Castleguard Energy Reports 2000 Earnings.Business Editors DALLAS--(BUSINESS WIRE)--March 29, 2001 Castleguard Energy, Inc. (Symbol:MOAT) reported earnings for the year ended December December: see month. 31, 2000, of $86,222 compared to a loss of ($319,777) for the year 1999. Earnings per share were $.01 compared to a loss of ($.02) in 1999. The Company reported a loss of ($30,199) ($.00 per share) for the fourth quarter of 2000 compared to a loss of ($154,726) ($.01 per share) for the fourth quarter of 1999. Revenues in the fourth quarter and year improved due to sharply higher production volumes and higher energy prices in 2000 over 1999. Higher production volumes were driven by the Company's interest in the Minden Minden, city, Germany Minden (mĭn`dən), city (1994 pop. 80,423), North Rhine–Westphalia, NW Germany, a port on the Weser River and the Midland Canal. It is an industrial center and rail junction. Dome dome, a roof circular or (rarely) elliptical in plan and usually hemispherical in form, placed over a circular, square, oblong, or polygonal space. Domes have been built with a wide variety of outlines and of various materials. area of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. where two wells were completed during the year. Natural gas is the dominant hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen in Minden and total production volumes for 2000 were 68,580 Mcf compared to 9,213 Mcf in 1999. Natural gas prices improved in the year 2000 to $3.89 per Mcf versus $2.35 per Mcf in 1999. Total revenues for 2000 were up 760% compared with 1999 and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $148,000 was significantly improved compared to a loss of ($192,000) in 1999. Interest and financing costs rose in 2000 as a result of the bank financing secured to acquire Castleguard's additional interest in Minden. "Of particular note is that our success in 2000 validates Castleguard's core operating philosophy of concentrating our resources and harnessing our many industry contacts to secure diversified diversified (di·verˑ·s opportunities in fields with histories of prolific natural gas production," Scott G. Heape, Castleguard Chairman, said. "This makes 2001 a very exciting year, and Castleguard is positioned perfectly to take advantage of market opportunities." Fourth quarter results were a loss of ($30,199) ($.00 per share) compared with a net loss of ($154,726) ($.01 per share) for the fourth quarter of 1999. Sales volumes of natural gas were 25,353 Mcf in 2000 compared to 6,054 Mcf in 1999 at prices in 2000 of $5.14 per mcf compared to $2.27 in 1999. Fourth quarter revenues improved to $175,248 compared to $17,878 in 1999. Offsetting the revenue increase were higher depletion depletion n. when a natural resource (particularly oil) is being used up. The annual amount of depletion may, ironically, provide a tax deduction for the company exploiting the resource because if the resource they are exploiting runs out, they will no longer be able expense from higher sales volumes and higher administrative expenses in the quarter. Headquartered in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , Castleguard Energy holds working interests in properties located in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , Texas and Alabama Alabama, indigenous people of North AmericaAlabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). . Castleguard focuses on development projects, joint working relationships and non-operated properties.
CASTLEGUARD ENERGY
FINANCIAL & OPERATING
HIGH LIGHTS
Three Months Year Ended
Ended December 31 December 31
(unau dited)
2000 1999 2000 1999
---- ---- ---- ----
INCOME STATEMENT DATA
Oil and gas sales $175,241 $17,878 $435,198 $50,584
------- ------ ------- -------
Lease operating expense 25,258 2,082 44,296 55,905
Depreciation depletion
and amortization 30,582 5,099 56,159 20,227
General and administrative 12,9789 38,118 186,826 167,031
------- ------ ------- -------
185,629 45,299 287,281 243,163
------- ------ ------- -------
Income (loss) from
operations (10,388) (27,421) 147,917 (192,579)
Interest expense 21,316 (4) (63,202) 112
Other 1,506 (127,310) 1,507 (127,310)
------- -------- ------- -------
Net Income (Loss) ($30,198) ($154,727) $86,222 ($319,777)
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Basic Earnings (Loss) Per
Share $0.00 ($0.01) $0.01 ($0.02)
Weighted average shares
outstanding 15,492 14,751 15,616 14,092
(Millions)
SALES VOLUMES
Natural gas (Mcf) 25,353 6,054 68,580 9,213
Crude oil (Bbls) 681 203 2,327 1,548
AVERAGE SALES PRICE
Natural gas (per Mcf) $5.14 $2.27 $3.89 $2.35
Crude oil (per Bbl) $31.95 $20.56 $28.43 $20.58
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