Trek Announces Financial Results for Fiscal 2004
December 30 2004 - 6:51PM
PR Newswire (US)
Trek Announces Financial Results for Fiscal 2004 DALLAS, Dec. 30
/PRNewswire-FirstCall/ -- Trek Resources, Inc. (OTC:TREK) (BULLETIN
BOARD: TREK) reports today that its results for fiscal 2004 reflect
net income of $2,087,000, or $.42 per diluted share, compared to a
net income of $1,327,000, or $.28 per diluted share for the prior
year. The Company's results of operations during fiscal 2004 were
favorably impacted by higher oil and natural gas prices, lower
interest expense, and the absence of hedging losses. Offsetting
those effects were lower oil and natural gas volumes, higher lease
operating expenses, general & administrative expenses and
higher depletion expense. Oil and natural gas sales were $8.9
million during fiscal 2004, compared to $8.1 million in fiscal
2003. This increase was the effect of $1.2 million related to
higher prices on oil and natural gas sales reduced by a $400,000
decrease related to oil and natural gas sales volumes. Weighted
average annual prices were $36.11 per Bbl and $5.29 per Mcf of
natural gas during fiscal 2004 compared to $29.64 per Bbl and $4.87
per Mcf in 2003. We sold 137 MBbls of oil during fiscal 2004 versus
139 MBbls in the prior year. Corresponding natural gas sales were
742 MMcf in fiscal 2004 and 812 MMcf in fiscal 2003. About Trek:
Trek Resources, Inc. is a Dallas-based domestic oil and gas
acquisition and production company with oil and gas assets in Texas
and Oklahoma. Trek operates approximately 330 producing wells. More
information about Trek may be found at the Company's web site,
http://www.trekresources.com/ . FORWARD-LOOKING STATEMENTS: This
press release contains 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 SEC. DATASOURCE: Trek Resources, Inc. CONTACT: Michael E.
Montgomery of Trek Resources, Inc., +1-214-373-0318, or Web site:
http://www.trekresources.com/
Copyright