EARNINGS / Sawtooth Q2 results
SAWTOOTH ANNOUNCES SECOND QUARTER RESULTS FOR THE PERIOD ENDING APRIL 30, 1998
CALGARY, July 8 /CNW/ - Sawtooth International Resources Inc. is pleased
to announce the unaudited financial results for this quarter. Sawtooth is
committed to achieving strong sustainable growth during 1998.
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Statement of earnings 1998 ($) 1997 ($) % change
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Revenues 319,000 110,000 + 190%
Cash flow before tax 96,000 38,000 + 152%
Net earnings before tax 52,000 11,000 + 372%
Balance sheet 1998 ($) 1997 ($) % change
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Oil and gas assets 3,037,000 1,076,000 + 182%
Working capital 261,000 (426,000) + 161%
Statistics 1998 1997 % change
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Average production BOED 107 33 + 224%
Reserves (BOE) 764,000 55,000 + 1290%
Reserves (NPV 10%) 6,100,000 490,000 + 1145%
Gross/net acreage 22,240 / 6,140 1120 / 210 + 1886% / 2824%
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During the quarter, Sawtooth purchased 120 BOED of Light Crude in the
Spirit River Area of Northwestern Alberta.
Company production for the third quarter is expected to reach 175 BOED.
Sawtooth will continue to build its asset base by progressively pursuing
larger acquisition and drilling opportunities while continuing to explore and
develop in its core areas of Redwater, Spirit River and Lessard.
Sawtooth International Resources Inc. is an emerging junior oil and gas
exploration and production company with its reserve and production base in
Western Canada. Sawtooth International Resources trades on the Alberta Stock
Exchange under the symbol SAW.
''THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED THE
INFORMATION CONTAINED HEREIN.''
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For further information: Gary Waters, President; Terry Morey, Vice
President Land, (403) 263-5800, Fax: (403) 234-7597, E-mail:
sawtooth@cadvision.com
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