Trek Announces First Quarter Earnings
February 18 2004 - 12:19PM
PR Newswire (US)
Trek Announces First Quarter Earnings DALLAS, Feb. 18
/PRNewswire-FirstCall/ -- Trek Resources, Inc. (BULLETIN BOARD:
TREK) ("Trek" or the "Company") announces today as stated in the
Company's Quarterly Report on Form 10-QSB that was filed with the
Securities and Exchange Commission on February 17, 2004, the
Company's net income for the three months ending December 31, 2003
was $369,363, compared to a net income of $183,750 for the same
period in the prior year. The Company's results of operations for
the first quarter of fiscal 2004 were favorably impacted by higher
oil and gas prices, as well as higher oil and natural gas volumes,
coupled with lower general and administrative expenses and lower
interest expense. Offsetting those effects were higher lease
operating expenses and higher depletion expense. Trek is in the
process of drilling and completing four new wells. Two of these
wells are in Cottle County, Texas, one is located in Eastland
County, Texas, and one is located in Claiborne Parish, Louisiana.
These drilling activities, including the estimated amount of total
expenses and the Company's respective working interests in each
well, are described in Trek's Form 10-QSB referenced above. There
can be no assurance that any of these wells will be successful.
About Trek: Trek is a Dallas-based domestic oil and gas acquisition
and production company with oil and gas assets principally in Texas
and Oklahoma. Trek operates approximately 240 producing wells. More
information about Trek may be found at the Company's web site,
http://www.trekresources.com/ , and in the Company's filings with
the Securities and Exchange Commission. FORWARD-LOOKING STATEMENTS:
This press release may contain certain forward-looking statements.
These forward-looking statements include information about possible
or assumed future results of the Company's operations. When
statements in this press release contain any of the words
"believes," "expects," "intends," "anticipates," or similar
expressions, the Company is making forward-looking statements.
Forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
expressed in, or implied by, such statements. Factors that might
cause such a difference include those detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
DATASOURCE: Trek Resources, Inc. CONTACT: Michael E. Montgomery of
Trek Resources, Inc., +1-214-373-0318, or Web site:
http://www.trekresources.com/
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