EARNINGS / Epic Energy Inc. Announces Changes to Board and
Management, Drilling Results and Unaudited Financial
Results
ASE SYMBOL: EPI
FEBRUARY 12, 1998
CALGARY, ALBERTA--EPIC ENERGY INC. announces that it has received
the following resignations: Mr. Gerald Maier as Chairman and
Director, Mr. John Beddome as Interim President and Director, Mr.
Laurence Decore, Q.C. as Vice-Chairman and Director, and Mr. John
Zaozirny, Q.C. and Mr. Edward Sampson as directors. The
resignations were tendered as a result of differing views with the
founding board member and due to competing time commitments.
The company wishes to thank each of the departing board members
for their dedicated and valuable contribution during their tenure
on the board.
The company announces that Mr. Dennis H. Sundgaard P.Eng. and Dr.
F. Brent Thomas, both of Calgary, and Mr. Ty Tice of Seattle,
Washington have been appointed to join Mr. Ronald Cormick on the
board of directors. Mr. Sundgaard is a Mechanical Engineer with a
Bachelor of Science Degree from the University of Calgary. He has
30 years of domestic and international experience in the oil and
gas industry, with particular expertise in the management of gas
field development and operations. Dr. Thomas received a Doctorate
in Chemical Engineering from Washington University in St. Louis,
MO and has extensive experience in the oil and gas industry. He
is a principal and Vice-President of Hycal Energy Research
Laboratories Ltd. who are specialists in oil field technologies
and technical services to the international oil industry. Mr.
Tice has an AB degree in Government from Harvard College and a
Masters degree in Forestry Sciences from Yale. He past experience
includes co-founding of Econometrics, Inc. of Connecticut, merger
and acquisition specialist with Niederhoffer, Cross & Zeckhauser
of New York, and most recently as an independent mediator, on
behalf of corporations and all levels of government, specializing
in managing conflict involving environmental and natural resource
issues. These appointments are subject to regulatory approval.
The company also announces that drilling has been completed on its
commitment well at the Preozornoye Field. Casing has been set and
it is expected that the well should be perforated and tested
before the end of February.
The company also releases its unaudited financial results for the
six month period ended December 31, 1997. The statements report a
loss for the period of US$2,734,527 or US$0.04 per share as
compared to a loss of US$1,545,248 or US$0.04 per share for the
same period in the previous year. The loss for the six month
period includes US$1,266,652 in oil property expenditures incurred
to satisfy obligations and commitments of the shallow oil program.
As at December 31, 1997, the company had net working capital of
US$2,143,361.
Epic Energy Inc. is a Canadian company listed on The Alberta Stock
Exchange trading under the symbol EPI. Epic conducts exploration,
drilling and production under licenses and agreements covering
most of the Crimean Peninsula of Ukraine, an area of 7 million
acres.
Epic's head office is in Calgary, Canada with its Ukrainian
subsidiary's office located in Simferopol, Crimea, Ukraine.
Operations in Ukraine are conducted by Epic's 60 percent owned
subsidiary, KrymTexasNafta. The other 40 percent is held by
Krymgeologia, a State Geological Enterprise, a designate of the
Ukrainian State Property Fund. |
