MOAT.035.One day will have it's day.News today after bell.
Castleguard has agreed to participate in this new Minden well and
has farmed out 60% of its interest in the well to another party
retaining rights to participate in 20% of the farmout after payout. If
the well is successful, production could commence as early as the
fourth quarter of this year.
"We continue to believe that an area of proven natural gas
production, such as the Minden Field, presents a solid opportunity for
Castleguard to commit its financial resources," Scott Heape,
Castleguard Chairman, said. "If successful, natural gas production
would come on line in a period of the year normally characterized by
high demand and high prices."
(BSNS WIRE) Castleguard Energy Reports Third Quarter Performance
Castleguard Energy Reports Third Quarter Performance
Energy Editors / Business Editors
DALLAS--(BUSINESS WIRE)--MOAT--
Castleguard Energy (OTCBB:MOAT) reported earnings for
the third quarter ended September 30, 2003, of $16,815 ($0.00 per
share), compared to $53,732 ($0.00 per share) for the third quarter of
2002.
A decline in natural gas production from the Company's interests
in the Minden Field in Louisiana, somewhat offset by higher prices for
both natural gas and oil, was largely responsible for declining
earnings.
Net income for the nine months ended September 30, 2003, was
$103,965 ($0.01 per share), slightly ahead of 2002 which totaled
$97,526 ($0.01 per share). Earnings for the nine months this year were
helped by higher earnings in the first six months of 2003, largely
attributable to higher commodity prices which offset a 70% decline in
natural gas production.
Production from the Minden Field has declined since workovers at
the end of last year, undertaken to cure mechanical problems, did not
restore production to former levels. In an effort to develop
additional producing reserves at Minden, the operator initiated a new
well in the third quarter. The well was still being drilled in early
November 2003.
Castleguard has agreed to participate in this new Minden well and
has farmed out 60% of its interest in the well to another party
retaining rights to participate in 20% of the farmout after payout. If
the well is successful, production could commence as early as the
fourth quarter of this year.
"We continue to believe that an area of proven natural gas
production, such as the Minden Field, presents a solid opportunity for
Castleguard to commit its financial resources," Scott Heape,
Castleguard Chairman, said. "If successful, natural gas production
would come on line in a period of the year normally characterized by
high demand and high prices."
Castleguard Energy, Inc. holds working interests in properties
located in Texas, Louisiana and Alabama. Castleguard focuses on
development projects, joint working relationships and non-operated
properties.
This report includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although Castleguard believes that
its expectations are based on reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include political developments in foreign
countries, federal and state regulatory developments, the timing and
extent of changes in commodity prices, the timing and extent of
success in drilling, discovering, developing and producing or
acquiring oil and gas reserves, and conditions of the capital and
equity markets during the periods covered by the forward-looking
statements. Castleguard's periodic reports filed with the Securities
and Exchange Commission include a discussion of important factors that
could cause actual results to differ materially from those indicated
in forward-looking statements.
-0-
*T
CASTLEGUARD ENERGY
FINANCIAL & OPERATING
HIGHLIGHTS
Three Months and Nine Months
Ended September 30
(unaudited)
Three Months Nine Months
---------------- -----------------
2003 2002 2003 2002
------- -------- -------- --------
INCOME STATEMENT DATA
Oil and gas revenue 99,943 204,541 409,319 559,878
------- -------- -------- --------
Lease operating expense and taxes 22,726 35,541 63,782 96,180
Depreciation, depletion and
amortization 16,679 54,747 72,481 173,404
General and administrative 31,123 27,714 107,491 122,280
------- -------- -------- --------
70,528 118,002 239,187 391,864
------- -------- -------- --------
Income from operations 29,415 86,539 170,132 168,014
Interest and financing costs, net 5,300 10,007 19,367 28,688
------- -------- -------- --------
Income before income taxes 24,115 76,532 150,765 139,326
Income taxes 7,300 22,800 46,800 41,800
------- -------- -------- --------
Net income 16,815 53,732 103,965 97,526
======= ======== ======== ========
Basic earnings per share $0.00 $0.00 $0.01 $0.01
Weighted average shares
outstanding (Millions) 17,365 17,284 17,365 17,244
SALES VOLUMES
Natural gas (Mcf) 14,151 50,754 53,096 180,855
Crude oil (Bbls) 900 2,130 3,095 3,322
AVERAGE SALES PRICE
Natural gas (per Mcf) $5.23 $2.93 $5.96 $2.64
Crude oil (per Bbl) $28.84 $26.42 $29.73 $24.54
*T
KEYWORD: TEXAS LOUISIANA ALABAMA
INDUSTRY KEYWORD: ENERGY OIL/GAS EARNINGS
SOURCE: Castleguard Energy
CONTACT INFORMATION:
Castleguard Energy, Dallas
Bob Honea, 214-361-1755
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