CanArgo Energy Reports Q2 Results 2004

CanArgo Energy Corporation (AMEX:CNR) (OSLO STOCK EXCHANGE:CNR) is pleased to announce its results for the three and six months ending June 30, 2004.

In the first half of 2004, operating revenue from continuing operations was $5,439,024 compared to $3,001,453 in the same period in 2003, an increase of 81% over period. For the second quarter of 2004 operating revenue from continuing operations was $2,078,553 compared to $1,859,995 in the same period last year. Net income for the first half of 2004 was $73,611 compared to a net loss in the same period of 2003 of $1,010,798 for the same period. Net loss for the second quarter of 2004 was $1,448,769 compared to a net loss in 2003 of $103,728 for the same period. Net loss for the second quarter of 2004 was $ 0.01 per share compared to $ 0.00 in the same period of 2003.

The increase in net loss for the quarter can be attributed to: additional Selling, General and Administration costs relating to costs associated with increased corporate activity, a loss incurred from the disposal of the Company's interest in Lateral Vector Resources Inc., an increase in Depreciation, Depletion and Amortization, and an increase in Other Expenses principally relating to non cash interest expense relating to the amortization of detachable warrants associated with two short term loans obtained during the quarter. The Company is currently in the process of a global offering of up to 75 million shares of common stock.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours