The first six months of 1986 were disappointing for Colonial Oil

Oil and gas production revenues were down 49% to $3.5 million, natural gas production was down 42% to 1.1 billion cu ft and crude oil production was off to 25,000 bbl compared with 31,000 bbl for the same period last year. The average price paid for the oil was $16.80 per bbl, a 57% drop from the $38.66 per bbl in 1985.

Capital expenditures for the reporting period showed a 62% increase to $900,000 as a result of development drilling in the Dunvegan area of northern Alberta, the commencement of construction of the Dunvegan deep-cut expansion and completion of the Wembley gas plant.

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