Westlinks Resources Ltd. Releases Financial Statements.Business Editors 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. 30, 2000 Westlinks Resources Ltd. ("Westlinks") (CDNX CDNX See Canadian Venture Exchange (CDNX). :WLX) today released its unaudited interim financial statements for the third quarter ended Sept. 30, 2000, and they are attached hereto here·to adv. To this document, matter, or proposition. hereto Adverb Formal or law to this place, matter, or document Adv. 1. . The Canadian Venture Exchange The Canadian Venture Exchange (CDNX) is now a defunct stock exchange having been acquired by the TSX Group in 2001 and renamed the TSX Venture Exchange. History of the Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Westlinks Resources Ltd Interim Report For the Nine Months Ended Sept. 30, 2000 Westlinks Resources Ltd. is pleased to report the results of its third quarter ending Sept. 30, 2000. Sales for the third quarter averaged 1393 boe/day (95% crude oil), which is an increase of 486% over the production in the similar period in 1999. For the nine months ending Sept. 30, 2000, Westlinks continued to report record EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become and earnings. Nine months EBITDA was $6.51 million or $1.49 per share and earnings were $1.73 million or $.40 per share. For the third quarter EBITDA was $2.76 million or $.62 per share and earnings were $.44 million or $.10 per share. There were 3 non-recurring items that negatively impacted earnings in the third quarter. Exploration (3D seismic) expenses associated with the ongoing successful development project at Sylvan Lake Sylvan Lake can refer to: Communities:
intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the first six months were reclassified as current taxes, and depreciation was also adjusted as as result of a re-calculation of depreciation in the first six months. Shares outstanding at the end of the third quarter were 4,582,639. Westlinks' initial step out well drilled at its Sylvan Lake oil property (Westlinks 94% working interest) was placed on production at the start of July July: see month. and has continued to produce at restricted rates in the 100 bopd range. Several follow up drilling locations were surveyed and constructed and the drilling of four wells commenced at the end of the third quarter. Three of these wells have been completed and are on production, with the fourth awaiting completion. Current production from the field has increased to over 300 bopd. Drilling will re-commence in January January: see month. , 2001. Westlinks' core oil property at Provost PROVOST. A title given to the chief of some corporations or societies. In France, this title was formerly given to some presiding judges. The word is derived from the Latin praepositus. continues to perform well. Planned developments in this area include construction of a central battery, the drilling of infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. locations and a number of re-completions and tie-ins. The previously announced sale of Westlinks core property at Bigoray for $4.49 million closed on Nov. 15, 2000. The funds generated by the sale of this property have been used to reduce debt and Westlinks now has undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely credit lines available for development at Sylvan Lake and Provost. (signed) Peter Sekera, President & Chief Executive Officer Ted McFeely, Vice President & Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president.
