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PRAIRIE OIL ROYALTIES COMPANY LTD. ANNOUNCES FIRST QUARTER RESULTS

 PRAIRIE OIL ROYALTIES COMPANY LTD. ANNOUNCES FIRST QUARTER RESULTS
 CALGARY, Alberta, May 5 /PRNewswire/ -- Prairie Oil Royalties Company Ltd. (AMEX: POY; Toronto: POY) announced today that cash generated from operations in the first quarter of 1992 amounted to $4.52 million, virtually unchanged from the $4.72 million generated in the same period a year ago. Net earnings for the quarter were $0.57 million or 7 cents per share, down from $0.96 million or 12 cents per share. These financial results masked a significant gain in crude oil production which was offset by the effects of lower crude oil and natural gas prices. Earnings were also affected by a rise in depletion expense resulting from the increased level of crude oil production.
 Production of crude oil and natural gas liquids in the quarter averaged 4,983 barrels per day, up 21 percent from the record level achieved a year earlier. The improvement resulted from a variety of sources with the major contribution, amounting to 650 barrels per day, coming from a combination of successful drilling and producing property acquisition in the Enchant area of Alberta.
 Production of natural gas declined to 11.7 million cubic feet per day from 12.6 million cubic feet per day, partly as the result of the disposition of the company's interest in the Ghost Pine gas unit during the latter part of 1991.
 PRAIRIE OIL ROYALTIES COMPANY LTD.
 Highlights
 Three Months Ended
 March 31
 1992 1991
 Financial
 (millions of dollars, except per share
 amounts)
 Sales and other revenues $7.18 $7.28
 Cash generated from operations $4.52 $4.72
 - per share $0.58 $0.60
 Net earnings $0.57 $0.96
 - per share $0.07 $0.12
 Capital expenditures $5.26 $7.51
 Operating
 Production of oil and gas liquids
 (barrels per day) 4,983 4,118
 Production of natural gas
 (millions of cubic feet per day) 11.7 12.6
 Average Prices Realized
 - Oil and gas liquids (per barrel) $16.20 $19.42
 - Natural gas (per thousand cubic feet) $1.14 $1.40
 -0- 5/5/92
 /CONTACT: Ron Burrows of Prairie Oil Royalties Co. Ltd., 403-231-0107/
 (POY) CO: Prairie Oil Royalties Co. Ltd. ST: Alberta IN: OIL SU: ERN


AL -- LA062 -- 6795 05/05/92 17:26 EDT
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Publication:PR Newswire
Date:May 5, 1992
Words:379
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