Elk Point Resources Inc. Boosts Production and Cash Flow in First Half.CALGARY, ALBERTA--(BUSINESS WIRE)--Aug. 22, 1997--Elk Point (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). 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 179 percent to $7,564,154 ($0.52 per share) for the six months ended June 30, 1997 from $2,715,312 ($0.32 per share) for the same period in 1996. The Company increased its net income 109 percent to $1,564,311 ($0.11 per share) in the reported period of 1997 compared to net income of $749,517 ($0.09 per share) for the same period in 1996. These increases were directly attributable to increases in crude oil and natural gas production from the Company's successful exploration and development programs and the positive impact on production of the acquisition of Fossil Oil & Gas Limited. Gross revenues, net of royalties, increased 167 percent to $12,074,949 for the six months ended June 30, 1997 compared to gross revenues, net of royalties, of $4,527,405 for the same period in 1996. The Company's natural gas sales increased 163 percent to 19,402 thousand cubic feet per day in the first half of 1997 from 7,387 thousand cubic feet per day during the same period in 1996. Elk Point's average sales of crude oil and natural gas liquids increased 130 percent to 1,437 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 reported period in 1997 from 626 barrels per day for the same period in 1996. During the first half of 1997, Elk Point drilled 35 gross (22.3 net) wells of which 13 gross (9.3 net) wells were cased as oil wells, 8 gross (4.5 net) wells were cased as gas wells and 14 gross (8.5 net) wells were dry and abandoned. Subsequent to June 30, 1997, the Company has drilled an additional 15 gross (8.1 net) wells of which 8 gross (5.7 net) wells were cased as oil wells, 5 gross (1.5 net) wells were cased as gas wells and 2 gross (0.9 net) wells were dry and abandoned for an overall success rate of 69 percent. In the second quarter, the Company followed up on its earlier success at Pembina by casing a second horizontal oil well and a vertical oil well. All major equipment has been ordered and engineering is underway for the construction of central oil treating, water injection and gas conservation facilities capable of handling 4,000 barrels of oil per day and 10 million cubic feet of gas per day from the Pekisko oil pool. Three additional horizontal wells are being licensed for drilling in September and October. The Company has applied for Good Production Practice from the AEUB AEUB Alberta Energy and Utilities Board to optimize optimize - optimisation production from this oil pool. In late June, the Company installed a choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. plant at Pemberton Hill to boost net production from 1 million cubic feet per day to 6 million cubic feet per day of gas and 50 barrels per day of liquids. In southeastern Saskatchewan, Elk Point drilled two oil wells at Innes and one oil well at Elcott in the second quarter. Subsequently, three oil wells have been drilled at Elcott and three horizontal wells are planned for drilling on this property commencing in September, 1997. Elk Point has completed a three dimensional seismic program in the Powder River Basin The Powder River Basin is a region in southeast Montana and northeast Wyoming about 120 miles east to west and 200 miles north to south known for its coal deposits. It is both a topographic drainage and geologic structural basin. of Wyoming and is planning to drill up to four exploration wells on this property commencing in October, 1997. CONTACT: Elk Point Resources Inc. Mr. Aidan M. Walsh, 403/264-1358 403/261-8702 (FAX) Today's News On The Net - Business Wire's full file on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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