(all funds in Cdn. $ unless otherwise stated)
CALGARY, Alberta, Aug. 30 /PRNewswire/ -- The following was released on
behalf of the Board of Tracer Petroleum Corporation, by David Robinson,
President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company")
(OTC Bulletin Board: TCXX) announces the results of operations for the period
ending June 30, 2001. Net loss for the six-month period was $754,144, or $0.09
per share, versus $908,494, or $0.14 per share, for the first six months of
2000. The loss is primarily due to expenses related to the continued pursuit
of petroleum development projects and other business opportunities in the
Islamic Republic of Iran.
As at June 30, 2001, total assets on Tracer's balance sheet were
$1,210,884, versus total liabilities of $373,953. Shareholders' equity as at
June 30, 2001, was $836,931.
The complete Second Quarter 2001 Financial Statements and a detailed
Management Discussion and Analysis can be found on the Company's web-site at
http://www.tracerpetroleum.com, and can also be found on SEDAR at http://www.sedar.com.
During the quarter, the Company entered into a definitive agreement for
the sale of its 4.5% equity interest in Open Joint Stock Company Caspi Neft
("OJSCCN") to Transmeridian Exploration Inc. ("TMEI") for US$1.5 million of
convertible preferred shares of TMEI plus 1 million warrants exercisable at
US$1.00 per share for a period of 2 years. The preferred shares are
convertible into 1.5 million common shares of TMEI at a deemed value of
US$1.00 per share at any time within 5 years. OJSCCN owns the exploration and
production rights for the South Alibek field in the Aktyubinsk region of the
Republic of Kazakhstan. TMEI, the operator of the field, has filed its SB-211
with the SEC for the purposes of becoming a publicly traded company in the US,
and expects its shares to commence trading during the forth quarter of 2001.
This release contains "forward looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations
For more information please contact David Harrison, Corporate Secretary,
at 403-290-1676 at the Company's headquarters: TRACER PETROLEUM CORPORATION,
Suite #910, 441 - 5th Ave. S.W., Calgary, AB, T2P 2V1 Canada
Phone: 403-290-1676 or Fax: 403-264-5285, "e-mail"
tracerinfo@tracerpetroleum.com or web site, http://www.tracerpetroleum.com.
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
CONTACT:
David Harrison, Corporate Secretary of Tracer
Petroleum Corporation, +1-403-290-1676
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