Pangea Petroleum Files 2004 Annual Report Wednesday April 6, 9:01 am ET
HOUSTON--(BUSINESS WIRE)--April 6, 2005--Pangea Petroleum Corporation (OTCBB:PAPO - News), announced today that it filed its 10-KSB Annual Report with the Securities and Exchange Commission. Pangea net income for 2004 was $927,924, or $0.01 per share, up from net loss of ($669,654), or ($0.01) per share in 2003. Revenue from operations also increased significantly to $81,646 for 2004 compared to $33,187 in 2003 reflecting an increase of 246%. The revenue increase was a direct result of an increase in production during the year from 6025 mcf gas equivalent in 2003 to 12564 mcf gas equivalent in 2004 coupled with higher average prices for both oil and gas in 2004. The net income result was largely due to a non-recurring gain from the recognition of a prior sale of a subsidiary in 2002. Without this gain, looking at only results from continuing operations, the Company showed a substantial 34% improvement in 2004 with a loss of ($415,021), compared to ($631,109) in 2003. The Company also added new well reserves of 18521 mcf gas equivalent generating a reserves replacement rate for 2004 of 147%.
"This report reflects Pangea's focus on the bottom line and additions to production," states Charles B. Pollock, CEO of Pangea. "A large part of the 2004 net profit is due to the recognition of a deferred gain on the sale of a discontinued exploration and production subsidiary, a non-recurring event, but even without this event, Pangea has made substantial improvements to revenue and our bottom line."
Pangea Petroleum Corporation (www.pangeapetroleum.com) is a Texas-based independent diversified crude oil and natural gas exploration and production company. Pangea's primary focus is to explore for, produce and sell oil and natural gas by establishing production reserves through exploration and acquisitions. Pangea's niche or specialty is the small or moderate operations that do not fit the strategy of the larger oil and gas producers, but are none-the-less contributors to the US energy supply.
Special Note: Management believes certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the company prior to its current fiscal year end, as well as from developments beyond the company's control, including changes in global economic conditions that may, among other things, affect the company's performance anticipated acquisitions or future business. In addition, changes in domestic competitive and economic conditions may also affect performance of all significant company businesses.
-------------------------------------------------------------------------------- Contact: Pangea Petroleum Corporation, Houston Charles B. Pollock, 713-706-6350
Posts: 146 | Registered: Feb 2004
| IP: Logged |
posted
Hit a wall at .02 , and came back a bit . The volume dried up considerably , could pick up in the afternoon .
Posts: 734 | From: Nassau County | Registered: Jan 2005
| IP: Logged |
posted
Looks like some nice buys towards the very end of the day , and still finished up 20 percent . I'm watching it tmorrow , this one seems to move on light volume and the bid and ask were relatively thin today .
Posts: 734 | From: Nassau County | Registered: Jan 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Big Grin]](biggrin.gif)
