Daleco Resources Completes Filings.WAYNE, Pa.--(BUSINESS WIRE)--June 4, 1999-- Daleco Resources Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :DLOV) Dov Amir, Chairman of the Board and Chief Executive Officer, announced today that the Company has completed the submission of all required annual and quarterly regulatory filings to the Security Exchange Commission. He added that with these filings the company has advanced its positions relative to its appeal to have its common stock relisted on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap Market and in the interim period should position the stock for trading on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. exchange. Amir noted that the Company was delayed in filing its financial reports due to scheduling difficulties for the completion of its annual audit and the preparation of its Form 10-KSB for the fiscal year ending September 30, 1998. For the fiscal year ended September 30, 1998, The company reported gross revenues of $2,374,223 and a loss of $1.14 per share as compared with $2,462,909 and a loss of $0.80 per share for the previous year. Oil and gas operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased by $483,569 while the charge for depletion and depreciation increased by $647,049 mainly due to the acquisition of the Mid-Continent properties and although oil production increased by 57,669 barrels for the year, revenues were not higher due to the severely depressed prices Depressed price In the context of stocks, stock whose market price is low in comparison to stocks in its sector. within the energy sector. Additionally, the Company recorded an increase of $251,622 in expenses connected with its timber operations. For the six month interim period ended march 31, 1999 the Company reported a loss of $0.32 per share compared with $0.20 per share for the same period last year. Depressed oil and gas prices accounted for loss as revenue per unit of production reached historic lows during the period. The Company noted that recent improvements in the price received for its oil and gas production will help to enhance its operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . It also believes that its renewed efforts to market its tropical hardwoods on the domestic and international markets will begin to have a positive effect on the Company. Daleco Resources Corporation is an international natural resource company with holdings in oil and gas, timber and minerals. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements: Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, risk inherent in the Company's domestic and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , imprecision im·pre·cise adj. Not precise. im  pre·cise ly adv. in estimating product reserves and the Company's ability to replace and expand its holdings.
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