Elk Point Resources Inc. announces its first quarter results.CALGARY, ALBERTA--(BUSINESS WIRE)--May 30, 1995--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 for the first quarter ended March 31, 1995 compared to $139,245 in cash flow from operations for the same period in 1994, an increase of 188%. The Company recorded a net loss of $118,989 in the first quarter of 1995 compared to a net income of $14,277 for the same period in 1994 primarily due to lower gas prices. The Company commenced sales to ProGas Limited under a long term gas purchase contract in February, 1995 which will substantially improve the Company's netback net·back n. Linkage of the price of crude oil to the market price of products refined from it. prices on natural gas sales for the remainder of the year. Gross revenues, net of royalties, increased 145% to $845,400 for the three months ended March 31, 1995 compared to gross revenues, net of royalties, of $345,412 for the three month period ended March 31, 1994. Elk Point's average sales of natural gas increased 745% to 8,117 thousand cubic feet per day for the three month period ended March 31, 1995 from 960 thousand cubic feet per day for the same period in 1994. The Company's oil production was 74 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. in the first quarter of 1995 compared to 71 barrels per day during the same period in 1994. During the three month period ended March 31, 1995, the Company drilled three gross (1.35 net) wells at Pinehurst and Saddle Hills, all of which were cased as gas wells. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. CONTACT: Aidan M. Walsh, President and Chief Executive Officer, 403/264-1358, 403/261-8702 (FAX) REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
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