Correcting...Saxon Announces Audited 1997 Results.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)--Feb. 18, 1998--Saxon Petroleum Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SXN SXN Section .) Saxon Saxon Any member of a Germanic people who lived along the Baltic coast in ancient times and later migrated west as far as the British Isles. The Saxons became pirates in the North Sea during the decline of the Roman empire, and in the early 5th century they spread through Petroleum Inc. reported net income for year ended December December: see month. 31, 1997 of $61,542 ($0.00 per share) compared to $358,993 ($0.00 per share) for the year ended December 31, 1996. Cash flow for this same period was $9,276,105 or $0.06 per 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. share versus $6,360,280 or $0.05 per fully diluted share in the 1996. The results for 1997 include a charge of $1.0 million for costs associated with the share evaluation and enhancement process. If these costs are excluded, the net income would be $0.6 million ($0.00 per share) and cash flow would be $10.3 million ($0.07 per share). Production volumes in 1997 averaged 2,868 barrels of oil equivalent per day (BOE/D) for a 53 percent increase over the corresponding period in 1996. Exit rates for production in December 1997 were 3,220 BOE/D compared to 2,440 BOE/D in December 1996. In addition to increased production, Saxon improved its netbacks to $12.84 per BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip in 1997 versus $11.76 per BOE in 1996. -0-
Percent
1997 1996 Change
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Net Income $0.06 million $0.4 million (85)
Per share, fully diluted - - -
Cash flow from operations $9.3 million $6.4 million 45
Per share, fully diluted $0.06 $0.05 20
Revenues $23.8 million $15.3 million 56
Total production -
BOE's/day 2,868 1,875 53
Oil and NGL's production/
Bbl/day 1,968 1,306 51
Average Oil and NGL
price/Bbl $24.45 $25.30 ( 3)
Natural gas production/
Mcf/day 8,996 5,694 58
Average Gas price/Mcf $1.89 $1.48 28
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Saxon continued the development of its Bigoray operations and devoted the majority of its capital expenditures of $49.9 million to this field. Saxon is currently expanding its waterflood Wa´ter`flood` n. 1. A flood of water; an inundation. to remove production restrictions from certain wells in Bigoray. Expenditures were also made in Kaybob South, increasing natural gas production for that area. In addition, further Kaybob South gas will be tied-in tied-in a conformation defect in an animal in which a limb is perceptibly thinner at one point, e.g. tied-in below the knee, or below the hock. in early 1998 after the completion of a pipeline extension by the partner in the area. The Board of Directors is continuing to review several alternatives with respect to the share value enhancement program which was announced in August 1997. Included in this evaluation is the scope of the 1998 capital expenditure program and in this regard an announcement will be forthcoming in the near future. CONTACT: Saxon Petroleum Inc. Glen Tarrant, 403/ 266-7111 403/264-1517 (FAX) or Saxon Petroleum Inc. Chris Bradley, 403/266-7111 403/264-1517 (FAX) |
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