Danoil Announces Nine Month Results.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , Alberta--(BUSINESS WIRE)--July 21, 1997--Danoil Energy (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :DAN.A.) Recent corporate and operations activity has significantly changed the outlook for Danoil. At the end of its second quarter, Danoil announced the sale of its Dodsland properties for $14.3 million, which resulted in the total elimination of debt and a decline in production of 570 bopd, or 25 percent of its total daily production. During the third quarter, Danoil was not only able to replace these volumes but also committed to a business combination with Cabos
Cabos is a free Gnutella file sharing program. It is based on LimeWire's source code, and has a similar feel in terms of interface. It lacks the chat and library features found in LimeWire. Resources Inc. (Cabos) and Vintage Resource Corp. (Vintage), transforming itself into a much larger company. Total production currently stands at 11 mmcf/d and 2,300 barrels of oil per day (3,400 boepd). The following results do not include operations of Cabos or Vintage, as these transactions closed during the fourth quarter. During the reporting period, and compared to a year earlier, revenues were essentially unchanged at $11,272,000; 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 was $2,346,127 ($0.16/share) as compared to $3,000,455 ($0.21). Net income rose significantly as a result of the Dodsland property sale to $6,731,000 ($0.47/share) as compared to $879,000 ($0.06/share) a year earlier. Danoil also announced today that it has extended its Offer to Purchase dated June June: see month. 14, 1997 to acquire all of the outstanding shares of Vintage Resource Corp., for a further 10 days to July July: see month. 31, 1997. To date 13,169,458 Vintage shares have been deposited in acceptance of the Offer and Danoil has taken up and paid for 13,068,556 Vintage shares. An additional 100,900 Vintage shares will be taken up as a result of the first extension. The total number of shares acquired under the bid together with shares already owned by Danoil represent approximately 87 percent of the outstanding shares of Vintage. As a result of the corporate reorganization of Danoil, senior management now includes: Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Brawn, Chairman; Jack Lee, Chief Executive Officer; Lloyd Driscoll Driscoll is one derivation of the Irish surname "O'Driscoll". It originates from Cork in the Republic of Ireland. Most O'Driscolls and Driscolls live in Ireland, with many more living in the United States, Canada and Australia. , President; George Paulus, Chief Financial Officer; Barry Dorin, Vice President Corporate Development; Duane Domier, Vice President Production; and Don Milne, Controller. Danoil is listed on the Alberta Stock Exchange under the symbol DAN.A. The Alberta Stock Exchange has neither approved nor disapproved of the information contained herein. CONTACT: Danoil Energy Inc. Jack C. Lee, 403/261-9010 403/262-6977 (FAX) danoil@danoil.com http://www.danoil.com |
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