Castleguard Reports Significantly Improved First Quarter Results.Business Editors DALLAS--(BUSINESS WIRE)--May 15, 2001 Castleguard Energy (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MOAT) reported earnings for the first quarter of 2001 of $312,089, compared to a loss of ($8,339) for the first quarter of 2000. Earnings per share were $.02 compared to a loss of ($.00) in 2000. Improved results were driven by a 1,562% increase in revenues compared to last year, the result of significantly higher sales volumes and higher prices for natural gas. Volumes of natural gas sales were up sharply from 13,433 Mcf last year to 70,336 Mcf this year as a result of production from two wells drilled 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. since the first quarter of last year. Sales prices also increased to $7.29 per Mcf in 2001 compared to $2.19 per Mcf in 2000. Revenue growth in 2001 substantially exceeded operating and financing cost growth resulting in a substantial growth in net earnings. "First quarter results continue to validate To prove something to be sound or logical. Also to certify conformance to a standard. Contrast with "verify," which means to prove something to be correct. For example, data entry validity checking determines whether the data make sense (numbers fall within a range, numeric data our business strategy of acquiring non operating working interests in proven fields where additional development potential exists," Scott Heape, Castleguard Chairman, said. "Development in Minden and the Mings Chapel Field in Texas, where we drilled and completed a well last month, have created additional drilling opportunities we plan to pursue during 2001." 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
Ended March 31
(unaudited)
2001 2000
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INCOME STATEMENT DATA
Oil and gas revenue $534,262 $ 32,140
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Lease operating expense 20,359 2,926
Depreciation, depletion and amortization 54,606 9,189
General and administrative 93,251 28,364
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168,216 40,429
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Income (loss) from operations 366,046 (8,339)
Interest and financing costs 34,957 --
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Income (loss) before income taxes 331,089 (8,339)
Income taxes 19,000 --
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Net income (loss) $312,089 (8,339)
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Basic earnings (loss) Per Share $ 0.02 $ 0.00
Weighted average shares outstanding
(Millions) 16,892 14,751
SALES VOLUMES
Natural gas (Mcf) 70,336 13,433
Crude oil (Bbls) 782 91
AVERAGE SALES PRICE
Natural gas (per Mcf) $ 7.29 $ 2.19
Crude oil (per Bbl) $ 27.20 $ 29.49
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