Printer Friendly

PRAIRIE OIL ROYALTIES COMPANY LTD. ANNOUNCES RESULTS

 CALGARY, Alberta, May 4 /PRNewswire/ -- Prairie Oil Royalties Company Ltd. (AMEX: POY, Toronto: POY) today announced continuing strong financial and operating performance through the first quarter of 1993.
 Cash generated from operations, at $4.97 million, was up 10 percent and net earnings, at $1.29 million were more than double the $0.57 million achieved in the same quarter a year ago. On a per share basis, cash generated was 63 cents, up from 58 cents per share, and earnings were 16 cents, up from 7 cents per share. The improvements reflected significant production gains and higher prices for both oil and gas. The lower growth in cash generated from operations relative to the increase in net earnings arose from the liability to current income taxes in 1993. In 1992, Prairie Oil was only very marginally taxable.
 Production of crude oil and natural gas liquids in the quarter averaged 5,445 barrels per day, up 9 percent from 4,983 barrels per day in the same period of 1992. Natural gas production, at 14.6 million cubic feet per day was up 25 percent. The increased production rates resulted primarily from a mix of producing property acquisitions and successful drilling activity over the past 12 months. In addition, the company received approval from the Energy Resources Conservation Board to increase crude oil production by 450 barrels per day at Hays/Enchant, effective Feb. 1, 1993, following a commitment to provide solution gas conservation facilities in the area by late 1993.
 The average price realized by Prairie Oil for its crude oil in the first quarter of 1993 was $18.21 per barrel, up from $16.20 per barrel a year earlier. The price realized from natural gas sales was $1.49 per thousand cubic feet, up 31 percent.
 Capital expenditures during the first quarter of 1993 amounted to $5.64 million with the major portion directed towards development drilling programs in Alberta. Drilling successes during this period added approximately 1,200 barrels of oil and gas liquids to Prairie Oil's productive potential and 1.5 million barrels to reserves. All of the new production qualified for the one-year Alberta royalty holiday.
 In total, the company drilled 28 gross (9.35 net) working interest wells in the quarter, resulting in 20 gross (7.21 net) oil wells and 8 gross (2.14 net) dry holes.
 PRAIRIE OIL ROYALTIES COMPANY LTD.
 Highlights
 Three Months Ended
 March 31,
 1993 1992
 Financial (millions of dollars,
 except per share amounts)
 Sales and other revenues $9.00 $7.10
 Cash generated from operations $4.97 $4.52
 -- Per share $0.63 $0.58
 Net earnings $1.29 $0.57
 -- Per share $0.16 $0.07
 Capital expenditures $5.64 $5.26
 Operating
 Production of oil and gas liquids
 (barrels per day) 5,445 4,983
 Production of natural gas
 (millions of cubic feet per day) 14.6 11.7
 Average prices realized
 -- Oil and gas liquids (per barrel) $18.21 $16.20
 -- Natural gas (per thousand cubic feet) $1.49 $1.14
 -0- 5/4/93
 /CONTACT: Ron Burrows, manager, Investor Relations, of Prairie Oil Royalties, (phone) 403-231-0107, or (fax) 403-231-0011/
 (POY)


CO: Prairie Oil Royalties Company Ltd. ST: Alberta IN: OIL SU: ERN

JB-MS -- LA044 -- 4548 05/04/93 17:02 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:548
Previous Article:MCDONALD'S REINVESTS MORE THAN $1 MILLION IN SOUTH CENTRAL LOS ANGELES
Next Article:MITSUBISHI MOTORS' VEHICLE SALES NEAR 13,000 UNITS FOR APRIL -- SPORTS MODELS LEAD COMPANY'S PRODUCT LINE
Topics:


Related Articles
PRAIRIE OIL ROYALTIES COMPANY, LTD. ANNOUNCES NINE MONTHS RESULTS
NORTH CANADIAN ANNOUNCES 1991 RESULTS
PRAIRIE OIL ROYALTIES COMPANY LTD. ANNOUNCES RESULTS
PRAIRIE OIL REPORTS EARNINGS AND CASH FLOW GAINS
PRAIRIE OIL ANNOUNCES CONTINUED STRONG PERFORMANCE
PRAIRIE OIL REPORTS 81 PERCENT INCREASE IN EARNINGS
PRAIRIE OIL REPORTS CONTINUING STRONG PERFORMANCE
PRAIRIE OIL ROYALTIES COMPANY LTD. ANNOUNCES RESULTS
PRAIRIE OIL ROYALTIES - FIRST QUARTER RESULTS
PRAIRIE OIL REPORTS THIRD QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters