(All Funds in CDN$ Unless Otherwise Stated)
ALBERTA, Nov. 30 /PRNewswire/ -- The following was released on behalf of
the Board of Tracer Petroleum Corporation, by David Robinson, President and
CEO:
Tracer Petroleum Corporation (OTC Bulletin Board: TCXX) ("Tracer" or "the
Company") announces the results of operations for the period ending
September 30, 2001. Net loss for the nine-month period was $983,471, or
$0.12 per share, versus $1,257,685, or $0.18 per share, for the first
nine 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 September 30, 2001, total assets on Tracer's balance sheet were
$1,165,492, versus total liabilities of $557,888. Shareholders' equity as at
September 30, 2001, was $607,604.
The complete Third 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.
As reported previously, Tracer's management is focused on a 3-pronged
strategy which is as follows:
1. Acquire an interest in one or more smaller, proven, quick-to-cash flow
fields in Africa and/or the Middle East in order to generate near-term cash
flow for the Company.
2. Complete a major transaction involving a major petroleum project or
projects in Iran. This would be undertaken in conjunction with major industry
partners.
3. Continue to look for significant emerging opportunities in the
Middle East, the Caspian Sea region, and elsewhere, to be pursued in
partnership with the Company's financial and strategic co-venturer, Roc Oil
Company Limited of Sydney, Australia, if deemed appropriate.
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 Relations of 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 Relations of Tracer Petroleum
Corporation, +1-403-290-1676, or fax, +1-403-264-5285, or
tracerinfo@tracerpetroleum.com
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