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PRAIRIE OIL ROYALTIES COMPANY, LTD. ANNOUNCES NINE MONTHS RESULTS

PRAIRIE OIL ROYALTIES COMPANY, LTD. ANNOUNCES NINE MONTHS RESULTS
 CALGARY, Alberta, Nov. 4 /PRNewswire/ -- Prairie Oil Royalties Company Ltd. (AMEX, Toronto: POY) today announced that cash generated from operations for the first nine months of 1991 amounted to $13.56 million, marginally ahead of the $13.52 million generated in the same period of 1990. Net earnings were $1.99 million, or 25 cents per share down from $3.84 million, or 49 cents per share a year earlier.
 For the third quarter of 1991, cash generated totalled $4.71 million compared to $5.22 million in the corresponding period a year earlier. Net earnings were $0.45 million, or five cents per share, down from $1.77 million or 23 cents per share. The quarterly performance reflected a substantial increase in crude oil production volumes, with offsets from sharply lower crude oil prices, as well as increases in operating costs and depletion expense associated with the production gains.
 Crude oil and natural gas liquids production in the quarter averaged 4,103 barrels per day, up 28 percent from 3,196 barrels per day a year earlier. The increase was due, primarily, to a successful development drilling program in the Golden area of northwestern Alberta late in 1990 and early in 1991.
 The average price received by Prairie Oil for its oil and gas liquids production in the third quarter was $19.30 per barrel, down 23 percent from $25.01 per barrel a year earlier. In the third quarter a year ago, oil prices rose to exceptional levels as a result of heightened tensions in the Middle East following the Iraqi invasion of Kuwait.
 Prairie Oil's natural gas production in the third quarter averaged 10.2 million cubic feet per day, up four percent from 9.8 million cubic feet per day in the corresponding period of 1990. The average price received by Prairie Oil for its gas production in the quarter, however, was down nine percent to $1.18 per thousand cubic feet.
 PRAIRIE OIL ROYALTIES CO. LTD.
 Highlights
 Three Months Ended Nine Months Ended
 Sept. 30 Sept. 30
 1991 1990 1991 1990
 Financial
 (millions of dollars, except
 per share amounts)
 Sales and Other Revenues $ 6.70 $ 6.94 $20.89 $18.09
 Cash Generated from
 Operations $ 4.71 $ 5.22 $13.56 $13.52
 - per share $ 0.60 $ 0.66 $ 1.73 $ 1.72
 Net Earnings $ 0.45 $ 1.77 $ 1.99 $ 3.84
 - per share $ 0.05 $ 0.23 $ 0.25 $ 0.49
 Capital Expenditures $ 6.39 $ 4.54 $18.89 $15.40
 Operating
 Production of Oil and Gas
 Liquids (thousands of
 barrels per day) 4,103 3,196 4,230 3,113
 Production of Natural Gas
 (millions of cubic feet
 per day) 10.2 9.8 11.3 10.9
 Average Prices Received
 Oil and Gas Liquids
 (per barrel) $19.30 $25.01 $18.79 $20.74
 Natural Gas
 (per thousand cubic feet) $ 1.18 $ 1.29 $ 1.29 $ 1.45
 -0- 11/04/91
 /CONTACT: Ron Burrows, manager, Prairie Oil Royalties Company, Ltd., 403-231-0107/
 (POY.) CO: Prairie Oil Royalties Company, Ltd. ST: Alberta IN: OIL SU: ERN EH -- LA021 -- 0981 11/04/91 18:57 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 4, 1991
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