TREK...oils booming...1.55/1.65...may do over $.40 per sh net inc if prices stay up..only 3.5m shares out...going for listing this year:
(PR NEWSWIRE) Trek Announces First Quarter Earnings
Trek Announces First Quarter Earnings
DALLAS, Feb. 18 /PRNewswire-FirstCall/ -- Trek Resources, Inc.
(OTC Bulletin Board: TREK) ("Trek" or the "Company") announces today as stated
in the Company's Quarterly Report on Form 10-QSB that was filed with the
Securities and Exchange Commission on February 17, 2004, the Company's net
income for the three months ending December 31, 2003 was $369,363, compared to
a net income of $183,750 for the same period in the prior year. The Company's
results of operations for the first quarter of fiscal 2004 were favorably
impacted by higher oil and gas prices, as well as higher oil and natural gas
volumes, coupled with lower general and administrative expenses and lower
interest expense. Offsetting those effects were higher lease operating
expenses and higher depletion expense.
Trek is in the process of drilling and completing four new wells. Two of
these wells are in Cottle County, Texas, one is located in Eastland County,
Texas, and one is located in Claiborne Parish, Louisiana. These drilling
activities, including the estimated amount of total expenses and the Company's
respective working interests in each well, are described in Trek's Form 10-QSB
referenced above. There can be no assurance that any of these wells will be
successful.
About Trek: Trek is a Dallas-based domestic oil and gas acquisition and
production company with oil and gas assets principally in Texas and Oklahoma.
Trek operates approximately 240 producing wells. More information about Trek
may be found at the Company's web site, www.trekresources.com , and in the
Company's filings with the Securities and Exchange Commission.
FORWARD-LOOKING STATEMENTS: This press release may contain certain
forward-looking statements. These forward-looking statements include
information about possible or assumed future results of the Company's
operations. When statements in this press release contain any of the words
"believes," "expects," "intends," "anticipates," or similar expressions, the
Company is making forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements. Factors
that might cause such a difference include those detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
SOURCE Trek Resources, Inc.
-0- 02/18/2004
/CONTACT: Michael E. Montgomery of Trek Resources, Inc., +1-214-373-0318,
or snelson@trekresources.com /
/Web site: trekresources.com /
(TREK)
CO: Trek Resources, Inc.
ST: Texas
IN: OIL OTC
SU: ERN
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