Eurogas Announces Revenues for the Year Ended December 31, 1997.CALGARY, ALBERTA--(BUSINESS WIRE)--April 29, 1998--Eurogas (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :EUG EUG European Union of Geosciences EUG Eugene, OR, USA - Eugene Airport (Airport Code) EUG Emissions Unit Group (environmental operating permits) EUG Engineering Users Guide (US Navy) .) Eurogas Corporation is pleased to announce that revenues for the year ended December 31, 1997, totaled $5,422,810 compared to $2,942,216 for the corresponding period in 1996. Production for the year totaled 142,027 bbls of oil and 1,754.8 million cubic feet of gas. 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 amounted to $1,688,946 compared to $8,971 for the corresponding period in 1996. Net loss for the year was $6,788,155 ($0.10 per share) which included a ceiling test write down on certain assets of $6,200,000, compared to a loss of $872,029 ($0.03 per share) for the corresponding period in 1996. This write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. was based on the value of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. only using constant pricing at year end and does not necessarily reflect the overall economic value of the corporation's proved plus probable reserves and undeveloped acreage. In Tunisia, drilling operations were stared on the Bazma 1 well on April 1, 1998. The well, currently drilling below intermediate casing at 1250 meters, will be taken to a planned depth of 3800 meters. Eurogas, as operator for the Bazma permit, retains a 40 percent working interest in the permit. Eurogas Corporation is an independent oil and gas company engaged in the development of a major oil and gas field in Russia, exploration for oil and gas reserves in Tunisia, developing a major gas storage project in Spain and the exploration for and production of oil and gas in Canada. The company is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSE) under the symbol EUG. CONTACT: Eurogas Corporation Julio Poscente, 403/264-4985 or John Schissel, 403/264-4985 or Keith Scrimger, 403/264-4985 |
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