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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.

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To: SSP who wrote (6933)	8/12/1999 11:27:00 AM
From: elcasmirb	of 150070

(SHO.) SHARPE'S FIRST QUARTER 1999 Results Business Editors HOUSTON--(BUSINESS WIRE)--June 17, 1999--Sharpe Resources Corporation (OTC BB:SHGPF) (ME:SHO.) is pleased to announce the unaudited results for its wholly owned U.S. subsidiary Sharpe Energy Company for the first quarter of 1999. In spite of relatively low gas prices (averaging US$1.73/mcf), the Company has shown a cash flow for the quarter before depletion and amortization of approximately US$667,000 ($.02/share) after royalty deductions versus US$131,931 (lesser than 0.01 per share) for the same period in 1998. Total revenue for the first quarter was approximately US$1.27 million. Of this figure approximately US$240,000 was paid in royalties to the Texas General Land Office leaving net revenue of slightly more than US$1 million. The May price for gas is approximately US$2.38/mcf or roughly a US$0.65/mcf increase over the first quarter numbers. These figures should result in significant improvements to the second quarter cash flow. The Company is continuing to pay down its current bank loan which stands at US$2.2 million as of June 15, 1999. Sharpe is progressing with its plans to complete a financing during this difficult period to raise funds. The funds will be used to retire debt, drill another well at Matagorda, and close a property acquisition. Sharpe Resources Corporation cautions that the statements made in this press release and other forward-looking statements made on behalf of the Company may be affected by such other factors including, but not limited to, volatility of gas and oil prices, product demand, market competition, imprecision of gas and oil estimates, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company. Visit our Web site at sharpe-resources.com. Copyright ¸ Southam Inc. All right reserved. Optimized for browser versions 3.0 and higher. "National Post is a production of Southam Inc., Canada's largest publisher of daily newspapers."

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