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Stampeder Exploration Cash Flow Doubles in 1996.

CALGARY, ALBERTA--(BUSINESS WIRE)--March 6, 1997--Stampeder (TSE, NYSE: SDX) Stampeder Exploration Ltd. has reported significant growth in financial results, production and total reserves for the year ended December 31, 1996, including increases in its cash flow by 102 percent, its total revenues (net of royalties) by 164 percent, its daily production by 92 percent, its proved and probable reserves by 173 percent and its net undeveloped land holdings by 680 percent. -0-
 Year Ended Year Ended Percent
 December 31 December 31 Change
 1996 1995
 ----------- ----------- -------
Financial
----------
Petroleum and
natural gas sales $151,114,000 $78,842,000 92
Marketing sales $380,571,000 $124,872,000 205
Total revenues,
 net of royalties $505,046,000 $191,191,000 164
Cash flow from
 operations $73,084,000 $36,261,000 102
Basic per share $1.28 $0.96 33
Fully diluted
 per share $1.23 $0.91 35
Net earnings before
 extraordinary
 item $11,940,000 $13,452,000 -11
 Basic per share $0.21 $0.35 -40
 Fully diluted
 per share $0.21 $0.35 -40
Net earnings after
 extraordinary
 item $11,940,000 $18,462,000 -35
 Basic per share $0.21 $0.49 -57
 Fully diluted per
 share $0.21 $0.48 -56
NPV of reserves
(before taxes @ 15
 percent) $780,000,000 $303,800,000 157
NPV of reserves
(before taxes @ 10
 percent) $951,500,000 $377,600,000 152
Long-term debt $259,312,000 $89,167,000 191
Shareholders equity $418,957,000 $110,835,000 278
Capital expenditures $886,488,000 $71,878,000 1,133
Capital expenditures
 net of dispositions $598,708,000 $70,743,000 746
Common shares
 outstanding 92,329,000 38,017,000 143
Common share closing
 price $7.60 $6.00 27

Operational
-----------

Average:
daily production (boe/d) 18,882 9,838 92
crude oil production
 (bbls/d) 14,456 8,575 69
natural gas production
 (mcf/d) 35,965 9,146 293
NGL production (bbls/d) 829 348 138
Total:
proved and probable
 reserves (mboe) 143,029 52,405 173
crude oil reserves (mbbls) 102,963 40,534 154
natural gas reserves (mmcf) 342,743 86,650 296
NGL reserves (mbbls) 5,792 3,206 81
Finding and on-stream costs:
exploration and development
 proved and probable
 additions (per boe) $4.20 $4.90 -14
total proved and probable
 additions, including
 acquisitions (per boe)s: $6.28 $4.57 37
Average sales price:
 crude oil (per bbl) $25.88 $22.84 13
 natural gas (per mcf) $1.70 $1.26 35
 NGL (per bbl) $20.22 $13.85 46
Wells drilled gross (net) 144(122) 173(158) -23
Undeveloped Land Holdings:
 Gross acres 2,508,384 239,939 945
 Net Acres 1,747,696 224,033 680





Jeff Tonken, President & C.E.O., stated that "1996 was a pivotal year for Stampeder. The strategic corporate acquisitions, royalty trust dispositions and drilling successes have provided Stampeder with the resources, both financial and physical, for even greater growth in 1997 and future years."

Stampeder's cash flow from operations for the year ended December 31, 1996 increased 102 percent to $73,084,000, or $1.28 per share, as compared to the $36,261,000 or $0.96 per share, realized during the year ended December 31, 1995. Total revenues, net of royalties, increased by 164 percent to $505,046,000 from $191,191,000. A substantial portion of the increase in total revenues was due to a 205 percent increase in marketing sales generated by Stampeder's marketing division, Stampeder Energy and to 1996 petroleum and natural gas sales increasing to $151,114,000, up 92 percent from the $78,842,000 realized during 1995. Net earnings before extraordinary items declined in 1996 to $11,940,000, or $0.21 per share, from $13,452,000, or $0.35 per share, earned in 1995. The difference in earnings is in part attributable to the first time booking of deferred taxes, a non cash item amounting to $9,819,000 in 1996.

Production averaged 18,882 boe per day in 1996, a 92 percent increase over the 9,838 boe per day averaged during 1995. Stampeder continued to maintain its oil focus in 1996 with crude oil contributing 77 percent of its average daily production. Stampeder realized pre-hedge average prices of $25.88 (Cdn.) per bbl of oil, $1.70 (Cdn.) per mcf of natural gas and $20.22 (Cdn.) per bbl of natural gas liquids in 1996 on average daily production of 14,456 bbls, 35,965 mcf and 829 bbls, respectively. Stampeder increased its net undeveloped land position by 680 percent from 224,033 in 1995 to 1,747,696 acres, which will provide the land inventory for significantly increased drilling activity in 1997.

Stampeder drilled 144 (122 net) wells in 1996 resulting in 108 (89.4 net) oil wells, 8 (7.5 net) gas wells and 28 (25.1 net) dry and abandoned wells. The combined 1996 drilling activity of Stampeder and Morgan Hydrocarbons distinguished Stampeder as the second most active driller in the Province of Saskatchewan with in excess of 190 wells drilled. Finding and on-stream costs from exploration and development (excluding acquisitions) for 1996 were $4.20 (Cdn.) per boe of proved plus probable reserves and $5.08 (Cdn.) per boe of proved reserves, on capital spending of $83,620,000. Stampeder's three year record on exploration and development finding and on-stream costs (excluding acquisitions) are well below industry norms, averaging $3.82 (Cdn.) per boe of proved plus probable reserves and $ 5.00 (Cdn.) per boe of proved reserves.

In the fourth quarter of 1996, Stampeder's production averaged 36,819 boe per day. In December, Stampeder sold approximately 3,650 boe per day of production to Viking Energy Royalty Trust. In that same time period, Stampeder recorded cash flow from operations of $32,142,000 or $0.38 per share, and a net loss of $999,000, or $0.08 per share. The loss was in part attributable to the first time booking of deferred taxes.

Stampeder Exploration Ltd. is a Calgary-based oil and gas company listed on the New York Stock Exchange and The Toronto Stock Exchange under the symbol "SDX".

CONTACT: Stampeder Exploration Ltd.

A. Jeffery Tonken, 403/265-4224
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