Eurogas Corporation announces revenues for year ended December 31, 1996.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)--April 4, 1997--Eurogas (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EUG EUG European Union of Geosciences EUG Eugene, OR, USA - Eugene Airport (Airport Code) EUG Emissions Unit Group (environmental operating permits) EUG Engineering Users Guide (US Navy) .) Eurogas Corporation is pleased to announce that revenues for the year ended December 31, 1996, totaled $2,960,805 compared to $1,889,637 for the corresponding period in 1995. Production for the year totaled 73,243 bbls of oil and 785 million cubic feet of gas. Cash flow from oil and gas operations amounted to $1,585,986, an increase of 142 percent over the $654,968 for the corresponding period in 1995 while net 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 amounted to $8,971 compared to negative $209,348. Net loss for the year was $872,029 ($0.02 per share) compared to loss of $6,850,710 ($0.23 per share) for the corresponding period in 1995, which included a one-time write down on certain assets of $5,700,000. In Tunisia work is being completed on the construction of the well site on the Sud Nefta Permit for the drilling of the NF-1 well. The well will be taken to a planned depth of 4750m and will take an estimated 4 months to complete. Eurogas is operator for the Sud Nefta Permit and is currently organizing a consortium to participate in the drilling of the NF-1 well, with Eurogas expected to retain a net working interest of 60 percent. Eurogas Corporation is a Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. listed company listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → engaged in the exploration for oil and gas reserves in Tunisia, development of a major gas/condensate field in Russia, and the exploration for and production of oil and gas in Canada. CONTACT: Eurogas Corporation Julio Poscente, 403/264-4985 403/262-8299 (FAX) or Eurogas Corporation Keith Scrimger, 403/264-4985 403/262-8299 (FAX) |
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