Dominion Explorers Announces its Financial Results.CALGARY, Alberta--(BUSINESS WIRE)--Aug. 23, 1995--DOMINION EXPLORERS (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DMN DMN Dimension DMN Dimethylnitrosamine (carcinogen) DMN Data Multiplexing Network DMN Defective Material Notice DMN Discrete Memoryless Network DMN Document Management Number DMN Dynamic Mesh Network DMN Digital Milti-Network ) Dominion Explorers Inc. of Calgary announces the result of its operations for the six months ending June 30, 1995. Revenues for the period from crude oil, natural gas and natural gas liquids sales, were $3,109,000 versus $1,423,000 in the comparative period the previous year. 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 was $1,496,000 or $0.10 per share compared to $634,000 or $0.06 per share for the similar period one year ago. Earnings were $635,000 or $0.04 per share compared to $270,000 or $0.03 per share in the first six months of 1994. Revenue increased due to higher oil and natural gas liquids prices and increased volumes. Average prices for crude oil, natural gas and natural gas liquids were $22.00 per barrel $1.49 per thousand cubic feet (MCF) and $15.78 per barrel versus $17.03 per barrel, $2.26 per MCF and $12.88 per barrel respectively in the same period in 1994. Production for the six months yielded 5,607 MCF per day and 430 barrels of oil and natural gas liquids per day compared to 1,570 MCF per day and 259 barrels of oil and natural gas liquids per day in the prior period. Dominion drilled 10 wells (2.71 net) in the first half of 1995 resulting in 3 potential oilwells, 6 potential gas wells and 1 dry hole. Dominion's 1995 strong capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. budget will focus on exploration in Central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. and developing the core producing properties. $2.0 million in flow-through drilling funds were raised in June 1995 at a price of $1.20 per share. Capital spending during the first half of 1995 amounted to $2.5 million. Dominion Explorers Inc. is listed for trading on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol "DMN". CONTACT: John A. Pope President or Andrew S. Burgess Vice-President (403) 571-1100 (403) 571-1101 (FAX) |
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