Cheniere Energy Reports First Quarter Results.Business Editors HOUSTON--(BUSINESS WIRE)--May 12, 2000 Cheniere Energy Inc. (Nasdaq:CHEX CHEX Confined Helium Experiment CHEX Channel Expanded ) today reported a loss of $302,377, or $0.01 per share for the three months ended March 31, 2000, compared to a loss of $329,105 or $0.02 per share a year earlier. Net cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses (before changes in operating assets Operating Assets Another term for working capital. and liabilities) increased to $723,580 for the three months ended March 31, 2000 compared to a net cash flow deficit of $318,761 a year earlier. In the first quarter of 2000, Cheniere recorded revenues of $1,403,605 compared to nil in the comparable period of 1999. Despite downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. related to the February February: see month. recompletion of one of its two producing wells, Cheniere produced 436 million cubic feet of natural gas and 1,854 barrels of condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. net to its interest at average prices of $2.74 per mcf and $28.63 per barrel during the quarter. The Company also began receiving a management fee of $230,000 per month in March 2000 under the terms of an eighteen-month exploration agreement with an industry partner. Cheniere estimates revenues for the month of April to be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $800,000 from the management fee and from estimated net production of 185 million cubic feet of natural gas and 487 barrels of condensate at prices of $3.01 per mcf and $26.00 per barrel. Depreciation, 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 and amortization of oil and gas property costs commenced in September September: see month. 1999 and totaled $819,533 for the 2000 quarter. G&A expenses increased to $707,009 in the three months ended March 31, 2000 compared to $323,699 reported for the comparable period in 1999. The increase in G&A expenses results from Cheniere's expanded exploration effort. In mid- mid- pref. Middle: midbrain. 1999, Cheniere licensed 8,700 additional square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of 3-D seismic data and it has increased the number of its employees from 9 to 20, adding management and exploration professionals to exploit the expanded 3-D database. The Company plans to resume its exploration program in the second quarter and expects to drill eight prospects during the balance of 2000. Cheniere Energy Inc. is an independent oil and gas company focused in and around the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The company generates drilling prospects internally using its 9,000-square-mile 3-D seismic database and acquires drilling rights on these prospects through lease sales and farm-ins. Additional information about Cheniere can be found at www.cheniere.com or by calling 888/948-2036. This news release 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. that are based on assumptions which in the future may prove not to be accurate. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Certain risks and uncertainties inherent in the Company's business are set forth in the Company's periodic reports that are filed with and available from the Securities and Exchange Commission. (Financial table follows.)
CHENIERE ENERGY INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
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2000 1999
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Revenues
Oil and Gas Sales $1,173,605 $ --
Management Fees 230,000 --
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Total Revenues 1,403,605 --
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Operating Costs and Expenses
Production Costs 81,725 --
Depreciation, Depletion and
Amortization 925,957 10,344
General and Administrative Expenses 707,009 323,699
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Total Operating Costs and Expenses 1,714,691 334,043
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Loss from Operations Before Interest
and Income Taxes (311,086) (334,043)
Interest Income 8,709 4,938
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Loss From Operations Before Income
Taxes (302,377) (329,105)
Provision for Income Taxes -- --
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Net Loss $(302,377) $(329,105)
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Net Loss Per Share (basic and diluted) $(0.01) $(0.02)
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Weighted Average Number of Shares
Outstanding 40,869,676 19,508,942
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