PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: ECON Corporate Services / InvestorIdeas.com™

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Petrol Oil and Gas Announces Record Second Quarter Results - Gross Revenue Increases 51.6% Over First Quarter of 2005. Company Achieves Second Consecutive Quarter of Positive Cash Flow from Operations.
Petrol Oil and Gas Announces Record Second Quarter Results

 

NewswireToday - /newswire/ - Las Vegas, NV, United States, 2005/08/16 - Gross Revenue Increases 51.6% Over First Quarter of 2005. Company Achieves Second Consecutive Quarter of Positive Cash Flow from Operations..

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Petrol Oil and Gas, Inc. (OTCBB: POIG) announced today operating results for its second quarter ended June 30, 2005. Petrol reported record revenue of $1,805,491, a 51.6% increase compared to $1,190,611 for the first quarter of 2005. Petrol had no revenue in the second quarter of 2004.

Petrol had a net loss for the second quarter of 2005 of $630,448, or $0.03 per share, compared to a loss of $679,589, or $0.04 per share for the same period in 2004. The 2005 second quarter loss included $648,932 in non-cash charges in connection with depreciation, depletion and amortization, the accretion of warrants issued in connection with long-term debt, the issuance of common stock to consultants for services and to lenders for the payment of accrued interest, which resulted in a positive cash flow generated from operations of $18,484 in 2005 compared to a negative cash flow from operations of $(108,370) for 2004.

For the six months ended June 30, 2005, Petrol had revenue of $2,996,102 compared to no revenue in the comparable period of 2004. Petrol had a net loss of $2,302,152, or $0.09 per share, compared to a loss in the year earlier period of $2,036,914, or $0.12 per share; a 25% decrease in loss per share. The fiscal 2005 loss included $2,597,606 in non-cash charges in connection with depreciation, depletion and amortization, the accretion of warrants issued in connection with long-term debt, the issuance of common stock to consultants for services and to lenders for the payment of accrued interest, which resulted in cash flow from operations of $295,454 in 2005 compared to a negative cash flow from operations of $(370,310) in 2004.

"In a relatively short period of time Petrol has acquired, enhanced and appropriately developed all of the elements necessary to create a successful oil and gas production company. This is most evident through increased production on our properties, and is further demonstrated by the significant growth in sequential quarter revenues," said Paul Branagan, Petrol's Chief Executive Officer. "We were fortunate to have acquired some attractive properties, such as Petrol-Neodesha, a 10,000 gross acres property that now includes 77 CBM producing wells generating approximately 3.0 million cubic feet of gas per day (2.17 Million cubic feet per day of net production to the Company). Early in the company's inception we amassed mineral leases in nearby Coffey County Kansas into a relatively contiguous 95,000 gross acre CBM prospect, our Coal Creek project, and we are in the negotiation stages of acquiring debt financing to begin its development. With continuing market pressure to produce more US based energy, Petrol is moving as quickly as possible to meet that need through the continued development of its resources. With strong energy prices, growing production and improved efficiencies through operating enhancements, Petrol is well positioned for future growth."

Readers are urged to review Petrol's second quarter Form 10-QSB, available on the SEC's website (sec.gov), for a discussion of Petrol's results of operations and review the second quarter 2005 financial statements.

Forward-Looking Statement: The statements in this press release regarding actual and anticipated revenues, any implied or perceived benefits from the Company's CBM assets, the development of the Coal Creek project, the Company's ability to acquire sufficient debt financing, and any other effects resulting from any of the above are forward-looking statements. Such statements involve risks and uncertainties, including, but not limited to, the continued production of gas at historical rates, costs of operations, delays, and any other difficulties related to producing minerals such as oil or gas, continued maintenance of the oil field and properties, price of oil or gas, marketing and sales of produced minerals, risks and effects of legal and administrative proceedings and governmental regulation, availability of debt financing, future financial and operational results, competition, general economic conditions, and the ability to manage and continue growth.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents we file from time to time with the SEC. We undertake no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Source: Petrol Oil and Gas, Inc.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: ECON Corporate Services / InvestorIdeas.com™

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


Petrol Oil and Gas Announces Record Second Quarter Results

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Ed Lewis 
212-732-4300 ext. 225
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any ECON Corporate Services / InvestorIdeas.com™ securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From ECON Corporate Services / InvestorIdeas.com™ / Company Profile


Read Energy Most Recent Related Newswires:

Vestas Secures Order for 101 MW in the United States
PPG to Distribute Wastewater Substrate-repair Products from Sauereisen
Enel Begins Operations At World’s First Commercial Geothermal-hydro Hybrid Power Plant
Vestas Secures 112 MW for Three Projects in France
ENGIE and Statoil Agree on the Renegotiation of Their Long-term Gas Supply Contracts
ENGIE and AES Andres Leverage Core Strengths to Provide Reliable and Competitive LNG Supply in the Caribbean
Power Costs, Inc. (PCI) and GE Power Collaborate to Link Energy Operations with Energy Trading for End-to-End Machine to Market Software Solutions
GE Oil & Gas Signs Agreement with TAG GmbH to Install New Tuning Maintenance (TUMAS) Software on Entire Fleet of Gas Turbines
ENGIE Announces Two New Major Collaborations to Foster New Innovative Green Gas Production Methods Across Europe
Enel Inaugurates Apiacás Hydropower Complex in Brazil
Steam and Gas Turbine Manufacturers Realign Strategies to Harness Growth Opportunities within Clean Power Generation
Enel Starts Construction of Peru’s Largest Solar PV Plant
GE and Maersk Drilling to Pilot Marine Digital Transformation
SolarWinds to Join the Discussion on Interoperable IT Management for Defense Forces at AFCEA’s TechNet Asia-Pacific 2016
BP and GE Launch New Offshore Digital Technology with Plans to Deploy Globally

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  BizJobs.com

Visit  JobsWare.com





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)