Gardiner Oil and Gas Limited Announces a Delay Of the On-Stream Date at O'Chiese Resulting in A Lower Than Expected Exit Rate.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)--July 19, 1996--GARDINER OIL & GAS (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : GO) Gardiner Oil and Gas Limited announced today that as a result of our first half drilling successes at O'Chiese, it is increasing its planned plant capacity at O'Chiese. This plant size revision has changed the expected on-stream on-stream adv. & adj. In or into operation or production. date from December December: see month. , 1996 to March, 1997. This change, along with a third party plant shut down at Carnwood, will lower our 1996 average and exit production rates. Gardiner now expects to average 7,400 barrels of oil equivalent per day in 1996 compared with a previous estimate of 7,800 barrels of oil equivalent per day. The exit rate was forecast at 9,400 barrels of oil equivalent per day and is now expected to be at 8,000 barrels of oil equivalent per day. When O'Chiese comes on-stream in March, 1997, our production is expected to climb to 10,000 barrels of oil equivalent per day We still expect to deliver our forecast 1996 cash flow of $1.50 per share or $27 million. Our current production rate is 7,700 barrels of oil equivalent per day. This includes production from a successful deep pool test, in our Carstairs core area of central Alberta Central Alberta (also named Alberta's Heartland) is a region located in the Canadian province of Alberta. Central Alberta is the most densely populated rural area in the province. Agriculture and energy make up an important part of the economy. , drilled directionally beneath the north end of Sylvan Lake Sylvan Lake can refer to: Communities:
Our 1996 exploration and development expenditures have been increased to $42 million from $38 million. With higher than anticipated proceeds from the sale of properties, our net capital expenditures for 1996 are expected to be lower than our 1996 cash flow, which will result in reduced debt to $28 million, approximately one times 1996 cash flow. Our previously announced Judy Creek well with TriGas Exploration Inc. is expected to be drilled and results available by early September. Our 1996 forecast does not include any production resulting from success on this high risk, high potential prospect. CONTACT: Gardiner Oil and Gas Limited Wayne G. Thomson President and C.E.O. (403) 781-2201 (403) 781-2222 (FAX) or Gardiner Oil and Gas Limited Joanne M. Dickie Vice President and C.F.O. (403) 781-2233 (403) 781-2249 (FAX) |
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