Fossil Oil & Gas Limited Reports Improved Financial Performance in Q2 1995

Strategic Insights -

Fossil Oil & Gas Limited, a Canadian oil and gas company, has announced significant improvements in its financial performance for the first half of 1995 compared to the same period in 1994. Notably, oil and gas sales for the reporting period in 1995 were $2,975,000, representing a 21 percent increase over the $2,455,000 recorded in 1994. Additionally, cash flow from operations for the first half of 1995 increased by 18 percent to $1,922,000 ($0.38 per share) compared to $1,640,000 ($0.34 per share) in 1994. The improvements in sales and cash flow are attributed to an 80 percent increase in gas production and higher oil prices.

Key Takeaways:

  • Fossil Oil & Gas Limited reported a 21 percent increase in oil and gas sales for the first half of 1995, reaching $2,975,000.
  • Cash flow from operations for the first half of 1995 increased by 18 percent to $1,922,000 ($0.38 per share) compared to $1,640,000 ($0.34 per share) in 1994.
  • Gas production increased by 80 percent, with an average daily production of 2.9 MMCF in 1995 compared to 1.6 MMCF in 1994.
  • Oil production averaged 551 barrels per day in the first half of 1995, down from 619 barrels per day in the prior year.
  • Fossil drilled 12 wells (3.9 net wells) in the first half of 1995, resulting in 4 oil wells (0.67 net wells), 4 gas wells (2.2 net wells), and 4 wells (1.03 net wells) being abandoned or suspended.

Statistics:

  • Oil and gas sales: $2,975,000 (1995) vs. $2,455,000 (1994), representing a 21 percent increase.
  • Cash flow from operations: $1,922,000 ($0.38 per share) (1995) vs. $1,640,000 ($0.34 per share) (1994), representing an 18 percent increase.
  • Gas production: 2.9 MMCF per day (1995) vs. 1.6 MMCF per day (1994), representing an 80 percent increase.
  • Oil production: 551 barrels per day (1995) vs. 619 barrels per day (1994), representing a decrease of 11 percent.

Sources:

  • BUSINESS WIRE, Aug. 22, 1995.