TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR THE 12 MONTHS ENDED DEC. 31, 1991
TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS
FOR THE 12 MONTHS ENDED DEC. 31, 1991
CALGARY, Alberta, Feb. 6 /PRNewswire/ - Total Canada Oil & Gas Ltd. (AMEX: TOG) announced results for the 12 months and fourth quarter ended Dec. 31, 1991.
For the year ended Dec. 31, 1991, funds generated from operations was $42.8 million or $1.21 per share a 16 percent decrease from the $51.2 million or $1.45 per share reported in 1990. Net income was $6.8 million or $0.19 per share in 1991, compared to net income of $15.3 million or $0.43 per share in 1990.
For the fourth quarter ended Dec. 31, funds generated from operations was $9.6 million or $0.27 per share down from $16.9 million or $0.48 per share during the fourth quarter of 1990. Net income was $1.3 million or $0.04 per share, compared to $7.8 million or $0.22 per share during the same quarter last year.
Production of natural gas averaged 65.0 million cubic feet per day during 1991, up 35 percent from 48.3 million cubic feet per day in 1990. The average price received for natural gas in 1991 was $1.45 per thousand cubic feet compared to $1.42 in the prior year. Average daily production and price in the fourth quarter of 1991 were 62.9 million cubic feet and $1.39 per thousand cubic feet respectively.
Crude oil and condensate production averaged 6,480 barrels per day in 1991, compared to 6,662 barrels per day in 1990. Daily production in the fourth quarter averaged 6,522 barrels. Average prices received for crude oil and condensate were $21.45 for the year vs. $25.84 in 1990. Fourth quarter 1991 prices averaged $21.33, compared to $33.87 in the same period of 1990.
Production of natural gas liquids averaged 1,915 barrels per day in 1991 and 2,049 barrels per day in 1990. The average price received was $9.50 per barrel this year, compared to $8.10 last year.
At Dec. 31, 1991 proved reserves net of royalties were 17.3 million barrels of crude oil and condensate, 8.8 million barrels of natural gas liquids and 279.3 billion cubic feet of natural gas. Comparable figures at Dec. 31, 1990, were 18.0 million barrels, 9.9 million barrels and 286.8 billion cubic feet.
Gross probable additional reserves at Dec. 31, 1991, were 3.7 million barrels of crude oil and condensate, 1.0 million barrels of natural gas liquids and 50.4 billion cubic feet of natural gas.
Capital expenditures amounted to $34.9 million in 1991, compared to $47.6 million in 1990. The lower level of capital spending enabled the company to reduce long term debt to $29.0 million by year end.
Commenting on the company's 1991 results, Don West, president and chief executive officer, said: "Becoming a separate public entity effective June 1 made 1991 a special year for the company and its employees. Lower oil prices which had fallen approximately 35 percent from the levels experienced during the second half of 1990 and increased costs, some associated with the spin-off, caused a deterioration in year over year performance. This was offset in part by a strong increase in natural gas production. In spite of a generally weak price environment for the industry, we believe that the company's strong financial position will enable us to aggressively pursue exploration and development opportunites in 1992.''
/CONTACT: Donald R. Gardner of Total Canada Oil & Gas Ltd., 403-267-3075/
(TOG) CO: Total Canada Oil & Gas Ltd. ST: Alberta IN: OIL SU: ERN :END JL -- LA028 -- 7840 02/06/92 15:23 EST