Cirque Energy Ltd. makes announcement.--(BUSINESS WIRE)--Feb. 24, 1995--CIRQUE ENERGY LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability . presents its financial and operating results for the nine months ended December 31, 1994 which reflect significant gains over the corresponding period in 1993. Petroleum and natural gas sales increased to $1.1 million in the Nine month period, primarily as a result of increases in production volumes. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses increased to $714,000 while net earnings increased to $351,000. On a per share basis, cash flow from operations for the nine month period was $0.02. The number of common shares outstanding at December 31, 1994 was 31,989,680. During and subsequent to this reporting period, a total of $400,000 U.S. was received as full repayment of outstanding Debenture debenture (dəbĕn`chər), document acknowledging indebtedness. In Great Britain a debenture is practically the same as a bond, and debenture stock is similar to preferred stock. "B". The Battle Creek Battle Creek, city (1990 pop. 53,540), Calhoun co., S Mich., at the confluence of the Kalamazoo and Battle Creek rivers; settled 1831, inc. as a city 1859. It is an agricultural trade center known for its cereals. property in southwest Saskatchewan continues to be the focus of our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. operations. Cirque has a 55.5% interest in the property. Gross production from the pool averaged 246 barrels of oil per day in September, 1994, and increased to 346 barrels of oil per day in December, 1994. Pipeline apportionment The process by which legislative seats are distributed among units entitled to representation; determination of the number of representatives that a state, county, or other subdivision may send to a legislative body. The U.S. in December and January forced the Company to restrict production. The pool is currently producing at rates averaging 500 barrels of oil per day and has produced at rates up to 600 barrels of oil per day. Facility adjustments are still underway. One workover is planned in March, 1995, and one new horizontal well is scheduled on the property in mid 1995. In Cessford, Alberta, three flowing oil wells were converted to pumping oil wells. This resulted in pool production increasing from 70 barrels of oil per day to 140 barrels of oil per day (55 net to Cirque). Cirque has committed to drill an exploratory well on its Potterhanworth Prospect in the United Kingdom. A 1,400 meter well is planned to test four potential oil bearing targets. Each target zone could contain up to 20 million barrels of oil. The structural feature is approximately five miles long by one mile wide and has been recently defined by new seismic. A surface lease is currently being negotiated for the first drilling location. Drilling is expected to start by July 1, 1995, given timely approvals of our applications. The location is situated in an onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. oil prone area, six miles south of the 20 million barrel Welton oil pool. This prospect is one of many that is located on the 55,000 acres under the control of Cirque Energy Ltd. The Company currently holds a 50% working interest in the lands. Cirque Energy Ltd. is currently producing about 330 barrels of oil per day and 500 thousand cubic feet of gas per day. The Company has primarily focused on oil and has not been seriously affected by extremely weak gas prices. The Company still continues to pursue acquisition opportunities and has an unused $750,000 line of credit. Cirque Energy Ltd. will continue to emphasize projects that have the potential to provide production volume increases in 1995. This information has neither been approved nor disapporved by the Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). . CONTACT: Glen A. Phillips, President & C.E.O. 403/266-4344 Fax: 403/290-0043 INDUSTRY KEYWORD: ENERGY REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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