Monday July 27, 4:25 pm Eastern Time
Company Press Release
Corporate Profile for Mountain Energy, dated July 27, 1998
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Published Date: July 27, 1998
Company Name: Mountain Energy Inc.
Address: 7700 San Felipe, Ste. 480
Houston, Texas 77063
Main Telephone
Number: 713/334-4111
Chief Executive
Officer: Jack E. Uselton
Chief Financial
Officer: Jack E. Uselton
Investor Relations
Contact: Vivian Overstreet
Business number: 713/334-4111
Trading Symbol/
Exchange: MTEI/Over the Counter Bulletin Board
Industry: Oil/Gas, Energy, Coal
Company description:
\266 Mountain Energy Inc. came into existence in late May 1998, and
represents the culmination of Jack Uselton's (Pres./CEO) efforts to establish a public, independent, oil company. His motivation for being a publicly traded corporation
was simple; it is easier to grow.
Growth is the key to success, and success is what causes the value of investor equity to appreciate. However, ''growth'' requires definition.
Basic growth, in the oil business, means increasing the number of leases or properties in possession. It is elementary that you must acquire ''locations'' that are
geologically qualified if you are to extract hydrocarbons. This is currently the thrust of Mountain Energy's activity because today's markets lend themselves to
acquisition.
We are in a basic growth period.
Prospect growth is another facet to examine. When basic growth is far enough advanced, properties are given a thorough geo-dynamic examination. Priorities are
assigned to emerging drilling prospects according to risk, cost, lateral exposure and profit. Then, and only then, will Mountain Energy's management enter into
appropriate operations.
Growth in operations, and alternately, sales and revenue, is the next step. Some subjects to consider are lease costs, surface damages, rig availability and pricing, oil
and gas prices, cost of product transport, political and environmental risks, personnel safety and logistics. It is not easy, but we know how to do it.
With successful operations, production increases. This in turn feeds more operations. The net result is twofold. Growth of profits and growth of proven reserves. These
are the two categories of growth which add value to equity. They are the bedrock we will continue to build our future on.
Our approach to growing the asset value and profit position of Mountain Energy is solid. It is not always sufficient to satisfy those who trade our stock. It is human
nature to wish for quick returns on an investment, and this drives a need for positive information. Mountain Energy certainly does not find fault with those who feel this
way. However, if the management moved quickly to give out unproven information, they would be as guilty of irresponsibility as those sources of misinformation, who
are currently so active on the internet.
Since acquiring ICVI, as a non-operating public company, and complying with SEC Rules, which allowed us to change the name to Mountain Energy Inc., we have
been toiling toward our stated goal. Every investor should know that we are a new company. We have a new name, business, officers, directors and management. The
transition is similar to buying a used car.
We have the skills, technology, experience, work habits and the ethics required. Our course is clear, and we are moving forward deliberately, and at the proper pace.
No one here has any doubt as to where we are headed. And, no one here has any desire to abandon his equity in the company. We are here for the long haul and the
long profits. It is our hope that our investors have the same confidence. |
