Castleguard Energy Reports Solid Second Quarter Performance
DALLAS--(BUSINESS WIRE)--Aug. 14, 2001--Castleguard Energy (OTCBB:MOAT) reported earnings for the second quarter of 2001 of $36,696 ($.00 per share), compared to $28,793 ($.00 per share) for the second quarter of 2000. Income before income taxes improved 128% to $65,696 from $28,793 reported in the second quarter of 2000. This year requires a tax provision as the result of exhausting the Company's tax net operating loss carry forward.
The second quarter of 2001 benefited from higher sales volumes and prices compared to last year. Sales of natural gas in the quarter were 48,123 Mcf compared to 19,305 Mcf in the second quarter of last year. Gas sales in the quarter were less than the first quarter of 2001 primarily due to anticipated lower production from the Company's wells in the Minden Dome area of Louisiana which reached their peak production in the first quarter of 2001.
Gas prices improved over prices in the same quarter year ($4.77 vs $2.92 Mcf), but less than those prices realized in the first quarter of 2001 ($7.29 Mcf). "We are pleased to report another quarter of ongoing solid performance for Castleguard Energy," Scott Heape, Castleguard chairman, said. "Our strategy of focusing exploration/acquisition activities between areas like the Minden Dome where historically production levels are high initially with shorter well lives and areas like the Mings Chapel field in East Texas where production is consistent over many years provides a valuable balance to our overall operations."
Castleguard Energy, Inc. (OTCBB Symbol MOAT) holds working interests in properties located in Texas, Louisiana and Alabama. Castleguard focuses on development projects, joint working relationships and non-operated properties.
This report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Castleguard believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved.
Important factors that could cause actual results to differ materially from those in the forward-looking statements include political developments in foreign countries, federal and state regulatory developments, the timing and extent of changes in commodity prices, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, and conditions of the capital and equity markets during the periods covered by the forward-looking statements. Castleguard's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements. -0-
ENERGY FINANCIAL & OPERATING HIGHLIGHTS Three Months and Six Months Ended June 30 (unaudited) Three Months Six Months ------------ ---------- 2001 2000 2001 2000 ---- ---- ---- ---- INCOME STATEMENT DATA Oil and gas revenue $250,482 $83,285 $784,744 $115,425 -------- -------- -------- ------- Lease operating expense and taxes 21,431 6,317 41,790 9,243 Depreciation, depletion and amortization 41,193 9,223 95,799 18,412 General and administrative 92,214 38,951 185,465 67,315 -------- -------- -------- ------- 154,838 54,491 323,054 94,970 -------- -------- -------- ------- Income from operations 95,644 28,794 461,690 20,455 Interest and financing costs (29,948) -- (64,905) -- -------- -------- -------- ------- Income before income taxes 65,696 28,794 396,785 20,455 Income taxes 29,000 -- 48,000 -- -------- -------- -------- ------- Net income $36,696 $28,794 $348,785 $20,455 ======== ======== ======== ======= Basic earnings per share $0.00 $0.00 $0.02 $0.00 Weighted average shares outstanding (Millions) 17,152 15,075 17,022 15,075 SALES VOLUMES Natural gas (Mcf) 48,123 19,305 118,459 32,738 Crude oil (Bbls) 798 1,059 1,581 1,150 AVERAGE SALES PRICE Natural gas (per Mcf) $4.77 $2.92 $6.27 $2.62 Crude oil (per Bbl) $26.08 $25.48 $26.64 $25.79 --30--lr/da* CONTACT: Castleguard Energy, Dallas Bob Honea, 214/361-1755 TodINDUSTRY KEYWORD: ENERGY OIL/GAS EARNINGS SOURCE: Castleguard Energy Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com (c) 2001 Business Wire
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