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Petroleum

Gothic Energy Corporation Announces Fourth Quarter and Year-End 1997 Financial Results

Strategic Insights

— 1 min read

Gothic Energy Corporation today announced its fourth quarter and year-end 1997 financial results, showcasing significant growth in natural gas and oil sales, production volumes, and earnings before interest, taxes, depreciation and amortization (EBITDA). The company's financial performance reflects a robust expansion in its oil and gas operations, with notable increases in net production volumes, sales prices, and cash flow.

Key Takeaways:

  • The company's natural gas and oil sales for the fourth quarter ended December 31, 1997 increased by 58% to $4.9 million compared to $3.1 million for the same period in 1996.
  • On an equivalent basis, net production volumes rose to 2.3 Bcfe for the fourth quarter 1997, a 92% increase from 1.2 Bcfe in the prior year period.
  • Natural gas production volume for the fourth quarter 1997 was 1,982,000 Mcf, a 97% increase over 1,007,000 Mcf produced during the same period in 1996.
  • EBITDA for the fourth quarter 1997 increased by 75% to $2.8 million from $1.6 million in the prior year period.
  • For the year ended December 31, 1997, natural gas and oil sales totaled $17.4 million, a 67% increase from $10.4 million in 1996.
  • The company's estimated year-end net production rate increased to approximately 25 Mmcfe per day in 1997 from 13 Mmcfe per day in 1996.
  • Total proved reserves at December 31, 1997 were 149.1 Bcfe, up from 71.7 Bcfe at December 31, 1996.

Statistics:

  • 58% increase in natural gas and oil sales for the fourth quarter 1997.
  • 92% increase in net production volumes to 2.3 Bcfe for the fourth quarter 1997.
  • 97% increase in natural gas production volume to 1,982,000 Mcf for the fourth quarter 1997.
  • 75% increase in EBITDA to $2.8 million for the fourth quarter 1997.
  • 67% increase in natural gas and oil sales for the year ended December 31, 1997.
  • 116% increase in EBITDA to $10.6 million for the year ended December 31, 1997.
  • 25 Mmcfe per day estimated year-end net production rate in 1997.

Sources:

  • Gothic Energy Corporation, "Gothic Energy Corporation Announces Fourth Quarter and Year-End 1997 Financial Results" (March 23, 1998)

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