TUSK Announces Preliminary Fourth Quarter
Financial Results
biz.yahoo.com
CALGARY, ALBERTA--Unaudited financial results for the fourth quarter indicate cash flow of $850,000 from 640 boepd of age production. As of December 31, 1999 there were 13,697,234 common shares issued and outstanding. Up to February 29,2000, a total of 469,000 common shares had been purchased by TUSK through it's issuer bid decreasing the number of common shares effectively outstanding to 13,228,234.
During the 1999 fiscal year TUSK participated in the drilling of 10 wells (3.2 net) resulting in 4 (1.2 net) gas wells, 3 (1.2 net) oil wells and 3 (0.9 net) dry holes. Seven of the ten wells (1 gas, 3 oil and 3 dry) were drilled during the last two months of the year.
The three oil wells drilled in the last two months of the year have now been put on production and are producing 220 boepd (65 net boepd). The gas well is awaiting completion. |
