SCURRY-RAINBOW OIL LIMITED ANNOUNCES RESULTS
SCURRY-RAINBOW OIL LIMITED ANNOUNCES RESULTS CALGARY, Alberta, May 8 /PRNewswire/ -- Scurry-Rainbow Oil Ltd.
(AMEX: SRB, Toronto: SCR) today announced its financial and operating results for the three months ended March 31, 1992. Scurry-Rainbow recorded earnings of $1.9 million, or $0.14 per share, compared with earnings of $5.0 million, or $0.37 per share, during the same period last year. Cash from operations totalled $10.0 million, or $0.74 per share compared with $15.6 million, or $1.16 per share for the three- month period one year ago. Increased volumes of crude oil and natural gas were not sufficient to offset significant declines in prices.
First quarter capital expenditures, totalling $10.1 million, represent 30 percent of the planned expenditures for the year and reflect the company's exploration and development focus on crude oil prospects. Scurry-Rainbow received an average $17.54 per barrel of crude oil for the current three month period, down 17 percent from the same period last year. The company's average price received for natural gas was $1.34 per thousand cubic feet, a decrease of 18 percent from one year ago. Scurry-Rainbow's production of crude oil averaged 7,282 barrels per day during the first three months of the year, compared with 7,121 barrels per day last year. Higher production resulting from optimization projects more than offset natural production declines. Natural gas sales increased to 51.9 million cubic feet per day, an increase of 3.2 million cubic feet per day from the three-month period last year. During the first quarter, natural gas sales from new fields were partially offset by reduced sales from fields where the company elected to shut in production because of low prevailing spot prices. Natural gas liquids production remained virtually unchanged, averaging 1,188 barrels per day, compared with 1,204 barrels per day in the first quarter last year. On May 8, 1992 a semi-annual dividend of $0.25 per common share was declared payable July 1, 1992 to shareholders of record on June 8, 1992. Scurry-Rainbow Oil Ltd. is 88.1 percent owned by Home Oil Co. Ltd. SCURRY-RAINBOW OIL LTD. Financial Highlights (Dollars in millions, except per share amounts) Three Months Ended March 31, 1992 1991 Revenue $17.2 $21.8 Earnings $1.9 $5.0 Cash from operations $10.0 $15.6 Capital expenditures $10.1 $20.0 Per common share (13.5 million shares outstanding) Earnings $0.14 $0.37 Cash from operations $0.74 $1.16 Operating Highlights Daily production/sales Crude oil (barrels) 7,282 7,121 Natural gas liquids (barrels) 1,188 1,204 Natural gas (millions of cubic feet) 51.9 48.7 Average price (Canadian dollars at wellhead) Crude oil (per barrel) $17.54 $21.17 Natural gas liquids (per barrel) $13.91 $16.78 Natural gas (per thousand cubic feet) $1.34 $1.63 Drilling Activity Working interest wells Gross 20 48 Net 5 14 Gross successful 14 32 Net successful 3 7 Gross royalty interest wells (non-convertible) --- 18 -0- 5/8/92 /CONTACT: H.R.W. (Rick) West, Manager of Scurry-Rainbow Oil, 403-232-7293/ (SRB SCR.) CO: Scurry-Rainbow Oil Limited ST: Alberta IN: OIL SU: ERN
KJ -- LA032 -- 8322 05/08/92 18:25 EDT
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|Date:||May 8, 1992|
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