The Company reported an increase in total assets to US$17.9 million at December 31, 2004, compared to US$12.1 million for the year ended December 31, 2003. Cash and cash equivalents at December 31, 2004 totalled US$11.2 million, compared to US$2.2 million at December 31, 2003. The Company's security holders have continued to demonstrate confidence in the company by providing an additional US$4.5 million through the conversion of warrants and options in the fourth quarter 2004.
Total stockholders' equity at December 31, 2004 increased to US$16 million from US$9.6 million, up 67% for the same period in 2003. The net loss of US$5.7 million for the twelve months compares to net income of US$0.05 million for the same twelve month period in 2003. The net loss for 2004 results primarily from a $5.3 million write-off of oil and gas properties (US$0.9 million in 2003) including a write-off of the Kahili property. The 2004 loss contrasts with a gain from the sale of a property in 2003 which resulted in net income in that year.
The financial position of the company is strong and the going-forward plan for the Company is exciting. Management expects that 2005 will be a defining year for the Company and there is every reason to expect that Cardiff and Cheal properties will be independently confirmed as having significant hydrocarbons.
Subsequent to balance date the company has produced over 20,000 barrels of oil from PEP 38738 shallow (Company share 36.5%).
Most Popular Articles
From the Career Center
Jobs that may interest you