EARNINGS / Grace Resources Inc. Releases Second Quarter Results
CALGARY, Dec. 16 /CNW/ - GRACE RESOURCES INC. (''GRI'') reports that for
the six-month period ended October 31, 1998, cash flow was $22,631 ($0.00 per
share) as compared to a cash flow deficiency of $6,160 ($0.00 per share) for
the same period in 1997. Its loss was $20,042 ($0.004 per share) as compared
to a loss of $6,160 ($0.002 per share) for the first two quarters of 1997.
The second quarter is the first quarter of oil and gas operations for the
Company. Production for the quarter averaged 55 barrels of oil equivalent per
day producing $86,265 of oil and gas revenue. As previously announced, Grace
completed another property acquisition in November, 1998, doubling the
Company's production to 100 barrels of oil equivalent per day.
Grace Resources Inc. (''GRI'') is a publicly traded company on The
Alberta Stock Exchange.
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