Caspian Energy Inc. announced its financial results for the three and six months ending June 30, 2008.
Oil revenues before transportation costs for the three months ending June 30, 2008 were $3,363,412 (Q2 2007 - $1,889,400).
For the three months ending June 30, 2008, Caspian's net loss and comprehensive loss was $1,219,004 (Q2 2007- $6,059,772)
The Company's operations provided cash of $349,338 for the three months ended June 30, 2008 (Q2 2007 - ($849,893)).
Working capital position of $7.2 million at the close of the quarter.
On April 17, 2008, the Company announced a Rights Offering, which closed on May 28, 2008. The Rights Offering was significantly oversubscribed and raised gross proceeds of $4,347,635, through subscriptions for 17,390,543 units at a price of $0.25 per unit.
Each unit comprised of one common share in the capital of Caspian (a "Share"), and one half of one Share purchase warrant (each whole such Share purchase warrant a "Warrant") at an exercise price of $0.45 exercisable until the earlier of May 23, 2011, or 30 days following the receipt of a notice from Caspian that the closing price of the Shares for any 20 consecutive trading days exceeded $0.75.