Courage Energy Announces Nine Months September 30, 1996 Financial 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)--Nov. 20, 1996--Courage (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. .) COURAGE ENERGY INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (TSE - CEO) announces the financial results for the nine months ended September September: see month. 30th, 1996. All of the Company's financial and operating results continue to dramatically improve as the result of increased production volumes and higher oil and natural gas prices. Revenues, net of royalties, were $7,478,310 in the first nine months 1996, an increase of 63 percent from $4,582,616 in the first nine months of 1995. Cash flow was $4,507,989 or $0.23 per share in the first nine months of 1996 up 115 percent from $2,094,883 or $0.13 per share in 1995. Net income was $1,309,212 or $0.07 per share in the first nine months of 1996 up 291 percent from $334,663 or $0.02 per share in 1995. During the nine month reporting period, the Company participated in the drilling of 30 (14.92 net) wells which resulted in 23 oil wells, 4 gas wells and 3 dry holes, representing a 90 percent success rate. A Fall drilling program continues with 13 additional wells scheduled to be drilled in the 4th quarter. Production volumes for each quarter during the nine months 1996 were 1,318 BOE/D, 1,478 BOE/D and 1,682 BOE/D respectively. During the month of September 1996, production increased to 1,852 BOE/D and cash flow was $751,421 representing an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. cash flow of $0.41/share. Capital expenditures for the nine months were $5,888,449. The Company has increased its 1996 budget to $9.0 million and announces a $20 million capital budget for 1997. CONTACT: Courage Energy Inc. Robert G. Moffat, 403/266-4422 403/264-1028 (fax) |
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