Dynamix year-end results
Dynamix Corp DYX
Shares issued 20,308,322 Mar 31 close $0.06
Mon 5 Apr 99 Company Review
Mr. J. Robert Bateman reviews the company
The 1998 fiscal year was a milestone in the history of the company. The
year marked the closing of two acquisitions that brought it real assets and
cash flow, items that had been missing for some time.
The first acquisition, in March 1998, was Fastway Exploration Ltd., a
geophysical data gathering company with a solid reputation and management.
This acquisition gave substance to the company and provided it with the
means to make the second acquisition, the purchase of a 25 per cent working
interest in a gas development program in Kentucky. With initial encouraging
and higher-than-expected results, the company looks toward continuing with
another five well program in the summer of 1999. Ultimately, the program
could be as large as 40-60 wells, which development will likely take up to
five years, assuming continued success and high commodity prices, which
have been ranging between $2.25-$2.50/thousand cubic feet (U.S.).
Both acquisitions provide a long-term opportunity for growth in both the
service and producing sides of the oil and gas industry. Furthermore, they
represent the establishment of business in two countries, bringing several
advantages in terms of currency exchange, business cycle stage and
commodity pricing.
CONSOLIDATED STATEMENT OF LOSS
Year ended Sept. 30
1998 1997
Revenue $4,337,323 $ 12,766
---------- ----------
Expenses
Operating 3,796,531 1,899
General and admin 423,317 44,126
Depletion and
depreciation 201,514 548
---------- ----------
4,421,362 46,573
---------- ----------
Loss from
operations and
before other
charge 84,039 33,807
---------- ----------
Other charges
Loss on foreign
exchange 11,395 8,897
Loss on disposal
of mineral
properties 106,910 241,050
Loss on disposal
of capital assets 1,653 -
---------- ----------
119,958 249,947
---------- ----------
Net loss $ 203,997 $ 283,754
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Loss per share 1.1 cents 1.7 cents |
