Tracer annouces Q2 results, even made a bit of money, a little over
half penny (canadian) a share ! Perhaps that's why there is more 'buy' orders today than 'sell'.
SOURCE: Tracer Petroleum Corporation
Wednesday August 6 2:16 PM EDT
Company Press Release
Source: Tracer Petroleum Corporation
Tracer Petroleum Announces Second Quarter Results.
All Amounts in Canadian $ Unless Noted Otherwise
Vancouver, B.C., Aug. 6 -Tracer Petroleum Corporation is pleased to announce its financial results for the six months ended June 30, 1997 reporting revenue from oil and gas increased to $1,630,342 (1996-$1,416,424) due to increased production from the 4.25% interest
in the Ogan Komering Block (``OK Block'') over the comparative period.
Revenue from Canadian oil and gas operations decreased marginally to $131,406 (1996-$160,643)due to the temporary shut in of one property. Shipments resumed late in the quarter.
Total depletion allowance and amortization of oil related assets was reduced to $150,000 (1996-$478,400) which recognizes the elimination of depletion on the Canadian properties and the seismic data package as outlined last quarter.
The Company recorded $294,351 from the sale of Canadian properties. Subsequent to the period end, an additional $150,000 was realized from the sale of one property.
Administrative expenses were reduced to $502,896 (1996-$660,343) reflecting reduced professional fees and approximately $100,000 that was paid in 1996 in non-recurring consulting fees.
The Company recorded net income for the period of $210,995 or $0.00 per share (1996-loss of $632,146 or a loss of $0.02 per share) after recognition of a gain on the sale of marketable securities of $272,598 (1996-$115,773) and $187,313 on the recovery of prior period
write-downs of the Canadian properties (1996-Nil).
Tracer is very pleased that after many months of negotiations, an agreement on outstanding tax issues with Talisman Energy Inc. (``Talisman'') has been finalized. Unencumbered funds have been
released in line with the terms of the new agreement.
We are continuing with our stated objective to identify and acquire producing properties in Indonesia. A number of targets have been identified and we are proceeding with the appropriate steps. In the meantime, we are reviewing our options concerning the North Tanjung Block in light of our continuing desire to pursue the exploration of the Block in conjunction with viable partners.
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