Epic Energy Announces Financial Results.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 21, 1997--Epic Energy (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :EPI EPI exocrine pancreatic insufficiency. .) Epic Energy Inc. has released its financial results for the fiscal year ended June 30, 1997. The statements report a loss for the year of US$6,823,718 or US$0.14 per share as compared to US$2,196,424 or US$0.06 per share in the previous year. The Company wrote down its Oil and Gas Interests in 1997 by US$3,332,615 as an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. provision on the basis that development of the Aktash Field has been found to be uneconomic. The Company has spudded a shallow well in the Voykov Oil Field located on the Kerch Peninsula in Crimea, Ukraine. The Company is also preparing to drill a shallow well in the Priozemoye Oil Field, on the Kerch Peninsula. The drilling of these two wells along with a work over or new well in the Moshkarev Field will satisfy the drilling obligations under its Shallow Licensing Agreement. Drilling of these wells has been delayed by unresolved Not completed; not finished; not linked together. See resolve. environmental issues. Epic has proceeded to drill on the basis of written advice to the Attorney General of Crimea from its partner Krymgeologia (AKG AKG Alpha Ketoglutarate AKG Asian Kung-Fu Generation (band) AKG Akustische u. Kino-Geräte (AKG Acoustics) AKG Alles Komt Goed (Dutch: it's all good) @), stating that the Company's Ukrainian subsidiary, KTN Ktn Kaernten (German: Carinthia; Austria Europe) KTN Knowledge Transfer Network KTN Kenya Television Network KTN Kawish Television Network (Pakistan) , bears no responsibility for past environmental damage and is held harmless for such damage under its Production Sharing Agreement Production sharing agreements (PSAs) are used primarily to determine the share a private company will receive of the natural resources (usually oil) extracted from a particular country. and Licensing Agreement. During October 1997, the Company has had average net production of 160 bpd (gross of 200 bpd) from the Aktash field. The Company owns two western drilling rigs and two western work-over rigs, which are located in Crimea, capable of drilling up to 2,500 meters or working over wells to a depth of up to 3,500 meters, and a fleet of support vehicles and equipment needed for a self-sufficient drilling operation. As at October 31, 1997, the Company has no debt and more than US$3.0 million in working capital. The investment dealer firms of Loewen, Ondaatje, McCutcheon Limited and Canaccord Capital Corporation continue to act as joint financial advisors to provide alternatives to maximize shareholder value. These alternatives may include farm-outs, joint ventures, acquisitions, dispositions, mergers or strategic business combinations. Epic Energy Inc. is a Canadian company listed on The Alberta Stock Exchange trading under the symbol EPI. Epic conducts exploration, drilling and production under a Production Sharing Agreement covering the Crimean Peninsula of Ukraine, an area of 7 million acres. Epic's head office is in Calgary, Canada with its Ukrainian subsidiary's office located in Simferopol, Crimea, Ukraine. Operations in Ukraine are conducted by Epic's 60 percent owned subsidiary, KrymTexasNafta. The other 40 percent is held by Krymgeologia, a State Geological Enterprise, a designate des·ig·nate tr.v. des·ig·nat·ed, des·ig·nat·ing, des·ig·nates 1. To indicate or specify; point out. 2. To give a name or title to; characterize. 3. of the Ukrainian State Property Fund. The Alberta Stock Exchange has neither approved nor disapproved information contained herein. EDITOR'S NOTE Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : There is an "at" symbol following "AKG" in the word above. This symbol may not appear properly in some systems. CONTACT: Epic Energy Inc. George Stephenson, 403/543-5670 |
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