Cypress Energy Inc. Announces 1998 First Quarter 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)--May 11, 1998--Cypress Energy (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYZ.A.) (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CYZ.A.) 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") is pleased to announce its financial and operating results for the three months ended March 31, 1998. -0-
THREE MONTHS ENDED
MARCH 31, 1998
PERCENT
(000's) 1998 1997 CHANGE
---------------------------------
FINANCIAL
Gross production revenue $ 7,511 $ 2,610 +188
Cash flow from operations 3,616 1,203 +201
- per share basic 0.21 0.14 +50
Net income 266 382 -30
- per share basic 0.02 0.04 -50
Capital expenditures 7,732 9,137 -15
Long term debt (net of
working capital) 28,843 9,214 +213
Shareholders' equity 77,987 15,027 +419
Weighted average common
shares outstanding 17,581 8,568 +105
OPERATING
Production
Barrels of oil equivalent
(boe/d) 4,372 1,177 +271
Crude oil and NGLs (bbls/d) 1,260 418 +201
Natural gas (mcf/d) 31,115 7,586 +310
Undeveloped land (net acres) 119,146 47,910 +149
PRICES
Barrels of oil equivalent
($/boe) $ 19.09 $ 24.64 -23
Crude oil and NGLs ($bbl) 16.94 27.77 -39
Natural gas ($/mcf) 2.00 2.29 -13
Operating costs $ 3.28 $ 7.01 -53
OPERATIONS Cypress experienced a high level of drilling success during the first quarter of 1998. A record number of wells were drilled with a total of 12 gross (10.2 net) wells drilled in the first quarter with 9 gross (7.2 net) wells successful. One hundred percent of the wells drilled were exploration wells, driving a 75 percent exploration success rate and 9 new pool discoveries. The first quarter represented a significant increase in drilling activity for the company as the 10.2 net wells drilled in the first quarter compares with 11.9 net wells drilled during all of 1997. Average daily oil and gas production of 4,372 barrels of oil equivalent (boe) for the quarter represents a 271 percent increase over the first quarter of 1997. Seventy-one percent of first quarter production was natural gas and two-thirds of the oil and liquids production was natural gas liquids. Production during the quarter was negatively impacted by facility problems at Thorsby as well as production temporarily lost at Thorsby after taking control of thirst thirst, sensation indicating the body's need for water. Dry or salty food and dry, dusty air may induce such a sensation by depleting moisture in the mucous membranes of the mouth and throat. quarter drilling. FINANCIAL nt decrease in the crude oil and NGL NGL - A dialect of IGL. price received and a 13 percent decrease in the natural gas price received. Operating costs operating costs npl → gastos mpl operacionales decreased 53 percent compared to the prior year to $3.28 per boe primarily as a result of the efficiencies gained through the Thorsby acquisition. Capital expenditures decreased 15 percent to $7.7 million in 1998 from $9.1 million in 1997. The first quarter of 1997, however, includes the $6.5 million acquisition of Attock Energy which occurred in February 1997. Subsequent to the end of the quarter, Cypress completed a $20.6 million equity issue at $5.15 per share. These funds will be used to finance a $20 million increase in the planned capital expenditure program Planned capital expenditure program Budgeted or projected outlays for major expenditures on permanent or fixed assets as outlined in the corporate financial plan. for 1998 to $55 million. Ten million dollars of the proceeds are to be used to increase the drilling program to over 60 wells in 1998 and $10 million is targeted for potential acquisitions, primarily in the area of our core properties of Thorsby and Brant/Farrow. 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 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 under the symbol CYZ.A. CONTACT: Cypress Energy Inc. Donald F. Archibald, 403/262-8225 |
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