EARNINGS / Odyssey Petroleum Corp. Announces 1997 Year End
Results
ODYSSEY PETROLEUM CORPORATION
NASDAQ SYMBOL: OILYF
APRIL 24, 1998
Odyssey Announces 1997 Year End Results
CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ:OILYF)
("Odyssey" or the "Company") reports a net loss of $20,487,140 for
the year ended December 31, 1997, or ($1.88) per share. This
compares with a loss of $1,208,921 for the 12-month period ended
December 31, 1996, or ($0.21) per share. Approximately $12.4
million of the reported loss arose from the disposition of
Odyssey's interest in properties in Turkmenistan. Additional
losses of approximately $2.9 million were incurred in relation to
the Corporation's financing activities, $1.9 million in the
writedown of properties and $2.6 million in general and
administrative expenses. (All figures in US dollars in accordance
with Canadian GAAP).
Odyssey, a Canadian-based energy resource company, was recently
awarded concessions for three onshore exploration blocks in Egypt
- Qantara, El Mansoura and Siwa. Odyssey holds a 50 percent
interest in the concessions. Operations are scheduled to begin in
mid-1998.
Odyssey is also engaged in the production and distribution of
ethanol in the western United States. |
