MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announced the SEDAR filings for the 1st Quarter 2004. Included in this filing are the Financial Statements for the 1st Quarter ending March 31, 2004 along with the requisite Management’s Discussion and Analysis and other disclosure documents.
The Company realized Gross Revenues from oil sales for the Quarter Ending March 31, 2004 of US$205,081 (CDN$272,582), which is a slight fluctuation from the same period in 2003 of US$234,529 (CDN$358,687). This disparity in the revenues for these two periods, as reported in Canadian Dollars on the Financial Statements, is a direct result of the extreme fluctuation in the Foreign Exchange.
The steady revenues for the quarter carried through to the bottom line with the Company experiencing a gain from operations of $78,654 and an overall gain for the First Quarter 2004 of $58,276. The Company’s Working Capital position continues to improve with a figure of $528,625 for the Quarter Ending March 31, 2004 compared to $455,342 for the Quarter Ending March 31, 2003. With steady monthly revenues and a strong Working Capital position the Company continues to meet its ongoing obligations and will commence a drilling program of 2 to 3 new wells in the Red Creek Field, during the 2004 Summer season.
MOUNTAINVIEW ENERGY LTD
J.V. Montalban, Chairman of the Board
President & Chief Executive Officer
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