EARNINGS / Pendaries Petroleum Ltd. Releases 2nd Quarter 1998
Results
TORONTO, ONTARIO--Pendaries Petroleum Ltd. financial results for
the three months ending June 30, 1998 report revenues from oil and
gas production in Alberta, Canada and interest income of U.S.
$245,289 for the 2nd quarter of 1998, compared to U.S. $328,524
for the same period last year. For this quarter, Pendaries reports
a net loss of U.S. $528,002, or 6 cents a share, compared to a net
loss of U.S. $157,391, or 2 cents a share for the same period in
1997. A summary of the 2nd quarter financial statements show:
/T/
ASSETS
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CURRENT ASSETS $10,114,539 $15,364,985
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NET PROPERTY AND EQUIPMENT 19,786,338 16,134,591
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OTHER ASSETS 206,794 -
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TOTAL ASSETS $ 30,107,671 $ 31,499,576
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES $ 95,902 $ 275,951
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SHAREHOLDERS' EQUITY:
Common shares Issued
8,781,970 and
8,726,470
common shares,
respectively 32,501,763 32,328,761
Cumulative
translation
adjustment (21,443) 4,180
Retained deficit (2,468,551) (1,109,316)
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TOTAL SHAREHOLDERS' EQUITY 30,011,769 31,223,625
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TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 30,107,671 $ 31,499,576
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Three Months Ended Six Months Ended
June 30, June 30,
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1998 1997 1998 1997
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REVENUE:
Oil and gas
income $ 102,864$55,456 $ 215,718 $ 234,652
EXPENSES:
Oil and gas
operating
expenses 38,210 29,469 91,653 60,210
General and
administrative
expenses 668,427 452,305 1,203,060 915,388
Depreciation,
depletion and
amortization 94,832 74,183 179,998 168,960
Exchange (gain)
loss (28,178) 14,706 (28,939) 33,808
Stock Option
Settlement
(Note 3) - - 450,000 -
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773,291 570,663 1,895,772 1,178,366
OTHER INCOME:
Interest income 142,425 273,068 320,819 511,773
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LOSS BEFORE INCOME
TAXES (528,002) (242,139) (1,359,235) (431,941)
RECOVERY OF INCOME
TAXES - 84,748 - 151,179
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NET LOSS $(528,002) $(157,391) $(1,359,235) $(280,762)
RETAINED DEFICIT,
beginning of period $(1,109,316) $(224,975)
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RETAINED DEFICIT,
end of period $(2,468,551) $(505,737)
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NET LOSS PER SHARE:
Basic $(.06) $(.02) $(.15) $(.03)
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Fully diluted $(.06) $(.02) $(.15) $(.03)
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