CONSOLIDATED STATEMENT OF
CHANGES IN FINANCIAL POSITION
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2000 1999 2000 1999
Operating: (un- (un- (un- (un-
audited) audited) audited) audited)
Net Income $440,490 -$87,731 $1,727,645 -220,563
Items not
requiring the
outlay of cash
Future income
taxes -492,970 -174,626 360,956 -290,771
Depletion,
depreciation and
site restoration 1,334,909 1 61,984 2,712,402 451,301
Gain on sale of
properties -96,826 -103,558 -724,726 -143,185
--------------------------------------------
Funds generated
from operations 1,185,603 -203,931 4,076,277 -203,218
Change in non-cash
working capital 1,546,133 739,524 1,859,591 200,674
--------------------------------------------
2,731,736 535,593 5,935,868 -2,544
Financing:
Issue of common
shares, net of
share issue costs 907,517 408,778 1,297,517 410,354
Deferred share
issue costs -156,420 0 -438,530 0
Bank loan -650,000 2,340,958 8,540,000 2,790,958
Promissory Notes -2,237,100 0 0 0
--------------------------------------------
-2,136,003 2,749,736 9,398,987 3,201,312
--------------------------------------------
Investing:
Capital
expenditures -857,003 -4,269,732 -15,974,478 -4,288,084
Proceeds on
disposal of oil
& gas properties 262,070 494,100 850,070 534,799
Investments 0 400,000 -250,000 400,000
Site restoration
costs 0 -146 0 -316
--------------------------------------------
-594,933 -3,375,778 -15,374,408 -3,353,601
--------------------------------------------
--------------------------------------------
Increase (decrease)
in cash 800 -90,449 -39,553 -154,833
Cash,
beginning of period 1,935 9,455 42,288 73,839
--------------------------------------------
Cash, end of period 2,735 -80,994 2,735 -80,994
============================================
Common shares
outstanding
(average) 4,432,639 2,640,433 4,365,741 2,640,433
STATEMENT OF OPERATIONS AND RETAINED EARNINGS
For the three months For the nine months
ended ended
September 30 September 30
2000 1999 2000 1999
Revenue (un- (un- (un- (un-
audited) audited) audited) audited)
Oil & Gas $5,425,568 $562,883 $11,663,604 $1,387,075
Royalty cost,
net of ARTC -1,095,594 -77,791 -2,374,358 -165,116
Other income 0 0 0 1,407
--------------------------------------------
4,329,974 485,092 9,289,246 1,223,366
Expenses
Operating costs 1,388,323 155,757 2,709,548 477,912
Exploration 232,087 2,655 232,087 148,125
General &
administ-
rative costs 275,659 410,243 793,395 637,480
Interest 400,002 34,438 629,638 75,730
Depletion,
depreciation and
site restoration 1,334,909 161,984 2,712,402 451,301
--------------------------------------------
3,630,979 765,077 7,077,070 1,790,548
Income (loss)
before the
following 698,995 -279,985 2,212,176 -567,182
Gain on sale of oil
& gas properties 96,826 103,558 724,726 143,185
--------------------------------------------
795,821 -176,427 2,936,902 -423,997
Current income taxes 848,301 0 848,301 0
Future income taxes -492,970 47,145 360,956 -69,000
--------------------------------------------
Net income 440,490 -223,572 1,727,645 -354,997
Retained earnings,
beginning of
period 1,601,459 310,707 314,304 442,132
--------------------------------------------
Retained earnings,
end of period $2,041,949 $87,135 $2,041,949 $87,135
============================================
Common shares
outstanding
(average) 4,432,639 2,640,433 4,365,741 2,640,433
CONSOLIDATED BALANCE SHEET
September 30 December 31
2000 1999
Assets (unaudited)
Cash & short term investments $2,735 $42,288
Accounts receivable 1,943,621 684,787
Inventory 43,643 0
Deferred share issuance costs 45,494 0
-------------------------------
2,035,493 727,075
Capital assets 19,796,797 7,016,726
Investments 680,000 0
Deferred share issuance costs 438,530 0
-------------------------------
$22,950,820 $7,743,801
===============================
Liablities
Current:
Accounts payable and
accrued liablities $3,046,303 $687,042
Taxes payable 848,301 0
Current portion of bank loan 0 1,075,000
-------------------------------
3,894,604 1,762,042
Bank loan 11,140,000 1,525,000
Future income taxes 658,749 297,793
Provision for site restoration 254,671 181,332
Shareholders' Equity
Share Capital 4,960,847 3,663,330
Retained earnings (deficit) 2,041,949 314,304
-------------------------------
7,002,796 3,977,634
$22,950,820 $7,743,801
===============================
EXCHANGE STOCK LISTINGS Canadian Venture Exchange Symbol WLX OTCBB OTCBB See OTC Bulletin Board (OTCBB). or NQB NQB National Quotation Bureau, Inc (now Pink Sheets) (Pink Sheets) Symbol: WLKSF |
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