Canop Announces Year-End Results.CALGARY, Alberta--(BUSINESS WIRE)--April 16, 1999-- Canop Worldwide Corp. ("Corp.") (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : CWC CWC Chemical Weapons Convention CWC Cricket World Cup CWC Central Wyoming College CWC Ceylon Workers' Congress (trade union; Sri Lanka) CWC Ceylon Workers Congress (Sri Lanka) ), an international oil and gas exploration company based in Calgary, Canada, announces its results for its fiscal year ending March 31, 1999. Loss for the year ended March 31, 1999, was $1,441,402 ($.06 per share), compared to a loss of $2,110,991 ($0.11 per share) the previous year. The loss was lower than the prior year due to a decrease in both depletion and general and administrative expenses. The Company had a negative cash flow of $952,230 ($0.04 per share) for the fiscal year ended March 31, 1999, compared to a negative cash flow of $1,062,648 ($0.06 per share) for the prior year. Revenue from Canadian oil and gas operations was $26,917, versus $172,595 in 1998. The Corporation has discontinued all Canadian oil and gas exploration and development to focus on its international activities. Interest revenue to March 31, 1999, was $95,378, compared to $89,181 in 1998. Administrative expenses for fiscal year 1999 were $1,105,889, compared to $1,254,171 in the prior year. Administrative expenses were higher in 1998 due to start-up and stock exchange listing fees. During the year, capital expenditures were $1,696,829 less recoveries of $1,905,100. The Corporation resolved a conflict with a supplier of geophysical services and reflected the negotiated reduction in costs, in both accounts payable and capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) . Current year capital additions include $1,513,979 expended on seismic acquisition in Tanzania. Depletion and depreciation was $406,022 compared to $1,048,343 the previous year. During 1999, the value of the Canadian properties was fully depleted de·plete tr.v. de·plet·ed, de·plet·ing, de·pletes To decrease the fullness of; use up or empty out. [Latin d to reflect the discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of Canadian operations and the costs associated with Jordan were written off. A Participation Agreement was signed with Paladin Paladin archetypal gunman who leaves a calling card. [TV: Have Gun, Will Travel in Terrace, I, 341] See : Wild West Resources (Bittern bittern, common name for migratory marsh birds of the family Ardeidae (heron family). The American bittern (Botaurus lentiginosus), often called "stake driver" because of a territorial male's booming call in the spring, is widely distributed in E North America. ) Limited of London, England, whereby Paladin earns a 20 percent interest in Canop's 4.3 million acre exploration concession in Tanzania by paying 40 percent of certain present and future seismic costs, and reimbursing US$500,000 for previous expenditures. The Corporation is aware of the prevalent concerns regarding computer functionality with respect to the year 2000 and is taking appropriate steps in an effort to minimize any possible impact. The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
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