CALGARY, Alberta, Sept. 9 /PRNewswire-FirstCall/ -- The following was
released on behalf of the Board of TRACER PETROLEUM CORPORATION by
Larry W. Youell, President and CEO:
TRACER PETROLEUM CORPORATION ("Tracer" or the "Company")
(OTC Bulletin Board: TCXXF) announces the results of operations for the period
ending June 30, 2002. Net loss for the six-month period was $$392,029, or
$0.04 per share, versus a loss of $754,144, or $0.09 per share for same
six month period of 2001. The loss is primarily due to expenses related to
the continued pursuit of international petroleum development projects.
As at June 30, 2002, total assets on Tracer's balance sheet were
$682,050, versus total liabilities of $659,098. Shareholders' equity as at
June 30, 2002, was $22,952.
Tracer and Joint Venture partner Canneft Inc. of Houston, Texas will
continue to work together to secure a technically competent Operator to join
the Adzhiyap Project in southwestern Turkmenistan, since this will be a
requirement of the PSA. The Operator is not required to be a working interest
holder in the Project, but can simply be a qualified contract Operator.
Advanced discussions are currently underway with a major Russian oil company,
to become the Operator.
Tracer's involvement in a very significant international project such as
the Adzhiyap block in Turkmenistan provides an excellent opportunity to create
shareholder value for the Company's shareholders. In the case of the Adzhiyap
project, the potential cash flow to Tracer is quite significant, and could
grow to US$36 million or more per year. Management is confident that the
endeavors of the Company in Turkmenistan will prove to be successful and
wishes to thank the shareholders for their continued support.
The complete Second Quarter 2002 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.
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.
CONTACT: investor information, Janus Investor Relations, +1-403-693-0100;
or TRACER PETROLEUM CORPORATION, +1-403-290-1676, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com.
SOURCE TRACER PETROLEUM CORPORATION
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Related links:
http://www.tracerpetroleum.com
CONTACT:
investor information, Janus Investor
Relations, +1-403-693-0100; or TRACER PETROLEUM CORPORATION,
+1-403-290-1676, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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