Caspian Claps for Revenue Increase in Second Quarter

Caspian Energy Inc. announced its financial results for the three and six months ending June 30, 2008.

Financial highlights

  • 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.

 Rights Offering

  • 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.