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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: ChanceIs who wrote (46507)	6/16/1999 10:09:00 AM
From: The Ox	Respond to of 95453

TMBR/Sharp Drilling Announces Results for Fiscal 1999 MIDLAND, Texas, June 16 /PRNewswire/ -- TMBR/Sharp Drilling, Inc. (Nasdaq: TBDI) today announced revenues of $14.4 million and a net loss of $3.2 million, or 68 cents per share, for its fiscal year ended March 31, 1999. In fiscal 1998, the Company had revenues of $37.0 million and net income of $4.5 million, or 91 cents per diluted share. For the fourth quarter of fiscal 1999, TMBR/Sharp reported revenues of $1.6 million and a net loss of $2.6 million, or 56 cents per diluted share, after write-downs totaling $1.3 million. For the fourth quarter of fiscal 1998, the Company had revenues of $8.1 million and a net loss of $2.3 million, or 44 cents per diluted share after write-downs totaling $3.1 million. Thomas C. Brown, Chairman, commented, "Although we had a $1.3 million write-down on oil and gas properties, our discounted future net cash flows from those properties increased to $6.4 million in fiscal 1999 from $4.6 million in fiscal 1998. Low oil prices affected the contract drilling industry throughout our fiscal year, as exploration and development companies canceled or deferred drilling programs, but the impact was especially severe during the quarter ended March 31, 1999. For the fiscal year, our rig utilization rates were down from 78% in fiscal 1998 to 27% in fiscal 1999, with the low point being reached during the fourth quarter." Mr. Brown added that TMBR/Sharp has no long-term debt and that current assets at March 31, 1999 were $5.4 million, of which $1.2 million were cash and equivalents, and current liabilities were $2.2 million, for a current ratio of approximately 2.5 to 1. (In thousands, except per share amounts) Year ended March 31: Three months ended March 31: 1999 1998 1999 1998 Revenues $14,424 $37,017 $1,643 $8,130 Net income (loss) (3,187) 4,544 (2,619) (2,272) Per share Basic (.68) .98 (.56) (.48) Diluted (.68) .91 (.56) (.44) Weighted average shares outstanding Basic 4,711 4,615 4,711 4,609 Diluted 4,711 5,014 4,711 5,165 SOURCE TMBR/Sharp Drilling, Inc. CO: TMBR/Sharp Drilling, Inc. ST: Texas IN: OIL SU: ERN 06/16/99 08:35 EDT prnewswire.com

To: ChanceIs who wrote (46507)	6/16/1999 10:12:00 AM
From: The Ox	Read Replies (1) \| Respond to of 95453

Lakota Energy Inc. Announces the Start of Drilling on the South Halter Island Prospect and Participation in the Garwood Prospect in Texas ATLANTA--(BUSINESS WIRE)--June 16, 1999--Lakota Energy Inc. (OTC BB:LAKO), announces the start of the drilling of the State 16146 no. 1 well, located in the South Halter Island Field, Terrebonne and St. Mary Parishes, Louisiana. The rig is on location and drilling at a depth of 200+ feet as of today. Lakota Energy Inc. is also pleased to announced participation in the Garwood Prospect, Colorado County, Texas. This is a multi-pay test to develop the Yegua "Y-2", "Y-4" and a shallow Miocene gas sand. In addition, the Frio formation, which has been quite prolific in this area, will be tested. Lakota's working interest in the well is 17.5%. The lease block consists of 480 acres and an additional 360 acres is being negotiated for acquisition. If this well is successful, a second and third well will be drilled. This project was developed by the use of 3-seismic and "bright-spot" interpretation by Cummins and Walker Oil Company Inc. of Corpus Christi, Texas, a partner in this well. Analog wells drilled in the vicinity indicate flow rates are typically 2 MMCF/D+, (million cubic feet per day), plus condensate. The well will be "spudded" or commenced on or about June 17, 1999, subject to rig availability and is slated to be drilled to a depth of 7,500 feet. Existing gas line facilities are approximately 1,100 feet from the location and can be tapped in immediately. Estimated drilling time is to be approximately seven days. Further announcements will be made as results are encountered. Forward-looking statements in this release are being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, competition, completion problems, technological changes and other unforeseen risks. CONTACT: PMR and Associates, Investor Relations Patrick Rost, 760/942-0015 email: PMRandco@aol.com or Lakota Energy Inc. Ken Honeyman, 770/433-8250 e-mail: LAKO@bellsouth.net