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Gold/Mining/Energy : OEL.V Osprey Energy Limited -- Ignore unavailable to you. Want to Upgrade?

To: bigbuk who wrote (1126)	11/22/2001 3:30:27 PM
From: Buckey	Read Replies (1) \| Respond to of 1134

Osprey Energy provides Q4 and year-end results Osprey Energy Ltd (2) OEL Shares issued 7,300,000 Nov 21 close $0.55 Thu 22 Nov 2001 News Release Mr. R. Gary Malone reports Osprey Energy has provided record financial and operating results for the fiscal year ended June 30, 2001. The strategy management embarked upon in fiscal 2000 to enhance shareholder value through the acquisition of properties with existing cash flow, proven reserves and developmental potential continues to have a positive effect on financial results. Osprey has again experienced record growth in revenue, cash flow from operations, production and profit. Revenues increased 341 per cent to $2,764,735 from $811,292 in the previous year, while earnings escalated over 2,400 per cent to $349,133 compared with $14,674 in 2000. Cash flow from operations grew to $1,219,967 from $395,616, a gain of 318 per cent over 2000. U.S. operations contributed $2,119,865 (77 per cent) of revenues, with $644,870 (23 per cent) coming from Canadian operations. The significance and growth potential of the U.S. operation was reflected in the contribution of 77 per cent of the year's revenue as compared with 33 per cent last year. Production over the near and midterm will be heavily weighted toward U.S. operations as continuing remedial work exploits the substantial proven reserves in Louisiana. Also, it is expected that the Crosby 36A well, which produced at more than 800 barrels of oil equivalent per day during five weeks of production in April and August, will be fully operational before the end of the year and combined with the Bayou Choctaw wells, will have a dramatic effect on revenue. In Canada, exploration success in both Nova Scotia and Prince Edward Island over the next fiscal year will provide a substantial effect on operations. Promising prospects in both provinces are scheduled to be drilled in the first half of 2002. There is also considerable interest and activity among other companies onshore in Atlantic Canada. The region is continuing to shine as the hot spot of newly discovered reserves and a growing number of exploration plays. The company has taken advantage of the softer commodity prices in recent months to complete workovers in the Bayou Choctaw project and remedial work on wells in the BVR project. The costs associated with this remedial work will be significantly lower than in the past year because of reduced demand, creating lower charges for service companies and equipment rentals. In spite of the reduced prices for oil and natural gas, completion of the scheduled remedial work should boost overall production substantially so that gross revenues and cash flow will continue to grow. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2001 Canjex Publishing Ltd. stockwatch.com