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Castleguard Energy, Inc. is Building a Stronghold DALLAS--(BUSINESS WIRE)--Sept. 18, 2000--Castleguard Energy, Inc. a Dallas based independent oil and gas company is building a stronghold through a series of savvy, innovative strategic moves.
Significant among Castleguard's recent activities are several accomplishments reported by Scott Heape, Chairman. "We have returned to the Company's treasury 1,862,000 shares through a previously announced stock repurchase program," Heape notes. "The approved buy-back allowed the Company to repurchase 1,862,000 shares of its 18.7 million shares outstanding of common stock. Additionally, the Company returned a net profit of $20,455 for the second quarter."
The Company's focus is the acquisition, development, exploitation and operation of crude oil and natural gas properties principally located in Texas and Louisiana. For the six months ended June 30, 2000 the Company produced net sales of $115,000, up $26,000 from the same period last year, and net income of $20,000, compared to a net loss of $146,000 for the same period last year (unaudited).
These positive results reflect greater oil and gas production volumes, higher prices and lower general and administrative expenses. "This is an excellent time for the drilling of Proven Undeveloped Reserves, thereby accelerating the cash flow of these reserves in order to beat the time value of money," Heape explains.
Castleguard Energy, Inc. (OTCBB:MOAT) became a full reporting company in February 2000. For further information contact Mr. Bob G. Honea, President of Castleguard, at 214/361-1755, or visit Castlegard's Internet Channel on the AIN network at www.awareinvestornetwork.com.
--30--ak/da*
CONTACT: Castleguard Energy, Inc., Dallas
Bob G. Honea, 214/361-1755 Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
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