Tracer Petroleum Annual General Meeting and First Quarter Results;
All Amounts in Canadian $ Unless Noted Otherwise
VANCOUVER, June 16 /PRNewswire/ -- Tracer Petroleum Corporation's (Nasdaq:TCXXF) Annual General Meeting was convened on Friday June 6, 1997 at the Corporate offices in Vancouver. A total of 448 shareholders were present either in person or by proxy representing 28,973,995 shares or 78% of the Company's outstanding share capital. The Board of Directors was elected as recommended by Management. Messrs. Peter Viggers, Stephen Jacobs, Ed Mowatt, Robert Fearon, and Hal Kettleson were re- elected by unanimous consent of voting shares. There were no nominations from the floor.
At a Directors' meeting held immediately after the Annual Meeting, Mr. Viggers was re-elected Chairman of the Board and Ed Mowatt was reconfirmed as Secretary.
Mr. Stephen Jacobs, President and CEO, in attendance from Jakarta, Indonesia, reviewed current operations and emphasized the Company's new strategic focus on risk sharing for the North Tanjung PSC exploration, and entry into producing properties for revenue enhancement in conjunction with PT. Mozadi Corporation. He confirmed that the bid process has commenced.
Further announcements will be made as developments are realized.
Mr. Jacobs' presentation explained the importance of these actions in securing the long-term viability and growth potential of the Company.
Tracer also released its financial results for the three months ended March 31, 1997 recording net income for the quarter at $147,632 compared to a loss of $488,051 for the comparative period of 1996. Earnings per share was $0.00 compared with a loss of $(0.01) in l996. Administrative expenses were reduced to $241,292 from $482,051.
Operating income from oil and gas operations totaled $184,326 compared to a loss of $109,382 in the first quarter of 1996. Depletion of Canadian properties was not taken during the quarter (1996 - $96,250) as offers have been received which equal or exceed the current book value of these assets. Additionally, amortization of Indonesian assets was reduced by $124,200 due to the de-consolidation of a subsidiary which was sold during the quarter after all assets were transferred to
Tracer. |
