Monday, June 14 close price of $6.85. Market capitalization of $170,000,000. Quite impressive.
I was just perusing the Charger annual information form and wanted to share some VERY impressive excerpts: These guys are on the fast track!
Financial Condition and Results of Operations
Total revenue increased 188% for the 12 months ended December 31, 1998 as compared to $58,540 for the 9 month period ended December 31, 1997. This significant increase was a result of increased production.
Production for the 1998 year increased 145% from an exit rate in 1997 of 11 BOE per day to 27 BOE per day.
Operating expense was $55,391 in 1998 compared with $32,189 in 1997. This resulted in operating netbacks of $9.65 in 1998 versus $8.32 in 1997.
Operating activities resulted in a net loss of $128,207 or ($0.03) per share for the twelve months ended December 31, 1998 compared to a net loss of $153,617 or ($0.08) per share for the nine months ended December 31, 1997.
GENERAL DEVELOPMENT OF THE BUSINESS
The Corporation completed its initial public offering on November 27, 1998, issuing 3,847,500 common shares for $0.25 per share. On November 30, 1998, the Corporation acquired all of the issued and outstanding shares of Torrence Resources Inc., a private oil and gas company.
Employees/Consultants
As at December 31, 1998 the Corporation had one employee and two consultants who collectively attended to the management and daily operations of the Corporation. Additional consultants are retained from time to time on a contract basis as needed.
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