March 11, 1996
MORRISON MIDDLEFIELD RESOURCES LIMITED is pleased to announce its financial and operating results for the year ended December 31, 1995 as follows:
| YEAR ENDED | |||
| 1995 | 1994 | ||
| Income Statement ($ 000's) | |||
| Oil and gas revenues (gross) | 34,157 | 6,944 | |
| Funds from operations | 17,495 | 4,396 | |
| Earnings before taxes | 5,604 | 614 | |
| Net earnings | 5,019 | 431 | |
| Per Common Share ($) | |||
| Funds from operations | |||
| Basic | 4.11 | 1.03 | |
| Fully diluted | 2.49 | 0.78 | |
| Net Earnings | |||
| Basic | 1.18 | 0.10 | |
| Fully diluted | 1.16 | 0.10 | |
| Dividends | 0.08 | 0 | |
| Balance Sheet ($ 000's) | |||
| Working Capital | 3,984 | 18,253 | |
| Per common share | 0.94 | 4.29 | |
| Total assets | 89,812 | 40,327 | |
| Long-term debt | 40,061 | 0 | |
| Shareholders' equity | 43,375 | 38,335 | |
| Common shares outstanding (000's) | 4,257 | 4,255 | |
| Capital Expenditures ($ 000's) | 72,490 | 5,046 | |
| Drilling Activity | |||
| Gross wells: | |||
| Oil | 20 | 42 | |
| Salt water disposal | 1 | 2 | |
| Dry and abandoned | 3 | 8 | |
| Total | 24 | 52 | |
| Net wells: | |||
| Oil | 8.60 | 8.35 | |
| Salt water disposal | 0.19 | 0.40 | |
| Dry and abandoned | 0.59 | 1.59 | |
| Total | 9.38 | 10.34 | |
| Reserves | |||
| Proven: | Oil and NGLs (mbbls) | 9,201 | 2,104 |
| Gas (bcf) | 10.99 | 1.18 | |
| Total (mboe's) | 10,300 | 2,222 | |
| Proven + | |||
| Probable: | Oil and NGLs (mbbls) | 10,902 | 2,395 |
| Gas (bcf) | 12.08 | 1.29 | |
| Total (mboe's) | 12,110 | 2,524 | |
| Operating | |||
| Average daily production (boe's)* | 4,365 | 1,103 | |
| Average netback ($/boe) | 13.41 | 10.83 | |
* Oil and NGLs represented 96% and 95% of average daily production in 1995 and 1994 respectively.
MMRL also declared a quarterly dividend of $0.08 per share on the outstanding common shares in the capital of the corporation payable on March 29, 1996 to the shareholders of record at the close of business on March 26, 1996.
The common shares of the company are listed on the Toronto Stock Exchange under the symbol MM.
For further information contact:
| Mr. Raymond R. Pether Chief Operating Officer (416) 362-0714 |
Mr. Walt DeBoni Vice Chairman (403) 750-3070 |