Correcting...PanAtlas Posts Another Exceptional Quarter.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. --(BUSINESS WIRE)--Feb. 18, 1997-- PanAtlas (ToSE v. t. 1. To tease, or comb, as wool. :PA.) PanAtlas has recorded another exceptional quarter as measured by production, revenue, funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. , earnings and capital investment. Production increased 128 percent to average 1,632 Boed in our first fiscal quarter ended December December: see month. 31, 1996, compared to 715 Boed in the period last year. New production was obtained through our property acquisition at Meekwap, Alberta, exploratory drilling success at Morrisview, Saskatchewan Saskatchewan, province, Canada Saskatchewan (səskăch`əwən, –wän', săs'–), province (2001 pop. 978,933), 251,700 sq mi (651,903 sq km), W Canada. and tie-in tie-in n. One thing that is related to or connected with another. Noun 1. tie-in - a fastener that serves to join or connect; "the walls are held together with metal links placed in the wet mortar during construction" of a development natural gas well at Craigmyle, Alberta Craigmyle, Alberta is a hamlet located between the towns of Delia and Hanna. . This production was added at a time of buoyant Buoyant The term used to describe a commodities market where the prices generally rise with ease when there are considerable signals of strength. Notes: These types of markets can be very volatile as the prices are rapid to rise and fall with investor sentiment. commodity prices. Oil averaged $29.16 per barrel compared to $19.54 a year ago while natural gas was sold at $2.10 per mcf in the month of December to average $1.60 for the quarter. Revenue in the quarter of $3.1 million is 223 percent higher than the $973,000 recorded one year ago. High prices and record volumes have combined to increase funds from operations by 364 percent to $2.2 million ( $0.07 per share) in the three months ended December 31, 1996, compared to $475,000 ($0.02 per share) reported in last year's first quarter. -0-
OPERATING AND FINANCIAL HIGHLIGHTS Years ended Dec 31,
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Percent
1996 1995 Change
------ ------ -------
Operations
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Daily Oil (Bopd) 1,387 515 169
Daily Gas (Mcfd) 2,450 1,990 23
Daily Boe (Boed) 1,632 715 128
Average Oil Price (Bbl) $29.16 $19.54 49
Average Natural
Gas Price (Mcf) $ 1.60 $ 1.18 36
Average Operating
Costs (Boe) $ 4.10 $ 4.78 (14)
Field Netback (Boe) $16.81 $ 9.88 70
Financial (000's, except per share)
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Revenue (net of royalties) $3,144 $ 973 223
Funds from Operations $2,202 $ 475 364
per share $ 0.07 $ 0.02 298
Net Earnings $1,242 $ 119 944
per share $ 0.04 $ nil 797
Net Investing Activities $9,165 $1,510 507
Working Capital $ 267 $ 560
Long-term Debt $(6,810) $(1,499)
Weighted Average Shares
Outstanding (000's) 31,808 27,307 16
PanAtlas invested $9.2 million in capital projects in the three months ended December 31, 1996. Of this total, $6.6 million was used to acquire our 16.73 percent working interest and 0.87 percent net profits interest in the Meekwap D-2A Unit. This property produced 473 Boed net to PanAtlas during the quarter and provided net cash flow equivalent to 10 percent of its purchase price. PanAtlas is a public oil and gas company based in Calgary focused on low-risk technology driven crude oil projects in Southeast Saskatchewan and Alberta. The Company's common shares trade 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 "PA". CONTACT: PanAtlas Energy Inc. Allan E. Spurgeon, 403/232-8566 or PanAtlas Energy Inc. Jim N. McIndoe, 403/232-8566 |
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