Castleguard Energy Reports Solid Second Quarter Performance.Business Editors DALLAS--(BUSINESS WIRE)--Aug. 14, 2001 Castleguard Energy (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MOAT) reported earnings for the second quarter of 2001 of $36,696 ($.00 per share), compared to $28,793 ($.00 per share) for the second quarter of 2000. Income before income taxes improved 128% to $65,696 from $28,793 reported in the second quarter of 2000. This year requires a tax provision as the result of exhausting the Company's tax net operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. carry forward. The second quarter of 2001 benefited from higher sales volumes and prices compared to last year. Sales of natural gas in the quarter were 48,123 Mcf compared to 19,305 Mcf in the second quarter of last year. Gas sales in the quarter were less than the first quarter of 2001 primarily due to anticipated lower production from the Company's wells 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. which reached their peak production in the first quarter of 2001. Gas prices improved over prices in the same quarter year ($4.77 vs $2.92 Mcf), but less than those prices realized in the first quarter of 2001 ($7.29 Mcf). "We are pleased to report another quarter of ongoing solid performance for Castleguard Energy," Scott Heape, Castleguard chairman, said. "Our strategy of focusing exploration/acquisition activities between areas like the Minden Dome where historically production levels are high initially with shorter well lives and areas like the Mings Chapel field in East Texas where production is consistent over many years provides a valuable balance to our overall operations." Castleguard Energy, Inc. (OTCBB Symbol MOAT) holds working interests in properties located in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. 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. This report includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Castleguard believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include political developments in foreign countries, federal and state regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. developments, the timing and extent of changes in commodity prices, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, and conditions of the capital and equity markets during the periods covered by the forward-looking statements. Castleguard's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements.
CASTLEGUARD ENERGY
FINANCIAL & OPERATING
HIGHLIGHTS
Three Months and Six Months
Ended June 30
(unaudited)
Three Months Six Months
------------ ----------
2001 2000 2001 2000
---- ---- ---- ----
INCOME STATEMENT DATA
Oil and gas revenue $250,482 $83,285 $784,744 $115,425
-------- -------- -------- -------
Lease operating
expense and taxes 21,431 6,317 41,790 9,243
Depreciation, depletion
and amortization 41,193 9,223 95,799 18,412
General and
administrative 92,214 38,951 185,465 67,315
-------- -------- -------- -------
154,838 54,491 323,054 94,970
-------- -------- -------- -------
Income from operations 95,644 28,794 461,690 20,455
Interest and financing
costs (29,948) -- (64,905) --
-------- -------- -------- -------
Income before income
taxes 65,696 28,794 396,785 20,455
Income taxes 29,000 -- 48,000 --
-------- -------- -------- -------
Net income $36,696 $28,794 $348,785 $20,455
======== ======== ======== =======
Basic earnings per
share $0.00 $0.00 $0.02 $0.00
Weighted average shares
outstanding (Millions) 17,152 15,075 17,022 15,075
SALES VOLUMES
Natural gas (Mcf) 48,123 19,305 118,459 32,738
Crude oil (Bbls) 798 1,059 1,581 1,150
AVERAGE SALES PRICE
Natural gas (per Mcf) $4.77 $2.92 $6.27 $2.62
Crude oil (per Bbl) $26.08 $25.48 $26.64 $25.79
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion