American Energy Announces Annual Financial Results.HOUSTON--(BUSINESS WIRE)--Oct. 20, 1997--The American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Energy Group, Ltd. today announced results for the Year ended June June: see month. 30, 1997, as reported by the Company in its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as filed with the Securities and Exchange Commission.
Year Ended Year Ended
6/30/97 6/30/96 Variation Percentage
----------- ---------- --------- ----------
Revenues $283,485 $50,390 +233,095 +462%
Net operating
Profit
(Loss) (172,198) (418,074) +245,876 +59%
Net Income
(Loss) (156,663) (503,586) +346,923 +69%
Earnings (Loss)
Per Share (.014) (0.076) +0.062 +81%
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Year Ended Year Ended
6/30/97 6/30/96 Variation Percentage
------------- ---------- --------- ----------
Shareholder
Equity $10,457,095 $2,450,380 +$8,006,715 +326%
Total
Assets $13,092,370 $4,362,126 +$8,730,244 +200%
Operating results during the fiscal year were positively affected by successful drilling and workover operations in the Company's Blue Ridge Blue Ridge, eastern range of the Appalachian Mts., extending south from S Pa. to N Ga.; highest mountains in the E United States. Mt. Mitchell, 6,684 ft (2,037 m) high, is the tallest peak. Beginning with a narrow ridge in the north, c. and Boling Fields. The Company's Shareholder Equity increase is attributable to the sale of equity securities as previously announced. In addition, the Company reported the results of its initial independent reservoir studies, which indicated net proved producing, shut-in shut-in n. A person confined indoors by illness or disability. adj. 1. Confined to a home or hospital, as by illness. 2. Disposed to avoid social contact; excessively withdrawn or introverted. , and undeveloped reserves of approximately 2.4 million barrels of oil, with an estimated Present Value of Future Net Revenues, discounted at 10%, estimated to be approximately $27.7 Million. These numbers reflect neither an evaluation of all of the Company's domestic property holdings nor its Pakistan Pakistan (păk`ĭstăn', päkĭstän`), officially Islamic Republic of Pakistan, republic (2005 est. pop. 162,420,000), 310,403 sq mi (803,944 sq km), S Asia. Concession. The future development of these properties will dictate TO DICTATE. To pronounce word for word what is destined to be at the same time written by another. Merlin Rep. mot Suggestion, p. 5 00; Toull. Dr. Civ. Fr. liv. 3, t. 2, c. 5, n. 410. their ultimate reserve status. This is the initial reservoir report required due to the Company's emergence from the development stage. The American Energy Group, Ltd. is an independent oil and gas exploration, drilling and production company based in Houston, involved with both domestic and international exploration projects. CONTACT: The American Energy Group, Houston David L. Cox, 281/346-2652 |
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