Pursuit Resources Corp. announces year end results and corporate developments.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)--March 17, 1997-- Pursuit Resources(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). PUT. ) Pursuit Resources Corp. announces its results for the fourth quarter and year ended December December: see month. 31, 1996. Summarized financial and operating data are attached. The per share amounts reflect the 2.7 to 1 common share consolidation which took place in 1997 at which time Pursuit completed a business combination with Aztec Aztec (ăz`tĕk'), Indian people dominating central Mexico at the time of the Spanish conquest. Their language belonged to the Nahuatlan subfamily of Uto-Aztecan languages. Resources Ltd. Cash flow for 1996 increased 120 percent to $5.5 million ($0.45 per share) from $2.5 million ($0.25 per share) in 1995. Earnings for 1996 increased by 97 percent to $1.3 million ($0.11 per share) from $0.7 million ($0.07 per share) in 1995. Crude oil and natural gas liquids production increased 47 per cent to 759 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. while natural gas production increased 185 per cent to 9.4 million cubic feet per day. Fourth quarter 1996 daily production rates averaged 775 barrels of crude oil and natural gas liquids and 11.0 million cubic feet of natural gas. Proven and probable PROBABLE. That which has the appearance of truth; that which appears to be founded in reason. reserves of crude oil and natural gas liquids increased by 16 per cent to 3.2 million barrels while proven and probable reserves of natural gas increased by 103 per cent to 66.6 billion cubic feet. The significant increases in both production and reserves were a result of a $11.6 million capital program in 1996; $5.8 million was spent on acquisitions at Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. and Chigwell Chigwell, city (1991 pop. 51,575), Essex, SE England. It is a residential suburb of London. Portions of Epping and Hainault forests are in the outlying district. The Chigwell public school was founded in 1629. in Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. ; $5.8 million was spent on exploration and development, primarily at Leo, Lloydminister, Alderson Alderson may refer to:
In early 1997, Pursuit completed a merger with Aztec Resources Ltd., effectively doubling the size of the Company. The business combination will be accounted for effective January January: see month. 1, 1997. As a result of this transaction, Pursuit entered 1997 with a production base of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 1,750 barrels per day of crude oil and liquids production and 18 million cubic feet per day of natural gas production. Combined proven and probable reserves amounted to 6.7 million barrels of crude oil and natural gas liquids and 91.1 billion cubic feet of natural gas. The Aztec property base includes a number, of exploration opportunities which will significantly expand Pursuit's 1997 activities. The attached schedule reflects selected "pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma " financial and operating data for the combined business of Pursuit and Aztec as if the February February: see month. 1997 merger had taken place on January 1, 1996. Pursuit's Annual General Meeting has been scheduled for May 21, 1997. -0-
PURSUIT RESOURCES CORP.
SUMMARIZED RESULTS
YEAR ENDED DECEMBER 31, 1996
Quarter Ended Year Ended
December 31 December, 1996 Percent
1996 1995 1996 1996 1995 Change
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FINANCIAL Pro
Forma
---------------------------------------------------------------
($ 000'S except share and (Note 1)
per share amounts)
Revenue $ 4,007 $ 1,908 $25,371 $12,251 $ 5,383 +128
Cash Flow 1,849 859 11,958 5,453 2,478 +120
- Basic per
Share 0.15 0.09 0.52 0.45 0.25 + 80
- Fully Diluted
Per Share 0.13 0.07 0.48 0.40 0.23 + 74
Net Earnings 552 219 1,760 1,292 656 + 97
- Basic per
Share 0.05 0.02 0.08 0.11 0.07 + 57
- Fully Diluted
Per Share 0.04 0.02 0.08 0.10 0.05 +100
Capital Expenditures
(Net) 19,792 11,581 13,083
Long Term Debt
at Year End 25,173 13,095 6,777
Shareholder's Equity
at Year End 45,826 15,587 13,716
Weighted Average Shares Outstanding
- Basic (millions) 23.2 12.0 10.0
- Fully Diluted (millions) 25.7 14.3 12.3
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OPERATIONS
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Oil and Liquids
Production
(Bbls/day) 775 636 1,806 759 515 + 47
Average Realized
Price
(Per bbl) $24.59 $19.47 $22.52 $22.10 $20.89 + 6
Natural Gas Production
(Mmcf/day) 11.0 6.2 17.1 9.4 3.3 +185
Average Realized Price
(Per mcf) $ 2.22 $ 1.35 $ 1.68 $ 1.77 $ 1.21 + 46
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RESERVES
---------------------------------------------------------------
Proven Oil & Liquids
(Mbbls) 4,605 2,169 1,824 + 19
Proven Natural Gas
(Bcf) 70.3 48.0 27.4 + 75
Proven Barrels Of
Oil Equivalent (Mboe) 11,637 6,970 4,562 + 53
Proven Plus Probable Oil
& Liquids (Mbbls) 6,683 3,162 2,733 + 16
Proven Plus Probable
Natural Gas (Bcf) 91.1 66.6 32.8 +103
Proven Barrels Of Oil
Equivalent (Mboe) 15,798 9,818 6,013 + 63
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DRILLING ACTIVITY
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(Net wells)
Gross Net Gross Net
Oil 8 3.45 8 3.30
Gas 3 2.83 11 7.20
Service 1 0.75 - -
Dry 2 1.00 1 0.25
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Total 14 8.03 20 10.75
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Success Rate (Percent) 78 98
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Note 1 - Pro forma information combines the operations of Pursuit
and Aztec as if the 1997 business combination had taken place on
January 1, 1996. The results are not necessarily indicative of the
results that would have occurred and may be not indicative of the
anticipated results of the combined operations in the future
CONTACT: Pursuit Resources Inc. D. Nolan Blades, 403/264-6526 403/263-3116 (FAX) or Pursuit Resources Inc. Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. R. Martin, 403/264-6526 403/263-3116 (FAX) |
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