FLORES & RUCKS THIRD QUARTER 1996 RESULTS.BATON ROUGE Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La.--(BUSINESS WIRE)--Oct. 24, 1996--FINANCIAL RESULTS Flores Flores, town, Guatemala Flores (flōrəs), town (1990 est. pop. 2,200), capital of Petén department, N Guatemala. Flores was built on an island in the southern part of Lake Petén Itzá and on the site of the & Rucks, Inc. ("FNR FNR False Negative Rate FnR Find and Replace FNR Ford Nuclear Reactor FNR Future Net Revenue FNR For No Reason FNR Flexible Numbering Register FNR Fixed Network Reconfiguration FNR Frequency Normalization Response ") today announced earnings of $5.4 million or $0.26 per share for the third quarter ended September September: see month. 30, 1996, a 391% increase as compared to the prior year's third quarter earnings of $1.1 million or $0.07 per share. Contributing to FNR's third quarter results was an 18% increase in average net daily production to 29.2 thousand barrels of oil equivalent (MBOE MBOE Thousands of Barrels of Oil Equivalent MBOE Milford Board of Education ) for the three months ended September 30, 1996 from 24.7 MBOE for the comparable prior year quarter, and a 17% decrease in lease operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. per barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. to $3.13 as compared to $3.77 in the third quarter of 1995. Earnings for the nine month period ended September 30, 1996 were $7.7 million or $0.40 per share as compared to $0.8 million or $0.05 per share in the nine month period ended September 30, 1995. FNR's strong financial performance was evidenced by a 72% increase in discretionary cash flow Discretionary cash flow Cash flow that is available after the funding of all positive net present value (NPV) capital investment projects; it is available for paying cash dividends, repurchasing common stock, retiring debt, and so on. to $29.2 million or $1.41 per share for the third quarter of 1996 as compared to $17.0 million or $1.12 per share for the comparable 1995 period, and revenues increased 38% to $47.6 million from $34.6 million. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. C. Flores, Chairman and Chief Executive Officer, stated, "Our third quarter record results reflect the growth of our business and the ability of our employees to increase the Company's production while reducing field expenses. Additionally, production from our recently completed Central Gulf acquisition, as well as production from ongoing exploration activity, will begin in the fourth quarter. The success of our exploration program continues to accelerate and we plan to drill four additional exploratory wells in the fourth quarter of 1996 and approximately 24 exploratory wells during 1997." OPERATIONS AND PRODUCTION UPDATE Current production is approximately 36,500 barrels of oil equivalent per day (BOEPD BOEPD Barrels of Oil Equivalent Per Day ) net to the Company. Following is a recap re·cap 1 tr.v. re·capped, re·cap·ping, re·caps 1. To replace a cap or caplike covering on: recapped the bottle. 2. of third and fourth quarter drilling activity highlights.
Prospect/Well WI% / NRI% Status
Inspiration - Midnight 50 / 44 Producing, initial test of 3,431
BOEPD
100 / 79 Two additional wells completing,
on line 11/96
Caps 2 100 / 83 Producing, initial test of
368 BOEPD
Sequoia 1 100 / 87 Producing, initial test of
1,016 BOEPD
Thunder 1 100 / 87 Producing, initial test of
1,263 BOEPD
Thunder 2 100 / 87 Producing, initial test of
633 BOEPD
Redwood 1 100 / 87 Completing, 54 net feet of pay
Sideline 100 / 87 Completing, 128 net feet of pay
Taurus 100 / 86 Completing, 33 net feet of pay
Bluefin 100 / 87 Drilling
Crimson Tide 100 / 69 Drilling
Sequoia 2 100 / 87 Drilling
Thunder 3 100 / 87 Drilling
Bulldog 100 / 69 Scheduled to be drilled in the
fourth quarter
Hayden 100 / 83 Scheduled to be drilled in the
fourth quarter
Low Five 100 / 87 Scheduled to be drilled in the
fourth quarter
Vision 1 100 / 83 Scheduled to be drilled in the
fourth quarter
Certain statements in this news release regarding future expectations and plans for oil and gas exploration, development and production may be regarded as "forward looking statements" within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. They are subject to various risks, such as operating hazards
Hazards is an independent, union-friendly magazine based in Sheffield, England, which has won major international awards. , drilling risks, and the inherent uncertainties in interpreting engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1995. Actual results may vary materially. Flores & Rucks, Inc. is an independent energy company engaged in the exploration, development, production, and acquisition of crude oil and natural gas. For further information, please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at (504) 928-6222 or mail requests to 8440 Jefferson Highway
The Jefferson Highway , Suite 420, Baton Rouge, LA 70809. Additional information on FNR is located in the "Corporate News on the Net" section of Business Wire's home page (http:/www.businesswire.com). -0-
CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
Operating revenues $ 47,589 $ 34,609 $116,671 $ 90,481
Operating expenses:
Lease operating expenses 8,409 8,555 24,931 22,780
Severance taxes 3,189 2,587 8,710 7,332
Depreciation, depletion,
and amortization 19,504 15,378 48,477 38,545
General and administrative
expense 3,921 2,635 9,947 8,248
Total operating expenses 35,023 29,155 92,065 76,905
Operating income 12,566 5,454 24,606 13,576
Other expense (income):
Interest expense 3,841 4,508 12,029 13,000
Other expense (income) (175) (106) (173) (226)
Total other expenses 3,666 4,402 11,856 12,774
Net income before income
taxes 8,900 1,052 12,750 802
Income tax expense 3,537 - 5,051 -
Net income $ 5,363 $ 1,052 $ 7,699 $ 802
Earnings per share
- primary $.26 $.07 $.40 $.05
Common shares outstanding
- primary 20,706 15,183 19,173 15,146
Earnings per share
- fully diluted $.26 $.07 $.40 $.05
Common shares outstanding
- fully diluted 20,769 15,183 19,414 15,166
CONDENSED BALANCE SHEETS (In thousands)
(Unaudited)
September 30, December 31,
1996 1995
Assets
Current assets $ 44,158 $ 19,093
Property and equipment, net 373,856 182,923
Other assets 16,271 14,079
---------- ----------
$ 434,285 $ 216,095
Liabilities and Stockholders' Equity
Current liabilities $ 58,618 $ 22,919
Long-term debt 284,264 171,692
Deferred revenue and other noncurrent
liabilities 1,380 1,508
Stockholders' equity 90,023 19,976
---------- ----------
$ 434,285 $ 216,095
OTHER FINANCIAL DATA (In thousands, except per share data)
(Unaudited) (Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
1996 1995 1996 1995
EBITDA $32,921 $21,136 $76,389 $52,820
Discretionary cash flow 29,233 16,975 65,431 40,840
Discretionary cash flow per
share - Primary 1.41 1.12 3.41 2.70
Discretionary cash flow per
share - Fully Diluted 1.41 1.12 3.37 2.69
PRODUCTION AND PRICING DATA (In thousands, except pricing data)
Three Months Ended
September 30,
1996 1995
Oil production (Bbls) 1,909 1,709
Average price per Bbl (a) $19.31 $17.01
Gas production (Mcf) 4,657 3,361
Average price per Mcf (a) $2.24 $1.62
BOE production 2,685 2,270
(a) Includes results of hedging activities.
CONTACT: Flores & Rucks Inc., New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded James C. Flores or Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. L. Belk v. t. 1. To vomit. , (504) 927-1450 |
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