CS Resources Limited Reports Impressive Financial and Operating Results for Q2 1995

Strategic Insights -

CS Resources Limited announced its financial and operating results for the six months ended June 30, 1995, marking a significant improvement from the same period in 1994. The Calgary-based petroleum company registered a 28% increase in revenue from operations, reaching $35.3 million, and a 59% increase in cash flow to $19.5 million. Net income for the first half of 1995 surged sixfold to $4.2 million, with a per-share value of $0.21. The company's crude oil and natural gas production increased to 11,866 BOE per day, up from 11,197 BOE per day in the same period of 1994. Upcoming multi-well programs and the construction of facilities for the East Senlac thermal project in Saskatchewan are expected to further boost production volumes throughout the year.

Key Takeaways:

  • Revenue from operations increased 28% to $35.3 million in the six months ended June 30, 1995, compared to the same period in 1994.
  • Cash flow rose 59% to $19.5 million (or $0.97 per common share) in the six-month period, a significant improvement from the same period in 1994.
  • Net income in the first half of 1995 increased sixfold to $4.2 million (or $0.21 per common share) compared to the corresponding period in 1994.
  • Crude oil and natural gas production increased to 11,866 BOE per day during the six-month period, up from 11,197 BOE per day in the same period in 1994.
  • Wells were tied-in to production facilities at Pelican Lake, Winter, and Lanaway in the second quarter, leading to expected increases in production volumes by the end of the year.
  • Multi-well programs are scheduled for the Hoosier and Fusilier areas, West Provost, Lanaway, and West Senlac in the second half of the year.
  • Regulatory approvals have been received for the East Senlac thermal project in Saskatchewan, with facilities to handle 5,000 barrels of oil per day under construction and on schedule.
  • The first well pair at East Senlac was successfully drilled in early August, marking a significant milestone for the project.

Statistics:

  • Revenue from operations (Six months ended June 30, 1995): $35.3 million (28% increase from 1994)
  • Cash flow (Six months ended June 30, 1995): $19.5 million (or $0.97 per common share, 59% increase from 1994)
  • Net income (First half of 1995): $4.2 million (or $0.21 per common share, sixfold increase from 1994)
  • Crude oil and natural gas production (Six months ended June 30, 1995): 11,866 BOE per day (up from 11,197 BOE per day in 1994)

Sources:

  • Business Wire, "CS Resources Limited Reports Second Quarter and Six Months Financial and Operating Results," August 22, 1995.