Founders Energy Ltd. 1998 annual report : fiscally prudent, value driven balanced growth strategy

Founders Energy Ltd is a growth-oriented junior resource company engaged in the acquisition and development of oil and natural gas properties in Alberta, British Columbia and Saskatchewan. The annual review provides details of the company's operations and relevant financial performance during the 1998 fiscal year. In brief, the company realized significant increases in production and reserves, top quartile findings and development costs. It reported significant increases in leverage to natural gas through exploration success at Pouce Coupe and the acquisition of Opal Energy Inc.. It established new core areas in west-central Alberta, Peace River Arch and west-central Saskatchewan. It achieved a better balanced risk profile through geographical diversification and better balance to exploration and development. It increased undeveloped land area to 160,268 net acres and added 11.5 million barrels of established reserves at a finding cost of $ 6.28 per barrel. Financial highlights include increased gross revenue, increased net income per share, and increased shareholders' equity. tabs., figs