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BOW VALLEY INDUSTRIES LTD. ANNOUNCES FIRST QUARTER RESULTS

 BOW VALLEY INDUSTRIES LTD. ANNOUNCES FIRST QUARTER RESULTS
 CALGARY, Alberta, May 5 /PRNewswire/ -- Bow Valley Industries Ltd. (AMEX: BVI, Toronto, Montreal: BVI) announced its financial results for the first quarter of 1992 at the company's annual meeting held in Calgary today.
 BOW VALLEY INDUSTRIES LTD.
 Financial and Production Highlights
 Three Months Ended March 31,
 1992 1991
 Financial highlights
 (Canadian dollars - millions, except per share data)
 Operating revenue $61.6 $69.8
 Funds generated from operations $35.4 $37.2
 Net income $3.8 $3.4
 Per common share(a)
 Net income $0.01 $0.01
 Funds generated from operations $0.40 $0.42
 Capital expenditures $60.9 $50.9
 Production highlights
 Oil (barrels per day)
 Canada 3,896 4,475
 United Kingdom 13,074 11,444
 Indonesia 9,346 10,484
 Other 695 793
 Total 27,011 27,196
 Weighted average price
 (per barrel) $20.88 $23.27
 Gas
 Canada (MMcf per day) 167.4 189.1
 Weighted average price (per Mcf) $1.33 $1.55
 (a) The per common share statistics are based upon the weighted
 average number of common shares and common share equivalents
 outstanding (1992 - 82,734,000: 1991 - 81,203,000) and are
 calculated after provision for cumulative dividends on all series
 of redeemable preferred shares (1992 - $2.6 million: 1991 - $2.9
 million). Non-redeemable convertible preferred shares have been
 treated as common share equivalents.
 Operating revenues for the three months ended March 31, 1992 were $61.6 million, compared with $69.8 million in the first quarter of 1991, mainly reflecting decreases in oil and natural gas prices. Although operating revenues declined by $8.2 million, this reduction was offset by reduced expenses together with lower income taxes. Consequently, funds generated from operations declined only marginally to $35.4 million from $37.2 million in 1991 and net income for the period increased to $3.8 million from the $3.4 million for the same period in the prior year.
 Oil production for the first three months of the year averaged 27,011 barrels per day, virtually unchanged from the 27,196 barrels per day produced during the corresponding period of 1991. Natural productivity declines were offset by increased production from the Brae area, in the United Kingdom. Average production from Brae was 13,074 barrels per day, compared with 11,444 barrels per day during the first quarter of the prior year when production was shut-in for three weeks to enable tie-in to the new Forties pipeline system. Canadian natural gas production declined to 167.4 million cubic feet per day, due to natural productivity declines and voluntary shut-ins caused by continued weak demand and low market prices.
 Bow Valley's average oil price for the first quarter was $20.88 per barrel, compared with $23.27 per barrel in the corresponding period in 1991. The average gas price for the quarter declined to $1.33 per thousand cubic feet, compared with $1.55 per thousand cubic feet in the same quarter in 1991.
 Capital expenditures totaled $60.9 million during the first three months of 1992, representing a 20 percent increase over expenditures of $50.9 million incurred in the same period in 1991. Oil and gas development expenditures totaled $41.7 million, of which $31.6 million was invested in the United Kingdom, mainly for East Brae and the SAGE gas transportation system. Oil and gas exploration expenditures totaled $19.1 million during the quarter, of which $11.0 million was spent in Canada, $4.0 million in Indonesia and $2.4 million in the Netherlands.
 -0- 5/5/92
 /CONTACT: E.J. Lambert (investors) of Bow Valley Industries, 403-261-6160/
 (BVI) CO: Bow Valley Industries Limited ST: Alberta IN: OIL SU: ERN


DM -- LA038 -- 6638 05/05/92 14:18 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:628
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