FOUNTAIN VALLEY, CA--(Marketwire - March 2, 2011) - CoreStream Energy, Inc. (
The Company today filed its 10Q for the period ending 03/31/2010 and is pleased to report a profit of $118,858 due to extraordinary gains. The same quarter in 2009 resulted in a loss of $621,405. This is the first financial filing since shortly after the Company changed its name, committed to the oil and gas industry, and began restructuring and eliminating its debt. It is expected that the financial reports for the remainder of 2010 will also have extraordinary gains due to the Company's continued effort to reduce its debt. No revenue from the oil and gas operations nor the newly announced CoreStream Trading unit are reported in this filing. The Company is committed to fulfilling its financial reporting requirements and getting current as quickly as possible.
"The Company is taking deliberate and measured steps towards its goal of reducing and paying off its indebtedness and recovering from the financial crisis of 2008. Although the Company has experienced a rough road in its effort to move forward and has not been as timely as it wishes, our dedicated staff and consultants remain vigilant and diligent in obtaining our goals and objectives. I firmly believe the Company is on the right path in resolving its obligations, repairing relationships when it can, and moving forward to achieve success in the oil and gas industry. We will continue our efforts to remain as transparent as possible and communicate our progress with our shareholders and creditors as it develops," said Milton C. Ault, III, President, CEO and Chairman of CoreStream Energy, Inc.
In its effort to communicate effectively, CoreStream is also launching its new web site this week. Initially the site will be modest however, its development will be ongoing to assure and maintain our goal of making this a valued corporate and investor tool. It is our goal that the web site will be the primary corporate method to keep our shareholders and interested investors updated. It is also intended to become a secure location for partners and investors to keep current on the progress of individual energy projects they have a direct interest in. This web site can be found at www.corestreamenergy.com. Investors and interested parties can remain informed by visiting the Company's Twitter account at twitter.com/corestream.
About CoreStream Energy, Inc.
CoreStream Energy, Inc., a Nevada Corporation based in Fountain Valley, CA is an independent energy company engaged in the acquisition, development, exploitation and production of crude oil and natural gas from onshore conventional properties in Texas, Louisiana, Oklahoma, Mississippi and the Midwest. It currently trades on the OTC Markets as ZLUS.PK with a symbol change expected soon from FINRA.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). Such statements include those concerning CoreStream Energy, Inc.'s strategic plans, expectations and objectives for future operations. All statements included in this press release that address activities, events or developments that CoreStream expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions CoreStream made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond CoreStream's control. Statements regarding future production, revenue and cash flow are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, commodity price changes, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes and the potential lack of capital resources. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements.
Contact Information:
Contact Info:
CoreStream Energy, Inc.
(714) 418-1700
Gary Patterson
Investor Relations
IR@CoreStreamEnergy.com
(714) 369-2933