EARNINGS / Del Mar Energy reports 1997 Results
CALGARY, May 8 /CNW/ - Del Mar Energy Inc.(''Del Mar'') is pleased to
announce results from the year ending December 31, 1997 and reports that 1997
was a year of international growth for the company. Del Mar's international
focus became a reality in November 1997 as a result of the acquisition of
Vista Oil Ltd. by Rockbound Resources Inc. and a subsequent name change. Del
Mar is primarily focused on South America and specifically on Trinidad and
Venezuela.
Audited financial results for 1997 are summarized below:
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FINANCIAL Cdn$
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Revenue 573,215
Cash Flow from (used in) Operations (95,286)
Net Loss (251,500)
Per Share (0.02)
Long Term Debt 0
Shareholders Equity 4,446,344
OPERATIONS
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Production, bbls/day 55
Average Sales Price (Cdn/bbl) 27.95
Reserves (proven plus probable)
Crude Oil, mbbl 1,200
Natural Gas, mmcf 1,380
>>
In addition to activities on the Mora licence as previously announced,
Del Mar is currently evaluating several other onshore and offshore oil and gas
projects in Trinidad as part of its strategic alliance agreement with Dr.
Krishna Persad and Mr. Darcy Carr, two well respected oil strategists based in
Trinidad. Del Mar is also investigating opportunities in Venezuela.
Further information on Del Mar can be found on Del Mar's website
www.delmar-energy.com.
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