . Centurion's 37.5 percent share of reserves for the Al Manzah field is estimated to be 2.5 million barrels, proved and 3.2 million barrels probable. Cash flow for Q2/99 was $2,427,000 ($0.05 per share, basic; $0.04, fully 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 $2,372,000 ($0.05 per share, basic; $0.04, fully diluted) for Q2/98. Cash flow for the six months ended June June: see month. 30, 1999 was $3,520,000 ($0.08 per share, basic; $0.06, fully diluted) compared to $3,458,000 ($0.08 per share, basic; $0.06, fully diluted) for the six months ended June 30, 1998. Earnings for Q2/99 of $914,000 ($0.02 per share, basic and fully diluted) compares to earnings of $362,000 ($0.01 per share, basic and fully diluted) for Q2/98. Earnings for the six months ended June 30, 1999 were $570,000 ($0.01 per share, basic and fully diluted) compared to earnings of $362,000 ($0.01 per share, basic and fully diluted) for the six months ended June 30, 1998. Average production for Q2/99 was 2,480 bopd. Repairs at the main Zarzis Zarzis (Arabic: جرجيس) is a coastal town in southeastern Tunisia, on the coast of Mediterranean Sea. The climate is mainly dry and sunny, making it a popular tourist destination mixing the old and the traditional. storage tank required the El Biban, Ezzaouia and Robbana fields be shut in for the month of April resulting in lost production of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 70,000 barrels net to Centurion. If production had not been shut in, the average production net to Centurion for Q2 would have been 3,230 bopd and production for the six months ended June 30, 1999 which averaged 2,540 bopd would have averaged 2,920 bopd.
PRODUCTION SUMMARY
1999 1998
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Average (bopd )
Q2 2,480 3,630
6 Mo. ended June 30 2,540 2,670
Total Production (Mbbls )
Q2 225.0 330.0
6 Mo. ended June 30 459.0 484.0
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FINANCIAL RESULTS
HIGHLIGHTS
Canadian Dollars 1999 1998
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Oil and Gas Sales
Q2 (in millions) $ 4.2 $ 4.4
6 Months ended June 30 (in millions) $ 6.8 $ 6.9
Sales Price Per Bbl
Q2 (per bbl) $ 21.06 $14.31
6 Months ended June 30 (per bbl) $ 18.42 $15.50
Cash Flow
Q2 (in millions) $ 2.4 $ 2.4
Per share, basic $ 0.05 $ 0.05
Per share, fully diluted $ 0.04 $ 0.04
6 Months ended June 30 (in millions) $ 3.5 $ 3.5
Per share, basic $ 0.08 $ 0.08
Per share, fully diluted $ 0.06 $ 0.06
Earnings
Q2 (in millions) $ 0.9 $ 0.4
Per share, basic and fully diluted $ 0.02 $ 0.01
6 Months ended June 30 (in millions) $ 0.6 $ 0.6
Per share, basic and
fully diluted $ 0.01 $ 0.01
This press release contains certain statements that involve risks, uncertainties and other factors which may cause actual results, performances or achievements of Centurion to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by statements herein. Centurion Energy International Inc. is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. 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 symbol "CUX CUX Corporate University Xchange (provides education research, benchmarking and advisory services to corporate America) ". |
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