Trek Announces Second Quarter Earnings
May 18 2004 - 1:06PM
PR Newswire (US)
Trek Announces Second Quarter Earnings DALLAS, May 18
/PRNewswire-FirstCall/ -- Trek Resources, Inc. (BULLETIN BOARD:
TREK) ("Trek" or the "Company") announced today as stated in the
Company's Quarterly Report on Form 10-QSB that was filed with the
Securities and Exchange Commission on May 14, 2004, the Company's
net income for the three months ending March 31, 2004 was $504,320,
compared to a net income of $419,749 for the same period in the
prior year. The Company's results of operations for the second
quarter of fiscal 2004 were favorably impacted by lower lease
operating costs and the absence of losses on derivative contracts.
Offsetting those effects were lower natural gas sales, higher
general and administrative costs and higher depletion expense. In
the quarter ended March 31, 2004, the Company purchased two
producing natural gas wells in Cottle County, Texas. Trek took over
operations of these two wells in April 2004. 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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