Norex results

Norex Resources recently acquired all the shares of Triweb Resources for a purchase price of $4 million.

Triweb has a working interest in reserves of 860,000 bbl of oil, 16 million cu ft of gas and 160,912 gross (27,180 net) acres of land. Triweb’s daily production averages 400 bbl per day with the major producing property in the Grand Forks area of southern Alberta contributing approximately 80% of the daily production.

The purchase offers Calgary- based Norex a more diversified land inventory, which will allow the company a higher level of exposure to prospect evaluation during the summer months.

Norex intends to operate Triweb as a separate company until all the implications associated with merging the two companies have been sorted out.

Norex’s 1987 first quarter financial results improved significantly in several areas. Net income was $439,701 (or 9 cents per share) compared to $60,850 (or 1 cents per share) for the same period last year.

Oil production before royalties increased by 70% to 54,479 barrels in 1987 from 32,129 in the first quarter of 1986.

Cash from operations increased to $842,139 from $778,823 in 1987.