MOUNTAINVIEW ENERGY LTD (the “Company”), a Canadian Public Company listed on the TSX VENTURE EXCHANGE today announced the SEDAR filings for the 2nd Quarter 2004. Included in this filing are the Financial Statements for the 2nd Quarter ending June 30, 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 June 30, 2004 of US$207,830 (CDN$284,442), which is a marked improvement over the same period in 2003 of US$183,635 (CDN$213,499). This increase in the revenues from 2nd Quarter 2003 to 2nd Quarter 2004 is a direct result of the steady increase in the price received per barrel of oil. During the 2nd Quarter 2003, the average price per barrel of oil was $24.00 and it climbed to an average of $32.72 per barrel of oil during the 2nd Quarter of 2004.
The steady revenues for the quarter carried through to the bottom line with the Company experiencing a gain from operations of $12,721 and an overall gain for the 2nd Quarter 2004 of $3,865. The Company’s Working Capital position continues to increase with a figure of $544,825 for the Quarter Ending June 30, 2004 compared to $478,910 for the Quarter Ending June 30, 2003. With the steady monthly revenues and the strong Working Capital position the Company continues to meet its ongoing obligations and will commence a drilling program of a minimum of 3 wells during the latter two quarters of 2004. Also, the Company’s Geological and Engineering Staff continue to study the newly acquired Judith Basin/Shannon Project and will be selecting locations to be drilled.
MOUNTAINVIEW ENERGY LTD
J.V. Montalban, Chairman of the Board
President & Chief Executive Officer
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