EARNINGS / Odeyssey Petroleum Revises Third Quarter Report
ODYSSEY PETROLEUM CORPORATION
NASDAQ SYMBOL: OILYF
MARCH 20, 1998
Odyssey Petroleum Revised Financial Statements September 30, 1997
CALGARY, ALBERTA--ODYSSEY PETROLEUM CORPORATION (NASDAQ: OILYF)
("Odyssey" or the "Company") announces that the Company has
voluntarily refiled its September 30, 1997 third quarter interim
financial statements to improve the corporate disclosure related
to certain transactions.
At the request of the British Columbia Securities Commission, the
Company is making this press release to identify the amendments to
the September 30, 1997 third quarter interim financial statements.
During the period reported upon, several debenture issues made by
the Company were converted to common shares at the instigation of
the debenture holders. The accounting initially adopted for these
transactions did not fully reflect generally accepted accounting
principles as currently recognized in Canada.
Amendments to the third quarter interim financial statements to
better reflect generally accepted accounting principles resulted
in the following changes to the balance sheet at September 30,
1997, and the statement of loss and deficit for the nine month
period ended September 30, 1997 (all figures in US dollars):
Issued capital increased by $899,500 from $27,542,900 to
$28,442,400; contributed surplus increased by $752,410 from
$1,300,000 to $2,052,410; interest expense increased by $1,651,911
from $722,653 to $2,374,564; loss for the period increased by
$1,651,911 from $3,369,744 to $5,021,855; and deficit increased by
$1,651,911 from $5,940,728 to $7,592,639. The consolidated
statement of changes in financial position for the nine months
ended September 30, 1997 has also been restated to more accurately
reflect the above transactions.
Odyssey, a Canadian-based energy resource company, was recently
awarded concessions for three onshore exploration blocks in Egypt
- Siwa, El Mansoura and Qantara. Odyssey and its partner, Merlon
Petroleum Corporation ("Merlon"), each holds a 50 percent interest
in the concessions. Odyssey and Merlon are in the process of
establishing an office in Egypt and, pending final parliamentary
ratification, expect to begin operations in mid-1998.
Odyssey is also engaged in the production and distribution of
ethanol, primarily in the western United States. |
