Gold Oil Reports on Period Profits

Gold Oil released a statement from Michael Burchell, chairman, as an interim report on the period from May 1, 2007 to Oct. 31, 2007.

According to the statement, Gold Oil had a cash balance of about $12 million, with a profit of $3.1 million.

After Gold Oil acquired nearly 25% of the Irish mineral company Minmet, Minmet decided against a joint plan to gain interest in Cuba while working with Gold Oil. As a result of this decision, Gold Oil sold some of its Minmet shares to a third party at about $35/share, which yielded a profit of about $5.1 million. The shares that were not sold were traded for 22.95 million shares that Gold Oil had previously given to Minmet. Gold Oil plans to continue ahead with ventures in Cuba alone.

We want to hear from you. Questions, opinions and suggestions are all welcomed by the Rigzone Staff. Write us at .


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
SXL - Senior Counsel, Corporate Finance & Securities
Expertise: Accounting|Legal
Location: Newtown Square, PA
Lead Security Analyst, Compliance Job
Expertise: Accounting|IT - Analysis & Management|Security
Location: Minneapolis, MN
Senior Security Analyst, Compliance Job
Expertise: Accounting|IT - Analysis & Management|Regulatory Compliance
Location: Denver, CO
search for more jobs

Brent Crude Oil : $49.71/BBL 1.50%
Light Crude Oil : $48.7/BBL 2.05%
Natural Gas : $3.11/MMBtu 12.68%
Updated in last 24 hours