EARNINGS / Heartland Announces Financial Results for the Nine
Month Period Ended December 31, 1997
CDN SYMBOL: HRTL
MARCH 2, 1998
Heartland Resources Inc. ("Heartland") is pleased to announce its
financial operating results for the nine month period ended
December 31, 1997, with comparative figures for the nine month
period ended December 31, 1996.
During the review period, Heartland continued its growth trend
with revenue from oil and gas production increasing from $100,816
to $211,246, a 109 percent increase. Net income for the period
was $15,422 compared with a loss of $118,559 during the comparable
period last year. Cash flow was $57,672 compared with a negative
($98,435) in the previous year. As at December 31, 1997,
Heartland had working capital of $87,524, no debt, and 16,580,705
common shares issued and outstanding.
Heartland holds varying working interests in producing oil wells
and associated acreage situated in the North Handsworth, Hastings,
Storthoaks and Weir Hill areas of Southeastern Saskatchewan, and
in a shut-in oil/natural gas well in the Bashaw area of Alberta
which will be placed into production upon completion of the
expansion of natural gas compression facilities in the area.
Additional wells are scheduled to be drilled during the coming
weeks in both Weir Hill and Hastings.
The shares of Heartland are quoted for trading on the Canadian
Dealing Network Inc. under the symbol "HRTL". |
