Penn West doubles first quarter revenues
Penn West Petroleum Ltd. reports first quarter revenues more than doubled over the same period in 2000 to $365.7 million (Can.).
By the OGJ Online Staff
CALGARY, May 17 -- Penn West Petroleum Ltd., Calgary, reports first quarter revenues more than doubled over the same period in 2000 to $365.7 million (Can.).
Cash flow from operations increased 141% to $226.2 million, and net income in the first quarter increased threefold to $104.2 million. Net income for 2000 was $222.5 million.
Penn West, a senior gas producer, said it is beginning a test program for coalbed methane in the Pembina region of central Alberta, one of its main producing areas. The company has spent $1 million to date on testing and expects to spend between $2 million and $3 million this year on drilling.
Company Pres. Bill Andrews said on the basis of long-term economics, coalbed methane is more cost-competitive than other sources of natural gas in Canada and has tremendous potential for reserves replacement.