Algonquin Oil & Gas Limited

March 01, 2005 18:24 ET

Algonquin Oil & Gas Limited Announces its 2nd Fiscal Quarter Financial Results and a Share Issue


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ALGONQUIN OIL & GAS LIMITED

TSX VENTURE SYMBOL: AQX

MARCH 1, 2005 - 18:24 ET

Algonquin Oil & Gas Limited Announces its 2nd Fiscal
Quarter Financial Results and a Share Issue

CHATHAM, ONTARIO--(CCNMatthews - March 1, 2005) - Algonquin Oil & Gas
Limited (TSX VENTURE:AQX): For the second fiscal quarter, which ended
December 31, 2004, revenue was $381,225, up from $244,499 in the
comparable period last year. The increase was due to higher volumes of
production from the GEL #18 well and higher oil and gas prices. There
was a foreign exchange gain this quarter of $34,762; a substantial
portion of the Corporation's debt is denominated in US dollars, which
declined relative to the Canadian dollar during the period. Net income
was $100,051, or a little over $0.01 per share, compared to $(13,115)
last year. Cash flow from operations was $138,130, up from $69,014 last
year. The Corporation's principal well, the GEL #18 horizontal,
continues to perform well, making 40 to 50 bopd.

The Corporation has issued 400,000 shares to James D. Fair, its CEO, in
exchange for cancellation of a $40,000 of debt to him, a price of $0.10
per share.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Algonquin Oil & Gas Limited
    James Fair
    (519) 354-4755
    Email: fairjd@hotmail.com