Elk Point Boosts Oil Production and Cash Flow in First Half.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)--AUGUST 23, 1996--ELK POINT RESOURCES(Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : ELK ) Elk Point Elk Point can reference: The name of a city and a township in Union County, South Dakota:
A town in Alberta, Canada that bears the same name: 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 by 154 percent to $2,715,312 ($0.32 per post consolidation share) for the six months ended June June: see month. 30, 1996 from $1,067,466 ($0.18 per post consolidation share) for the same period in 1995. The Company increased its net earnings to $749,517 in the reported period of 1996 compared to $33,466 for the same period in 1995. These increases were directly attributable to the notable boost in the Company's crude oil production, as well as higher crude oil and natural gas prices. Gross revenues, net of royalties, increased 117 percent to $4,527,405 for the six months ended June 30, 1996, compared to gross revenues, net of royalties, of $2,084,543 for the same period in 1995. Elk Point's average sales of crude oil and natural gas liquids increased 820 percent to 626 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. for the six months ended June 30, 1996 from 68 barrels per day for the same period in 1995. The Company's natural gas sales were 7,387 thousand cubic feet per day in the first half of 1996 compared to 7,754 thousand cubic feet per day during the same period in 1995. During the first half of 1996, Elk Point drilled fourteen gross (9.3 net) wells of which seven gross (6.1 net) wells were cased as oil wells, six gross (2.3 net) were cased as gas wells and one gross (1.0 net) was dry and abandoned for an overall success rate of 93 percent. The Company's production has recently soared to new highs, exceeding 3,000 barrels of oil equivalent per day, of which approximately 75 percent is oil and 25 percent is natural gas. Elk Point is increasing its capital budget for 1996 from $11.2 to $19 million as a result of its drilling success. Effective at close of business on July July: see month. 5, 1996, the shares of Elk Point were consolidated on a one-for-four basis. The issued and outstanding shares of the Company are now approximately 9,870,000. -0- The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Elk Point Resources Inc. Mr. Aidan M. Walsh President and Chief Executive Officer (403) 264-1358 (403) 261-8702 (FAX) |
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