CS Resources reports year end results

Business Wire, Feb 21, 1995

CALGARY, Alberta--(BUSINESS WIRE)--Feb. 21, 1995--CS RESOURCES LIMITED (TSE, ME:CRZ) CS Resources Limited today announced the results of its operations for the year ended December 31, 1994.

For the fifth consecutive year, CS Resources achieved increases in operating and financial results. Revenue from operations increased by 38 percent to $60.6 million in comparison to 1993. Cash flow from operations rose by 49 percent to $30.2 million and net income by 7 percent to $4.5 million compared to 1993.

These increases were the result of a 21 percent increase in crude oil production which averaged 9,853 barrels per day and an increase of 183 percent in natural gas which averaged 14.3 million cubic feet per day, in comparison to 1993.

In 1995, the Company has established a $60.0 million capital expenditure program. In excess of 85 gross wells (51 net) are planned for the 1995 drilling program. In addition, the Company is proceeding with the development of a thermal project at East Senlac which is scheduled for start up in the fourth quarter of 1995.

CS Resources Limited is a Calgary-based petroleum company with operations focused in western Canada sedimentary basin. The Company's common shares are listed for trading on the Montreal Exchange and The Toronto Stock Exchange. -0-

CS Resources Limited

Financial Highlights

Year ended

December 31

Percent

1994 1993 Change FINANCIAL HIGHLIGHTS ($000's except per share data)

Revenue $60,576 $43,912 38 Net Income

4,491 4,205 7

Net Income Per Share

- basic 0.23 0.26 (12)

Net Income Per Share

- fully diluted 0.23 0.25 ( 8) Cash Flow From Operations 30,198 20,206 49

Cash Flow Per Share

- basic 1.52 1.27 20

Cash Flow Per Share

- fully diluted 1.33 1.13 18 Capital Expenditures

25,956 28,458 ( 9) Weighted Average Common

Shares Outstanding 19,914 15,931 25

OPERATIONS

Crude Oil Production

(bbls/d) 9,853 8,116 21 Crude Oil Price

($/bbl) $ 15.10 $ 13.01 16

Natural Gas Production

(mcf/d) 14,250 5,027 183 Natural Gas Price

($/mcf) $ 1.84 $ 1.59 25

Wells Drilled (net)

Oil 15.5 22.8 Gas

9.6 1.4 Dry

6.4 0.2

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31.5 24.4

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CONTACT: Dennis A. Sharp

President

or

George A. Crookshank

Vice President Finance

(403) 234-8410