Q1 Results:
Scimitar Hydrocarbons Corporation -
Scimitar first quarter results
Scimitar Hydrocarbons Corporation
SIY
Shares issued 30,678,729
2000-01-12 close $0.55
Thursday Jan 13 2000
An anonymous director reviews the company
Projects update
Issaran oil development project, Egypt
A strong improvement in oil prices along with a stable production rate of 670 barrels of
oil per day (bo/d) from the existing wells has benefited the company for the quarter.
Plans are underway for a four-well development drilling program. The new wells will
target the existing proven Nukul, Gharandal and Dolomite oil zones. Drilling is
anticipated for late fall and winter.
Corporate affairs update
Scimitar proposes to raise funds for the drilling program through a rights offering. The
offering will result in approximately 7,471,000 shares being issued.
The company issued 1.25 common shares to its president for payment of the note
payable in July, 1999.
CONSOLIDATED STATEMENT OF OPERATIONS
Three months ended Sept. 30
1999 1998
Revenues
Oil production
service fee $948,465 $ -
Other income 942 15,878
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949,407 15,878
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Expenses
Operating 373,272 -
General and
administrative 121,393 277,315
Depreciation and
amortization 12,953 29,338
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507,618 256,653
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Net earnings (loss)
for the period $441,789 ($240,775)
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Net earnings (loss)
per share 1 cent (1 cent)
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