Vector Energy Corporation announced today the results of the second quarter ended Oct. 31, 2001. For the three months ended Oct. 31, 2001, Vector reported net income from oil and gas operations of approximately $70,000 as compared to $323,000 for the same period last year. Total net loss for the three months was $210,000 as compared to $447,000 for the same period last year. Vector reported a cash flow from operations of $198,000 for the three months as compared to $192,000 of cash generated from operations for the same period last year.
Vector also announced that it had failed to make the payment due under its credit agreement on Dec. 15, 2001 and that the lender has agreed to forebear exercising any rights related to such failure until Jan. 15, 2002 when the note becomes payable in full.
Vector Energy Corporation is a Houston-based company primarily engaged in the acquisition, development and production of natural gas and crude oil.
This report includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, product development acceptance and the impact of competitive services and pricing and general economic risks and uncertainties