Cypress Energy Inc. Announces 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)--March 27, 1998--Cypress Cypress Cypress, city, United States Cypress (sī`prəs), city (1990 pop. 42,655), Orange co., S Calif. near Long Beach; inc. 1956. Forest Lawn–Cypress, a branch of the famous cemetery in Glendale, Calif. Energy Inc. ("Cypress")(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYZ.A) (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :CYZ.A) is pleased to announce its financial and operating results for the year ended December December: see month. 31, 1997. -0-
(000's) TWELVE MONTHS ENDED
DECEMBER 31, 1998
PERCENT
1997 1996 CHANGE
----------------------------
FINANCIAL
Gross production revenue $11,794 $2,107 +460
Cash flow from operations 6,002 1,225 +390
- per share basic 0.63 0.30 +110
Net income 1,509 453 +233
- per share basic 0.16 0.11 +45
Capital expenditures 90,976 17,135 +431
Long term debt
(net of working capital) 25,311 2,080 +1,117
Shareholders' equity 77,137 13,997 +451
Weighted average common
shares outstanding 9,523 4,113 +131
OPERATING
Production
Barrels of oil equivalent (boe/d) 1,464 446 +228
Crude oil and NGLs (bbls/d) 563 183 +208
Natural gas (mcf/d) 9,013 2,634 +242
Undeveloped land (net acres) 103,330 29,315 +252
Reserves (Proved and Probable)
Crude oil and NGLs (mbbls) 4,958 1,140 +335
Natural gas (mmcf) 112,017 24,800 +352
BOE (mbbls) 16,160 3,620 +346
PRICES
Barrels of oil equivalent
($/boe) $22.07 $25.64 -14
Crude oil and NGLs ($bbl) 24.00 29.18 -18
Natural gas ($/mcf) 2.09 2.32 -10
Operating costs $5.44 $5.70 -5
-0- The substantial growth experienced during 1997 reflects the success of Cypress' exploration, development and acquisition activities, and as a result, 1997 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results significantly exceeded last year's reported amounts. Operations Cypress drilled a total of 22 gross (12 net) wells in 1998 with 17 gross (9 net) wells successful. Eighteen of the 22 wells drilled were exploration wells, driving a 72 percent exploration success rate. An active exploration program has continued into the first quarter of 1998; 11 gross (9 net) wells have been drilled to date, all exploration wells. Eight gross (6 net) wells have been drilled successfully. Average daily oil and gas production of 1,464 barrels of oil equivalent (boe) for the year represents a 228 percent increase over 1996. Sixty-two percent of 1997 production was natural gas. Cypress' 1997 production does not reflect the $73.9 Thorsby area acquisition as it was not completed until December 19, 1997. Current production is approximately 5,000 boe with up to 1,000 boe expected to be brought on stream as a result of first quarter drilling success. Over 70 percent of current production is natural gas. Total reserves at December 31, 1997 increased to 16.2 million boe, 72 percent proven, a 346 percent increase over 1996 based on independent engineering estimates by Gilbert Lausten Jung Jung , Carl Gustav 1875-1961. Swiss psychiatrist who founded analytical psychology and came up with the concepts of extraversion and introversion and the notion of the collective unconscious. Associates Ltd. Total 1997 production was replaced by a factor of 24 times. Seventy percent of the Company's reserves are natural gas, 22 percent are natural gas liquids and 8 percent are oil. The Company's capital expenditure program for 1997 added proved plus probable reserves at a cost of $6.91 per boe. With acquisitions excluded, Cypress added proved plus probable reserves from drilling at $5.13 per boe. Financial Revenue increased 460 percent in 1997 to $11.8 million. 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 390 percent to $6 million ($0.63 per share basic) despite a 10 percent decrease in the natural gas price received and an 18 percent decrease in the crude oil and NGL NGL - A dialect of IGL. price received. Net income increased 233 percent to $1.5 million ($0.16 per share basic). Capital expenditures increased 431 percent to $91 million in 1997. The capital program included $1.1 million on land, $7.3 million on drilling and completions, $2.6 million on facilities, $0.57 million on office costs and $79.4 million on acquisitions. Cypress' undeveloped land position at the end of 1997 increased 252 percent to 103,330 net acres. The Company has planned a $35 million capital expenditure program for 1998. Drilling activity is expected to include over 50 wells, more than double the 1997 drilling program. As well, the average working interest in wells drilled is expected to increase from 54 percent in 1997 to over 70 percent in 1998. Cypress Energy Inc. is a publicly traded 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. energy company involved in the exploration, development, acquisition and production of crude oil and natural gas in western Canada
Western Canada, commonly referred to as the West . The Company's shares are listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and The Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). under the symbol CYZ.A. CONTACT: Cypress Energy Inc. Donald F. Archibald, 403/262-8225 403/263-7433 (FAX) |
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