Cheniere Energy Inc. reports financial results for the fiscal year ended Aug. 31, 1996.HOUSTON--(BUSINESS WIRE)--Oct. 1, 1996--Cheniere Energy Inc. (EBB:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today announced audited financial results for the fiscal year ended Aug. 31, 1996. During the fiscal year, on July 3, 1996, the company completed a reverse merger with Bexy Communications Inc. The company incurred a one-time loss of $207,722 from the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of Bexy's operations unrelated to oil and gas exploration. The company's operating results reflected a loss of $79,097, as there were no revenues 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 . The balance sheet as of Aug. 31, 1996, reflected current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. of $1,097,980, an investment in its joint exploration program in the Transition Zone of West Cameron Parish, La., of $4 million, total liabilities of $718,855, total assets of $5,145,310 and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $4,426,455. In September 1996, the company paid an additional $1 million into the account of the Transition Zone joint exploration program. Cheniere had 9,931,767 common shares outstanding at Aug. 31, 1996. -0-
Fiscal Year Ended Aug. 31, 1996
(in dollars) 1996
Revenue --
Operating Income (Loss) ($ 79,097)
Loss From Discontinued Operations ($207,722)
Net Earnings/(Loss) ($286,819)
Net Earnings(Loss) Per Share ($0.03)
Houston-based Cheniere Energy Inc. is an independent oil and gas company that focuses on early stage oil and gas projects characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by high reserve potential in which the company can attain a large working interest. The company's first project is a 3-D seismic exploration program being conducted in the Louisiana Transition Zone of West Cameron Parish. The acquisition phase began in September and initial drilling is planned for late 1997. CONTACT: Cheniere Energy Inc., Houston Keith F. Carney car·ney n. Informal Variant of carny. , 713/659-1361 |
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