CanArgo Announces Q3 Results.Business Editors OSLO Oslo (äz`lō, äs`–, Nor.  s`l), city (1995 pop. 482,555), capital of Norway, of Akershus co., and of Oslo co. , Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. & LONDON--(BUSINESS WIRE)--Nov. 14, 2002CanArgo Energy Corporation ("CanArgo") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GUSH) (OSE OSE - Open Systems Environment :CNR See riser card. CNR - Communication and Network Riser ) today filed its results for the nine months ended September September: see month. 30th 2002. A summary of the results released is attached. Notes to the financial results: 1. In October October: see month. 2002, CanArgo agreed to sell for $4 million its 50% holding in the petrol petrol: see gasoline. retail business in Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. , CanArgo Standard Oil Products Limited ("CSOP CSOP Company Share Option Plan CSOP Combat Security Outpost CSOP Crew Systems Operating Procedures (NASA) CSOP Commission to Study the Organization of Peace CSOP Certified Securities Operation Professional ") with legal ownership being transferred upon receipt of final payment due in August 2003. Consequently, the results of CSOP have been removed from "Continuing Operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the " and the net income from CSOP is now disclosed in "Net Income from Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , net of taxes and minority interest." 2. Revenue for the quarter is down, primarily due to an increase in inventory and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar operations continuing to be suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. . 3. In November November: see month. 2002, CanArgo increased its interest in the Norio and North Kumisi Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. ("Norio") from 50% to 64.2% through a farm-in to the MK72 exploration well and capitalisation n. 1. same as capitalization. Noun 1. capitalisation - writing in capital letters capitalization writing - letters or symbols that are written or imprinted on a surface to represent the sounds or words of a language; "he turned the paper of debt. As a result of the finalisation n. 1. same as finalization. Noun 1. finalisation - the act of finalizing finalization mop up, windup, completion, culmination, closing - a concluding action of respective equity interest, CanArgo's interest was adjusted to reflect its share of the carrying net asset value of Norio, and 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 US accounting rule SAB SAB Spontaneous abortion. See Abortion. 51, a "non-operating" loss of $443,564 has been recorded. CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia, Ukraine and the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. . Further information on the Company is available at www.canargo.com and at http://www.sec.gov. The matters discussed in this press release include forward looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward looking statements are intended to help shareholders and others assess the Company's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results anticipated herein will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. .
CANARGO ENERGY CORPORATION AND SUBSIDIARIES
Financial Statements
Consolidated Condensed Balance Sheets
Unaudited
------------------------------------
September 30, December 31,
2002 2001
------------- ------------
ASSETS
------
Cash and cash equivalents $ 1,710,291 $ 5,891,038
Accounts receivable 621,382 2,007,112
Inventory 197,382 405,918
Prepayments 446,510 2,235,712
Other current assets 745,802 697,827
------------- ------------
Total current assets $ 3,721,718 $ 11,237,607
Capital assets, net (including
unevaluated amounts of
$36,242,713 and $24,570,886,
respectively) 61,155,382 52,535,420
Investments in and advances to
oil and gas and other ventures
- net 630,734 719,308
Assets of subsidiary held for sale 7,347,104 5,819,582
------------- ------------
Total Assets $ 72,854,938 $ 70,311,917
------------ ------------
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Accounts payable $ 780,452 $ 828,461
Deferred revenue 1,000,000 -
Income taxes payable 61,000 61,000
Accrued liabilities 222,937 400,221
------------ ------------
Total current liabilities $ 2,064,389 $ 1,289,682
Provision for future site
restoration 107,290 64,290
Liabilities of subsidiary
held for sale 2,231,504 1,177,174
Minority shareholder advances - 450,000
Minority interest in subsidiaries 3,357,445 1,531,191
Commitments and contingencies
(Note 12)
Stockholders' equity:
Common stock, par value
$0.10 per share 9,735,620 9,200,845
Capital in excess of par value 145,151,475 144,057,517
Foreign currency translation
adjustment 97,938 -
Accumulated deficit (89,890,723) (87,458,782)
------------ ------------
Total stockholders' equity $ 65,094,310 $ 65,799,580
------------ ------------
Total Liabilities and
Stockholders' Equity $ 72,854,938 $ 70,311,917
------------ ------------
------------ ------------
CANARGO ENERGY CORPORATION AND SUBSIDIARIES
Financial Statements
Consolidated Condensed Statements of Operations
Unaudited Unaudited
Three Months Ended Nine Months Ended
--------------------------- ---------------------------
September 30, September 30, September 30, September 30,
2002 2001 2002 2001
------------- ------------- ------------- -------------
Operating
Revenues
from
Continuing
Operations:
Oil and
gas sales $ 696,406 $1,201,779 $ 3,159,850 $ 3,819,685
Refining - 893,651 - 1,819,685
Other - - 1,398,153 -
----------- ------------- ------------- -------------
696,406 2,095,430 4,558,003 5,801,331
----------- ------------- ------------- -------------
Operating
Expenses:
Field
operating
expenses 261,942 452,560 1,141,304 1,566,037
Purchases of
crude oil and
products - 60,419 - 327,536
Refinery operating
expenses - 649,909 - 846,934
Direct project
costs 176,556 365,625 1,158,258 936,830
Selling, general
and
administrative 403,314 865,836 2,703,952 2,688,945
Depreciation,
depletion and
amortization 316,831 578,395 1,601,327 2,524,457
----------- -------------- ----------- --------------
1,158,643 2,972,744 6,604,841 8,890,739
----------- -------------- ----------- --------------
Operating Loss
from Continuing
Operations (462,237) (877,314) (2,046,838) (3,089,408)
----------- -------------- ----------- --------------
Other Income
(Expense):
Interest, net 34,508 143,617 31,710 646,830
Other (829,444) 8,376 (724,388) 38,731
Equity income
from investments 45,494 45,431 136,485 74,292
----------- -------------- ----------- --------------
Total Other Income
(Expense) (749,442) 197,424 (556,193) 759,853
----------- -------------- ----------- --------------
Net Loss Before
Minority
Interest (1,211,679) (679,890) (2,603,031) (2,329,555)
Minority interest
in income (loss)
of consolidated
subsidiaries (52,774) 112,899 (2,300) 183,663
----------- -------------- ----------- --------------
Net Loss from
Continuing
Operations $(1,264,453) $ (566,991) $(2,605,331) $ (2,145,892)
----------- -------------- ----------- --------------
----------- -------------- ----------- --------------
Net Income from
Discontinued
Operations,
net of
taxes and
minority
interest 36,608 79,628 173,390 129,007
----------- -------------- ----------- --------------
Net Loss (1,227,845) (487,363) (2,431,941) (2,016,885)
----------- -------------- ----------- --------------
----------- -------------- ----------- --------------
Other
Comprehensive
Income:
Foreign
currency
translation 149,195 - 97,938 -
----------- -------------- ----------- --------------
Comprehensive
Loss $(1,078,650) $ (487,363) $(2,334,003) $ (2,016,885)
----------- -------------- ----------- --------------
----------- -------------- ----------- --------------
Weighted average
number of
common shares
outstanding 97,356,206 91,484,823 96,479,984 81,185,630
----------- -------------- ----------- --------------
Net Loss Per
Common Share
- Basic and
Diluted
- from
continuing
operations $ (0.01) $ (0.01) $ (0.03) $ (0.02)
- from
discontinued
operations 0.00 0.00 0.00 $ 0.00
----------- -------------- ----------- --------------
Net Loss Per
Common Share
- Basic and
Diluted $ (0.01) $ (0.01) $ (0.03) $ (0.02)
----------- -------------- ----------- --------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion