HDR hardman resources limited

heritage oil, uganda gets mentioned

  1. 2,099 Posts.
    Just a couple of mentions by Heritage oil and their Ugandan site.


    News from Canada NewsWire



    Heritage Oil Corporation reports second quarter results
    11:00 EDT Tuesday, September 02, 2003

    CALGARY, Sept. 2 /CNW/ - Heritage Oil Corporation (TSX: HOC.A) today announced results for the second quarter of 2003. All figures are in US Dollars.
    Second Quarter Results: (three months ended June 30, 2003 compared
    ----------------------- with three months ended June 30, 2002)
    - Oil & gas revenue was $1,031,745 compared with $1,526,063.
    - Total revenue was $1.1 million compared with $1.6 million.(x)
    - Net earnings were $448,572 compared with a loss of $422,431.(x)
    - Net earnings per share were $0.02 basic and fully diluted compared

    with a loss of $0.02 basic and fully diluted.(x)
    (x) Excludes an extraordinary net gain on sale of petroleum and natural
    gas interests of $30,792,726 in the three months ended June 30, 2002
    Year-To-Date Results: (six months ended June 30, 2003 compared with
    --------------------- six months ended June 30, 2002)
    - Oil & gas revenue was $2.0 million compared with $2.3 million.
    - Total revenue was $2.2 million compared with $2.4 million.(x)
    - Net earnings were $578,620 compared with a loss of $983,251.(x)
    - Net earnings per share were $0.02 basic and $0.03 fully diluted
    compared with a loss of $0.04 basic and fully diluted.(x)
    (x) Excludes an extraordinary net gain on sale of petroleum and natural
    gas interests of $30,967,022 in the six months ended June 30, 2002

    Micael Gulbenkian,Chairman and CEO, said that "Petroleum and natural gas revenue was in line with expectations. While revenue was lower year-over-year, the reduction results from the periodic nature of condensate sales from the Bukha field, Oman."

    Mr. Gulbenkian summarized Heritage's financial position saying that "The Company is currently debt free and as at the end of the quarter had a working capital surplus of $21,314,057. Heritage's financial strategy is to fund the Company's capital expenditure program and any potential acquisitions by investing funds from operations, using existing treasury resources, finding new credit facilities and, when considered appropriate, issuing additional common shares."

    Speaking about the Company's overall progress, its Chairman noted, "The most significant event of the second quarter of 2003 was Heritage's announcement of a much larger oil resource base in West Africa, the Middle East and Uganda. Among these assets, the highlight from purely an exploration perspective is the interpretation of the drilling results in the Uganda licence."

    Following the finalization of the independent reserve report in June 2003 by Scott Pickford Ltd., an ECL Group company, and one of the world's leading geoscience consultancies, total proven reserves at December 31, 2002 have climbed to 4.6 million barrels of oil equivalent (boe) compared with 0.9 million proven boe estimated by management in the 2002 Annual Report. Total proven and probable reserves (unrisked) now stand at 17.8 million boe valued at an unrisked US$47.2 million or Cdn$74.4 million. The proven plus risked 50% probable reserves are 11.2 million boe with a value of US$29.5 million (Cdn$46.5 million) at a discount rate of 10%.


    "In summary, the Company's financial position, its proven plus probable reserves along with the prospective resources in Uganda suggest that Heritage has not only a solid, growing base of current oil production, but also very strong prospects for the future," added Mr. Gulbenkian.

    During the second quarter the Company issued 1,125,851 Class "A" common shares: 618,500 from the exercise of options, 347,351 from the exercise of warrants and 160,000 as employee share compensation. The Company's Normal Course Issuer Bid program which commenced on June 18, 2002 expired on June 17, 2003. During the second quarter Heritage acquired 2,700 Class "A" common shares. Over the term of the Normal Course Issuer Bid program the Company acquired 314,433 Class "A" common shares.

    Heritage is an international oil and gas corporation, with principal properties situated in the Republic of Congo, Oman, and Uganda. Heritage's registered office is located in Calgary, Canada.

    The Company's class "A" common shares trade on the Toronto Stock Exchange under the symbol HOC.A.

    This press release is not for distribution to United States Newswire Services or for dissemination in the United States.


    FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements

    %SEDAR: 00010129E

    For further information: please contact: Investors Relations Contacts: Cathy Hume, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel (416) 861-1079; Olav Svela, Cavalcanti Hume Funfer Inc. (CHF Inc.), Tel (416) 868-1079, Fax (416) 868-6198; Heritage, European Contact Details: Micael Gulbenkian, Chairman & Chief Executive Officer, Tel +44 20-7351-5555, Fax +44 20-7351-1122; Canadian Contact Details, John McLeod, Director, Tel (403) 234-9974, Fax (403) 938-0048; If you would prefer to receive press releases via email contact Olav Svela [email protected]




 
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