Corker Resources Inc. Announces First Half Fiscal and Other Corporate News.CALGARY, ALBERTA--(BUSINESS WIRE)--Sept. 30, 1997--Corker Resources(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). CRK CRK Creek CRK Crank CRK Christian Religious Knowledge CRK Cable Repair Kit CRK Consumer Remote Keyboard (GE/RCA remote control model designation) CRK Clark Field, Luzon Island, Philippines (Airport Code) ) Corker cork·er n. 1. One that corks bottles, for example. 2. Slang A remarkable or astounding person or thing. corker Noun Old-fashioned slang Resources Inc. recently filed its financial results for the first half of its current fiscal year. The Company had net income of $58,621 ($0.01 per share) on revenues of $310,860. 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 was $0.04 per share, or $0.03 per share on a fully diluted basis, for the six month period ended June 30, 1997. During the first half, Corker raised $851,657 net of legal and brokerage fees. These funds were utilized as follows: - Acquired an 18.75 percent working interest in 64 sections of land and 8 shut-in gas wells in the Hanna area. Approximately 40 development wells will be drilled on these leases starting with one rig immediately and a second rig in two weeks. - Acquired working and royalty interests royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. in producing properties at Liege liege In European feudal society, an unconditional bond between a man and his overlord. Thus, if a tenant held estates from various overlords, his obligations to his liege lord, to whom he had paid “liege homage,” were greater than his obligations to the other , Wayne, Drumheller, and Cherhill in Alberta, and at Success in Saskatchewan from three private companies. - Rationalized the foregoing by selling the interests at Drumheller and Cherhill. - Bought working interests ranging between 20 percent and 42 percent in a 5,280 gross acre lease block northeast of Fort St. John Fort St. John can refer to more than one place:
and drilled, with partners, an indicated oil discovery thereon which is currently being tested. Further wells are planned for this locality this autumn. - Established net production of 310 mcf/d and 60 bopd at the end of the reporting period. Since June 30, Corker has increased its interest in the Wayne area through the purchase of a 50 percent interest in a producing gaswell in which it already owned a 12.5 percent working interest. A fracture treatment is planned to increase the well's productivity. The company recently purchased a 37.5 percent working interest in a gas well in the Alderson area of southeastern Alberta. This well is presently being tied into production facilities and is expected to go on stream soon. In addition to the foregoing, Corker acquired a 50.5 percent interest in over 100 gross sections (64,000 acres), together with a gas plant in the Liege area of northeastern Alberta. This lease block contains 11 gas wells which produce approximately 3,000 mcf/d. The lands are immediately adjacent to a 13 section block in which Corker also bought a 50.5 percent interest in the facilities and 7 percent interest in the reserves. Corker will be the operator for both properties and plans to consolidate the facilities and rationalize ra·tion·al·ize v. 1. To make rational. 2. To devise self-satisfying but false or inconsistent reasons for one's behavior, especially as an unconscious defense mechanism through which irrational acts or feelings are made to appear production, thus effecting operational savings. The surplus equipment will be sold or utilized in the Company's other operations. The Company has established a line of credit with its bankers which, together with cash on hand, will accommodate the programs outlined above. -0- The Alberta Stock Exchange has neither approved nor disapproved the foregoing press release or its contents. CONTACT: Corker Resources Inc. J. Wild, 403/294-9094 403/265-4195 (FAX) |
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