Printer Friendly

AMERICAN CASCADE ENERGY REPORTS QUARTERLY RESULTS

 HOUSTON, Dec. 9 /PRNewswire/ -- American Cascade Energy Inc. (OTC: ACSD) today reported net income for the quarter ended Sept. 30, 1993, of $243,078 on revenues of $748,248. Comparable quarterly results from a year earlier were not available, as the company effected a major reorganization on March 3, 1993.
 For the seven months ended Sept. 30, 1993, the company reported net income of $933,229, or $0.02 per share, on revenues of $2,545,000.
 Operating income for quarter was $398,229 and was $1,396,688 for the seven-month period.
 American Cascade Energy is an independent oil and gas exploration and development company with extensive proven reserves throughout Texas.
 AMERICAN CASCADE ENERGY INC.
 Statement of Financial Condition
 Sept. 31, June 30, Dec. 31,
 1993 1993 1992
 (Unaudited) (Unaudited) (Pro Forma)
 (Audited)
 Assets
 Current Assets:
 Cash in bank $8,729 $34,008 $0
 Accounts receivable 727,704 443,535 188,149
 Interest receivable 28,361 18,183 59,319
 Current portion notes receivable 0 0 149,160
 Total current assets 764,794 495,725 396,628
 Oil and Gas Properties & Equipment:
 Properties & well equipment 33,612,205 33,308,158 11,367,962
 Other equipment 684,974 688,438 688,314
 Total properties & equipment 34,297,179 33,994,596 12,056,276
 Less accumulated depreciation
 and depletion -7,091,925 -7,072,680 -1,675,568
 Net properties & equipment 27,205,254 26,921,916 10,380,708
 Other Assets:
 Deposits, prepaids 0 10,303 0
 Long term notes receivable 407,147 407,147 2,191,814
 Less allowance for uncollectibles 0 0 -122,759
 Organization and offering costs 637,168 515,167 0
 Total other assets 1,044,315 932,617 2,069,055
 Total Assets $29,014,363 $28,350,258 $12,846,391
 Liabilities and Stockholders Equity
 Liabilities:
 Accounts payable $348,590 $102,789 $5,266
 Short term loan payable 50,000 ? 0 0
 Future income taxes 463,458 338,237 0
 Total liabilities & taxes 862,048 441,026 5,266
 Stockholders Equity:
 Common stock ($.0001 par value,
 200,000,000 shares authorized
 common voting equity stock, at
 12/31/93 was 50,000,000
 authorized, 11,000,000 o/s, at
 6/30/93 44,111,355 o/s, at
 9/30/93 44,151,835 o/s) 4,415 4,411 1,100
 Additional paid in capital 27,214,670 27,214,670 12,840,025
 Prior period retained earnings 690,151 122,560 0
 Current earnings 243,078 567,591 0
 Total stockholders equity 28,277,535 27,909,232 12,841,125
 Total Liabilities and
 Stockholders Equity $29,014,363 $28,350,258 $12,846,391
 AMERICAN CASCADE ENERGY INC.
 Statement of Operations
 (Unaudited)
 Quarter Ended Seven Months
 YTD Ended
 Sept. 30, 1993 Sept. 30, 1993
 Revenues
 Oil and gas sales $262,128 $795,298
 Turnkey sales 475,951 1,434,674
 Pipeline sales 0 198,164
 Field operations 0 23,450
 Interest earned 10,179 93,255
 Other income 0 177
 Total revenues 748,248 2,545,017
 Expenses
 Royalties and overrides 60,862 0?6,620
 Working interest distributions 10,180 184,562
 Severance taxes 14,899 51,447
 Turnkey cost allocation 71,179 181,319
 Lease operating expenses 47,957 123,223
 Workover expenses 928 23,514
 Field operations costs 63,223 145,228
 Total cost of goods sold 269,227 915,911
 Gross profit from operations 479,021 1,629,106
 Depletion and depreciation 21,120 92,974
 General and administrative 148,739 329,689
 Total other expenses 169,859 422,663
 Extraordinary items
 Prior period adjustments 59,137 59,137
 Gain on sale of property 0 190,244
 Net income before taxes 368,299 1,396,688
 Provision for future income taxes 125,221 463,458
 Net income after taxes $243,078 $933,229
 Net income per share $.0055 $.0211
 Shares outstanding 44,151,835 44,151,835
 NOTE: A comparable statement of operations for the similar period in the prior years is not available due to the major reorganization done March 3, 1993. Also, even though the corporation is on a calendar year, it was inactive prior to the reorganization on March 3, 1993, which means that there were really only seven months of activity this year to date.
 AMERICAN CASCADE ENERGY INC.
 Statement of Cash Flows
 (Unaudited)
 Quarter Ended Seven Months
 YTD Ended
 Sept. 30, 1993 Sept. 30, 1993
 Beginning cash balance $34,008 $0
 Cash flows from operating activities
 Net income 243,078 933,229
 Adjustments for usage of cash:
 Change in accounts receivable -284,169 -539,555
 Change in interest receivable -10,178 33,893
 Change in accounts payable 245,801 247,128
 Change in accrued expenses 125,221 491,868
 Depletion and depreciation 19,245 22,449
 Total adjustments 95,920 255,783
 Net cash from operating activities 338,998 1,189,012
 Cash flows from investing activities
 Change in notes receivable 0 3,732
 Change in property and equipment -302,583 49,755
 Change in other assets -111,698 -637,168
 Change in debts 50,000 50,000
 Change in paid-in capital 4 -646,602
 Net investing activities -364,277 -1,180,283
 Cash balance at end of period $8,729 $8,729
 NOTE: A comparable statement of cash flows for the similar period in the prior years is not available due to the major reorganization done March 3, 1993. Also, even though the corporation is on a calendar year, it was inactive prior to the reorganization on March 3, 1993, which means that there were really only seven months of activity this year to date.
 -0- 12/9/93
 /CONTACT: Steven D. Stern, 310-471-5123/
 (ACSD)


CO: American Cascade Energy Inc. ST: Texas IN: OIL SU: ERN

JB-EH -- LA026 -- 2251 12/09/93 13:40 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 9, 1993
Words:967
Previous Article:OCCIDENTAL ANNOUNCES FIFTH GAS DISCOVERY IN MALAYSIA
Next Article:CMS ENHANCEMENTS ANNOUNCES MANAGEMENT CHANGES; HAL CLARK APPOINTED PRESIDENT AND CEO; MIKE RUSERT TO EXECUTIVE VICE PRESIDENT AND COO
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters