EARNINGS / Diaz Resources Ltd. 1997 Results
DIAZ RESOURCES LTD.
VSE SYMBOL: DAZ
OTC Bulletin Board SYMBOL: DZRUF
FEBRUARY 25, 1998
Diaz Reports Improved 1997 Financial Results
CALGARY, ALBERTA--Diaz Resources Ltd. today announced that cash
flow for the fourteen month period ended December 31, 1997,
totalled $360,000, compared with $196,000 for 1996. Production
revenues, which totalled $500,000 in 1997, were principally
sourced from United States natural gas production.
The Company also reported that its new management team plans to
redirect the Company's efforts, primarily towards oil and gas
acquisitions, in Canada, due to the increasing availability of
producing properties, at reasonable prices.
The Company also stated that it proposed to reorganize its capital
structure at its Annual Meeting, to be held on April 14, 1998.
This reorganization will result in a one for two consolidation of
the common shares of the Company and will also entail the
division, on a prorata basis for each shareholder, of the
consolidated shares into two classes. Management of the Company
is proposing the reorganization to permit further fund raising,
required for its aggressive acquisition program, to be facilitated
from a smaller capital base.
/T/
SUMMARY OF OPERATIONS
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14 Months Ended Year Ended
December 31, 1997 October 31, 1996
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Total revenue $ 499,698 $195,506
Funds flow $ 359,718 $109,440
Funds flow per share $ 0.02 $ 0.01
Earnings $ 131,632 $ 73,040
Earnings per share $ 0.01 $ 0.00
Capital expenditures $ 1,577,771 $411,693
Total assets $ 3,677,957 $823,456
PRODUCTION
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Oil (bbls/d) 22 33
Natural gas (Mcf/d) 340 100
COMMON SHARES OUTSTANDING
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- Average 20,048,041 18,700,996
- At end of period 25,058,203 20,024,903 |
