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TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR THE SIX MONTHS AND SECOND QUARTER ENDED JUNE 30, 1992

 TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS
 FOR THE SIX MONTHS AND SECOND QUARTER ENDED JUNE 30, 1992
 CALGARY, Alberta, July 28 /PRNewswire/ -- Total Canada Oil & Gas Ltd. announced results for the six months and second quarter ended June 30, 1992.
 Revenue after royalties for the first six months of 1992 was $38.4 million compared to $40.6 million in the first six months of 1991. The decline in net revenue was due to lower average prices, particularly during the first quarter of 1992, which was partially offset by increased liquids production.
 For the six months ended June 30, 1992, funds generated from operations was $23.0 million or $0.65 per share, an 8 percent decrease from the $25.1 million or $0.71 per share reported in the same period of 1991.
 Net income increased to $4.1 million or $0.12 per share compared to $3.7 million or $0.10 per share for the first six months of 1991.
 Revenue after royalties for the second quarter ended June 30, 1992, was $19.3 million, an increase of 11 percent over the $17.4 million reported in 1991. Funds generated from operations was $11.9 million or $0.34 per share, up from $9.2 million or $0.26 per share reported during the second quarter of 1991. Net income was $2.2 million or $0.06 per share in 1992 compared to $1.0 million or $0.03 per share during the same quarter last year.
 Crude oil and condensate production averaged 6,763 barrels per day for the first six months of 1992 compared to 6,567 barrels per day in 1991. Daily production for the second quarter ended June 30, 1992, averaged 6,725 barrels per day compared to 6,518 barrels per day in 1991. Average prices received for crude oil and condensate during the first six months of 1992 was $20.22 compared to $21.53 in 1991. Second quarter 1992 prices averaged $21.83 compared to $20.81 in the same period of 1991.
 Production of natural gas liquids averaged 2,052 barrels per day for the first six months of 1992 compared to 1,551 barrels per day in 1991. Second quarter production averaged 2,335 barrels per day in 1992 compared to 1,236 barrels per day in 1991. As reported, natural gas liquids production at Wembley during the second quarter of 1991 was abnormally low when ethane was not produced for a period of time. The average price received during the first six months of 1992 was $7.68 per barrel compared to $11.98 per barrel in 1991. Second quarter prices averaged $7.12 per barrel versus $8.25 a year earlier.
 Sales of natural gas during the first six months of 1992 averaged 64.5 million cubic feet per day, down slightly from 65.7 million cubic feet per day in 1991. The company continues to restrict production of natural gas in some cases where prices are unreasonably low. Second quarter production in 1992 averaged 60.9 million cubic feet per day, similar to the 60.2 million cubic feet per day reported in 1991. The average price received during the first six months was $1.48 per thousand cubic feet in 1992 compared to $1.59 per thousand cubic feet in 1991. Second quarter prices were $1.37 and $1.34 respectively.
 Capital expenditures were $16.8 million in the six months ended June 30, 1992, compared to $20.9 million in 1991. Capital expenditures in the second quarter ended June 30 were $7.3 million in 1992 compared to $7.6 million in 1991.
 Commenting on the second quarter results, Don West, president and chief executive officer, said, "The company benefited from increased production and higher prices for crude oil during the period. Exploration, normally low during the second quarter, is expected to be substantially more active during the balance of 1992."
 TOTAL CANADA OIL & GAS LTD.
 Financial Summary
 (Millions except per share data)
 Six Months Ended June 30,
 1992 1991
 Revenues $38.4 $40.6
 Funds generated from operations $23.0 $25.1
 -- Per share $0.65 $0.71
 Net income $4.1 $3.7
 -- Per share $0.12 $0.10
 Three Months Ended June 30,
 1992 1991
 Revenues $19.3 $17.4
 Funds generated from operations $11.9 $9.2
 -- Per share $0.34 $0.26
 Net income $2.2 $1.0
 -- Per share $0.06 $0.03
 -0- 7/28/92
 /CONTACT: Donald R. Gardner of Total Canada Oil & Gas, 403-267-3000/ CO: Total Canada Oil & Gas Ltd. ST: Alberta IN: OIL SU: ERN


KJ -- LA038 -- 4343 07/28/92 18:36 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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