Cypress Energy Inc. announces 1996 operating and financial results.CALGARY, Alberta--(BUSINESS WIRE)--April 2, 1997--Cypress Energy (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CYZ.A.) Cypress Energy Inc. ("Cypress") is pleased to announce its operating and financial results for the year ended December 31, 1996 and the fourth quarter ended December 31, 1996. Gross revenue for the fourth quarter ended December 31, 1996 was $2.0 Million based on average production of 842 BOE BOE Based on Experience BOE Board of Education BOE BoletÃn 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 per day, an oil price of $29.85 per bbl. and an average gas price of $2.32 per mcf. 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 for the quarter was $1.1 Million or $0.14 per share based on an average operating netback Operating Netback A measure of oil and gas sales net of royalties, production and transportation expenses. This is a non-GAAP measure used specifically in the oil and gas industry as a benchmark to compare performance between time periods, operations and competitors. of $17.13 per BOE. Net income for the quarter was $.4 Million or $0.05 per share. Gross revenue for the year ended December 31, 1996 was $2.1 Million based on average production of 446 BOE per day, an oil price of $29.18 per bbl. and an average operating netback of $17.27 per BOE. Net income for the period was $.5 Million. At December 31, 1996 Cypress had long term debt of $1.2 Million and total equity of $14 Million. Capital expenditures in 1996 totaled $17.1 Million of which $13.4 Million was spent on the acquisition of assets Acquisition of assets A merger or consolidation in which an acquirer purchases the selling firm's assets. from Canadian Jorex Limited. Cypress commenced commercial production in July 1996 and acquired the assets of Jorex on October 1, 1996, therefore the financial and operating results reflect primarily fourth quarter production only. The results also do not include the impact of the acquisition of Attock Energy Corporation which was completed in early February 1997. Reserves at December 31, 1996, based on independent engineering estimates by Gilbert, Laustsen Jung Associates Ltd., totaled 3.6 MMBOE MMBOE Million Barrels of Oil Equivalent (energy and petroleum industry) . The majority of these reserves were acquired from Canadian Jorex at an average reserve addition cost of less than $3.50 per BOE. In addition, on March 27, 1997 Cypress was approved for listing on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and will commence trading within approximately 10 days under the symbol CYZ.A. Cypress will continue trading on the Alberta Stock Exchange under the symbols CYZ.A and CYZ.B. CONTACT: Cypress Energy Inc. Donald F. Archibald, 403/262-8225 403/263-7433 (FAX) |
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