Snow Leopard Resources Inc. Announces Results
Calgary, Alberta --
Snow Leopard Resources Inc. reports its results for the nine
months ended September 30, 2000. Compared to the first nine
months of 1999, oil and gas sales (net of royalties) decreased by
80% to $291,000 mainly due to the sale of substantially all of
its gas properties in October 1999. Gas sales averaged 32 mcf per
day compared to 2.2 mmcf per day in 1999 and oil sales averaged
27 bbls per day compared to 71 bbls per day in 1999. The average
gas price increased from $2.48 to $3.30 per mcf and the average
oil price increased from $20.69 to $40.28 per barrel. A net loss
of $266,000 was incurred in the nine months ended September 30,
2000. Capital expenditures were $41,000 being mainly land
retention costs.
Revenue* Loss* Loss/ Cash Cash
Share Flow* Flow/
Share
-------- ------- ------ ------ ------
Nine months
ended Sept. 30
--------------
2000 $ 439 $ 266 $ - $ (227) $ -
1999 $ 1,623 $ 4,981 $ 0.15 $ 626 $ 0.02
Three months
ended Sept. 30
--------------
2000 $ 93 $ 151 $ - $ (141) $ -
1999 $ 363 $ 1,795 $ 0.05 $ 45 $ -
*thousands of dollars
Snow Leopard Resources Inc. and its wholly owned subsidiary Ethyl
Tech Inc. are now in a position to further advance its patented
hydrogen sulphide fuel cell technology. After an unforeseen delay
in administration, testing of the Ethyl Tech electrocatalytic
anode and the Institute of Gas Technology's patented plate
technology has commenced.
The common shares of Snow Leopard are listed on the Toronto Stock
Exchange under the trading symbol SNW.A. At November 15, 2000
there were 65,881,955 common shares outstanding and 45,000
options to acquire common shares outstanding.
For further information please contact:
J. Verne Lyons Tel: (403) 265-4377 |
