Morrison Middlefield Resources Limited is pleased to announce its comparative financial and operating results for the nine months ended September 30.
| NINE MONTHS ENDED | ||||
| September 30/95 | September 30/94 | % Change | ||
| Income Statement ($ 000's) | ||||
| Revenue | 25,071 | 4,563 | 449% | |
| Cash flow from operations | 13,159 | 3,049 | 332% | |
| Net earnings | 3,655 | 157 | 2228% | |
| Balance Sheet ($ 000's) | ||||
| Working capital | 3,885 | 19,866 | (80%) | |
| Total assets | 105,094 | 38,207 | 175% | |
| Long-term debt | 32,197 | 0 | N/A | |
| Shareholders' equity | 41,992 | 38,054 | 10% | |
| Per Common Share | ||||
| Cash flow from operations | ||||
| Basic | 3.09 | 0.72 | 329% | |
| Fully diluted | 1.85 | 0.56 | 230% | |
| Net earnings | ||||
| Basic | 0.86 | 0.04 | 2050% | |
| Fully diluted | 0.86 | 0.04 | 2050% | |
| Common shares (000's) | 4,255 | 4,255 | ||
| Drilling Activity | ||||
| Gross wells: | ||||
| Oil | 14 | 35 | (60%) | |
| Salt Water Disposal | 1 | 2 | (50%) | |
| Dry and abandoned | 2 | 3 | (33%) | |
| Total | 17 | 40 | (58%) | |
| Net wells: | ||||
| Oil | 5.04 | 7.08 | (29%) | |
| Salt Water Disposal | 0.19 | 0.48 | (60%) | |
| Dry and abandoned | 0.39 | 0.44 | (11%) | |
| Total | 5.62 | 8.00 | (30%) | |
| Operating | ||||
| Average daily production (BOE's) | 4,188 | 995 | 321% | |
The common shares and common share purchase warrants of the company are listed on the Toronto Stock Exchange under the symbols MM and MM.WT respectively.
For further information contact:
| Mr. Raymond R. Pether Chief Operating Officer (416) 362-0714 |
Mr. Walt DeBoni Vice Chairman (403) 750-3070 |
November 9, 1995