EARNINGS / Temba Resources & PTR Resources Annual & Quarterly Reports
TEMBA RESOURCES LTD. AND PTR RESOURCES LTD. ANNOUNCE RELEASE OF ANNUAL
AND QUARTERLY FINANCIALS
Date: 6/9/98 5:54:20 PM
Temba Resources Ltd. ("Temba") and PTR Resources Ltd. ("PTR") announce the
release of their audited financial statements for the year ended December 31,
1997, the distribution of a Joint Proxy Circular for their upcoming Annual
General and Special Meetings of Shareholders (the "Meetings") and the release
of their interim statements for the first quarter of 1998. The Meetings,
which had previously been scheduled for June 26, 1998, are scheduled to be
held on June 30, 1998. In addition to the standard annual meeting matters,
the two companies are asking their respective shareholders to approve by way
of special resolution, the amalgamation of Temba and PTR effective June 30,
1998. Such an amalgamation would also be subject to regulatory approval.
For the year ended December 31, 1997 which reflects nine months of
operations, Temba reported oil and gas revenues of $1.2 million which, after
operating, administrative and depletion expenses and a gain on the disposal
of certain properties, resulted in cash flow from operations of $330,000. Net
income after taxes for the year was approximately $166,000 ($0.02 per share).
Temba's asset value has increased from $260,000 to $7.2 million during the
fiscal period. In its first year of operations, Temba has also paid a
dividend, in specie, to its shareholders valued at $105,000.
Temba exited the year with production levels averaging 250 barrels per day of
oil and 1.8 million cubic feet per day of gas. At year end, proven plus
probable reserves were 669,000 barrels of oil and liquids and 4.3 billion
cubic feet of natural gas.
First quarter results for Temba reflected production at levels equivalent to
year-end rates. However, revenues and cash flows were reduced as commodity
prices fell during the quarter. Oil and gas revenues of $550,000,
supplemented by a gain on the disposal of oil and gas properties of $926,000,
less operating, administrative and depletion expenses resulted in net income
after taxes of approximately $387,000 ($0.037 per share).
For the year ended December 31, 1997, PTR (formerly Ablevest Holdings Ltd.)
reported oil and gas revenues of approximately $300,000 which, after
operating, administrative and depletion expense and a gain on disposal of its
subsidiary, resulted in net income of $309,000 ($0.02 per share).
First quarter results for PTR reflect non-oil-and-gas income of approximately
$10,000, which after administrative expenses and a loss in value of an
investment, resulted in a net loss of $195,000 ($0.007 per share).
PTR, an ASE listed company, is currently suspended from trading. The major
assets of PTR are an unsecured loan to Temba, certain minor oil and gas
properties, and 1 million common shares of Temba. Temba, also an ASE listed
company, is active in oil and gas production and development in the Western
Canadian Basin with core properties in Alberta together with minor properties
in Saskatchewan and British Columbia.
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