Denbury Resources Inc. Announces Third Quarter 1996 Results.DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , and 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. 11, 1996-- Denbury Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). symbol: DNR See dynamic noise reduction and domain name resolver. , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol: DNR, after 11/13/96 - DENRF) ("Denbury" or the "Company") is pleased to report its operating and financial results for the quarter ended Sept. 30, 1996 with comparatives. All dollar amounts are in U.S. dollars and production volumes and dollars are expressed on a net revenue interest basis with gas volumes converted to equivalent barrels at 6:1 ("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 "). -0-
FINANCIAL HIGHLIGHTS
(Amounts in thousands of U.S. dollars)
Three months ended
September 30,
-----------------------
Percentage
1996 1995 Change
---------- ---------- -----------
Production (daily - net of royalties)
Oil (barrels) 4,785 2,067 + 131%
Gas (mcf) 26,537 11,968 + 122%
BOE (6:1) 9,208 4,062 + 127%
Revenue (net of royalties)
Oil sales 8,296 2,811 + 195%
Gas sales 5,763 2,007 + 187%
Total 14,059 4,818 + 192%
Unit sales price
Oil (per barrel) 18.84 14.78 + 27%
Gas (per mcf) 2.36 1.82 + 30%
Cash flow from operations (1) 8,464 2,234 + 279%
Net income 1,745 190 + 818%
Average common shares outstanding 11,820 6,929 + 71%
Per common share:
Cash flow from operations -
primary (2) 0.68 0.32 + 113%
Cash flow from operations-fully
diluted (3) 0.54 0.27 + 100%
Net income - primary 0.14 0.03 + 367%
Net income - fully diluted (3) 0.13 0.03 + 333%
FINANCIAL HIGHLIGHTS
(Amounts in thousands of U.S. dollars)
Three months ended
September 30,
----------------------- Percentage
1996 1995 Change
---------- ---------- -----------
Oil & gas capital investments 12,587 4,194 + 200%
Total assets 145,661 62,021 + 135%
Long-term debt 51,533 23,265 + 122%
Shareholders' equity including
preferred 77,142 28,988 + 166%
BOE data (6:1)
Revenue 16.59 12.89 + 29%
Production expenses (4.54) (4.51) + 1%
---------- ---------- -----------
Production netback 12.05 8.38 + 44%
General and administrative (1.44) (1.15) + 25%
Interest (0.62) (1.25) - 50%
---------- ---------- -----------
Cash flow (1) 9.99 5.98 + 67%
========== ========== ===========
(1) Exclusive of the net change in non-cash working capital balances
(2) Cash flow from operations excluding change in working capital
balances less the imputed preferred dividend, divided by average
common shares outstanding.
(3) Assumes conversion or exercise of all securities as of beginning
of period and investment of any pro forma proceeds.
FINANCIAL HIGHLIGHTS
(Amounts in thousands of U.S. dollars)
Nine months ended
September 30,
------------------------ Percentage
1996 1995 Change
---------- ---------- -----------
Production (daily -
net of royalties)
Oil (barrels) 3,529 1,910 + 85%
Gas (mcf) 23,867 12,039 + 98%
BOE (6:1) 7,507 3,917 + 92%
Revenue (net of royalties)
Oil sales 17,455 7,754 + 125%
Gas sales 17,254 6,060 + 185%
Total 34,709 13,814 + 151%
Unit sales price
Oil (per barrel) 18.05 14.87 + 21%
Gas (per mcf) 2.64 1.84 + 43%
Cash flow from operations (1) 21,767 6,259 + 248%
FINANCIAL HIGHLIGHTS
(Amounts in thousands of U.S. dollars)
Nine months ended
September 30,
------------------------ Percentage
1996 1995 Change
---------- ---------- -----------
Net income 4,340 659 + 559%
Average common shares
outstanding 11,616 6,668 + 74%
Per common share:
Cash flow from operations -
primary (2) 1.77 0.94 + 88%
Cash flow from operations-
fully diluted (3) 1.42 0.85 + 67%
Net income - primary 0.37 0.10 + 270%
Net income - fully diluted (3) 0.36 0.10 + 260%
Oil & gas capital investments 73,320 14,700 + 399%
Total assets 145,661 62,021 + 135%
Long-term debt 51,533 23,265 + 122%
Shareholders' equity
including preferred 77,142 28,988 + 166%
BOE data (6:1)
Revenue 16.87 12.92 + 31%
Production expenses (4.47) (4.50) - 1%
----------- ---------- -----------
Production netback 12.40 8.42 + 47%
General and administrative (1.45) (1.32) + 10%
Interest (0.37) (1.25) - 70%
----------- ---------- -----------
Cash flow (1) 10.58 5.85 + 81%
=========== ========== ===========
(1) Exclusive of the net change in non-cash working capital balances (2) 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 excluding change in working capital balances less the imputed Attributed vicariously. In the legal sense, the term imputed is used to describe an action, fact, or quality, the knowledge of which is charged to an individual based upon the actions of another for whom the individual is responsible rather than on the individual's preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , divided by average common shares outstanding. (3) Assumes conversion or exercise of all securities as of beginning of period and investment of any pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma proceeds. -0- Denbury posted record quarterly earnings in the third quarter of 1996 as a result of continued production increases and strong product prices, with net income of $1.7 million ($.14 per common share), an 818 percent increase from 1995 third quarter income of $190,000. Average daily production on a BOE basis was 9,208 BOE/d for the third quarter of 1996 as compared to 7,841 BOE/d during the second quarter of 1996 and 4,062 BOE/d for the third quarter of 1995. Correspondingly, cash flow from operations increased 279 percent to $8.5 million for the third quarter of 1996 as compared to $4.8 million during the comparable period in 1995. During October October: see month. , 1996 the Company completed several capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. adjustments including a one-for-two reverse split, a conversion of its 9 1/2 percent Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. into 316,590 Common Shares and a conversion of its Convertible Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. into 2,816,372 Common Shares. These two conversions resulted in the issuance of an additional 3,132,962 Common Shares. Assuming that these conversions had been effective as of the beginning of the year, the net income for the nine months ended Sept. 30, 1996 would have increased from the reported $4.3 million to $5.5 million on a pro forma basis, net income per common share would have remained the same and cash flow per common share Cash flow per common share Cash flow from operations minus preferred stock dividends, divided by the number of common shares outstanding. would have decreased from the reported $1.77 per common share to $1.48 on a pro forma basis. After adjusting for these additional shares issued for conversions and the 4.9 million shares issued in the equity offering completed on Nov. 1, 1996, the Company had approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20.0 million Common Shares outstanding. Denbury is a natural resource company with its primary operations in the states of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. and Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by . The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the SEC have neither approved nor disapproved the information contained herein. CONTACT: Ronald Greene, chairman, 403/777-9440, Gareth Roberts Gareth Roberts may refer to:
Phil PHIL Philosophy Phil Philippine PHIL Philippians PHIL Philadelphia, PA, USA PHIL Public Health Image Library (US CDC) Rykhoek, chief financial officer, 214/380-1923, all of Denbury Resources Inc. |
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