Arakis Reports Results for the Three Months Ended March 31, 1996.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--June 10, 1996-- Arakis Energy Corporation reports a net loss of $3,580,576 for the three months ended March 31, 1996, or ($0.11) per share. (All figures in U.S. dollars in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ). This compares with a loss of $1,688,316 for the three months ended March 31, 1995, or ($0.08) per share. The loss reflects costs associated with the ongoing development of the Company's Sudan Sudan (s  dăn`), officially Republic of Sudan, republic (2005 est. pop. 40,187,000), 967,494 sq mi (2,505,813 sq km), NE Africa. oil
concession. A further $10.5 million was invested in the Sudan oil
project during the first quarter of 1996. Financing activity in the
first quarter resulted in the Company receiving net proceeds Net ProceedsThe amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $21.6 million. During the first quarter of 1996, the Company, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. State Petroleum Corporation, commenced its 1996 field development and exploration program, which represents its most aggressive drilling activity since the acquisition of the Sudan oil concession in 1993. Well activity included the completion of four wells in the Toma and Unity fields; the drilling of one development well in the Barki/Hamra field; and the drilling of one exploration well at Toma South. Drilling on the Company's second exploration well at El Toor also commenced at the end of March. Drilling results from the Company's interest in the Papua New Guinea Papua New Guinea (păp` ə, –y , Kamusi #1 exploratory well indicated that the zones were water
bearing and therefore the well was plugged and abandoned at 10,500 feet.
The Company continued with the technical assessment of its concession in
the Sultanate of Oman. -0-
THREE MONTHS ENDED
MARCH 31
(US DOLLARS)
1996 1995
Total Revenues $ 118,155 $ 429,295 Cost of Gas Sales 118,734 303,729 General & Administrative 3,139,168 1,413,530 Depreciation & Depletion 280,568 202,990 Interest Expense 158,957 90,703 Foreign Exchange Loss 1,304 106,658 Net Income (loss) (3,580,576) (1,688,316) Earnings (loss) per Share ($0.11) ($0.08) Shareholder's Equity $ 74,921,543 $ 49,514,776 Weighted Average Shares Outstanding 33,195,294 22,471,201 CONTACT: Arakis Energy Corporation David Harrison David Harrison may refer to:
403/263-2471 403/263-2488 (FAX) http://www.arakis.com |
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