Laurasia Resources Limited Financial Results.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)--Nov. 24, 1997--Laurasia Resources Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :LUR) announced today its results for the first nine months of 1997. -0-
Nine months Nine months
ended ended
Sept 30, 1997 Sept 30, 1996
TOTAL REVENUE 8,685,907 $ 6,389,842
Net Earnings (B.T.) $ 1,817,232 $ 1,949,474
Net Earnings $ 975,763 $ 1,314,474
Net Earnings Per Share 2.1 cents 2.8 cents
Total Cash Flow $ 4,280,404 $ 3,426,227
Cash Flow Per Share 9.2 cents 7.4 cents
In the first three quarters of 1997 the Company increased its daily production rate from the 1,321 boe/d in 1996 to 1,622 boe/d. This increase in production volumes in conjunction with stronger oil and gas prices resulted in a 36 percent increase in revenues. Cash flow also increased by 25 percent over the corresponding period of 1996. Fourth quarter production levels and natural gas prices have further improved with the Company producing 1,800 boe/d during the month of October October: see month. 1997 coupled with natural gas pricing of $2.20/mcf. These prices are forecast to further increase in November November: see month. and December December: see month. . Laurasia completed its battery and treating facility at Retlaw in September and October and is now delivering clean oil at the pipeline terminal. 2D and 3D seismic programs have been and are being shot at Bantry, Beacon Hill Bea·con Hill An area of Boston, Massachusetts, noted for its historic residences, brick sidewalks, and picturesque mews. Noun 1. Beacon Hill - a fashionable section of Boston; site of the Massachusetts capital building , Browning and Retlaw. These programs will result in additional drilling at these locales. The Company anticipates a strong fourth quarter with increased production and increased revenues forecast and a successful outlook for 1998 is expected. CONTACT: Laurasia Resources Limited Michael K. Barton BARTON, old English law. The demesne land of a manor; a farm distinct from the mansion. , 403/269-7979 or Laurasia Resources Limited John M. Clark, 416/367-0150 |
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