EARNINGS / NTI Resources - First Quarter Results for 1998
ASE SYMBOL: NTI
MAY 28, 1998
CALGARY, ALBERTA--NTI Resources Limited (NTI-ASE, "the Company"),
announces that the unaudited results for first quarter of 1998
show a net loss of $407,678 as compared to net earnings of
$315,306 for the three month period ended March 31, 1997. The
loss per share at March 31, 1998 was 0.4 cents as compared to
earnings per share of 0.4 cents at March 31, 1997.
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Financial Overview
March 31 March 31 December 31
1998 1997 1997
(3 months) (3 months) (12 months)
------------------------------------------
Total Assets $35,663,715 $39,944,314 $33,649,459
Shareholders'
Equity 28,458,629 39,005,622 28,866,307
Working Capital (7,145,426) 11,983,977 (4,716,134)
Revenue 27,794 0 0
Net Income (Loss) (407,768) 315,306 (25,713,634)
Net Income (Loss)
Per Share (0.004) 0.004 (0.26)
/T/
NTI's preferred share subscription obligation to SOCO Tamtsag
Mongolia, Inc. for its participation in the Mongolian project
increased by $2,208,730 during the first quarter of 1998. SOCO
International, the other major stockholder in SOCO Tamtsag
Mongolia, Inc. has agreed to carry NTI's obligation until July 14,
1998.
During the first quarter of 1998 SOCO Tamtsag Mongolia, Inc. has
spudded two of their eight wells commitment in Mongolia for 1998.
As well, SOCO Tamtsag Mongolia, Inc. has transported 6000 barrels
of oil to China from its Mongolian concession in the first three
months of 1998.
NTI is an oil and gas investment company incorporated under the
laws of Alberta and its share are traded in the Alberta Stock
Exchange under the symbol "NTI". |
