UVSE - 123% and 244% Increases in Gas an Oil in Q2
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The earnings conference call will be August 20, 2008 at 9:00 a.m.
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http://www.finanznachrichten.de/...chten-2008-08/artikel-11526140.asp
14.08.2008 16:26
Universal Energy Corp. Announces 123% and 244% Increases in Gas and Oil Production Quantities in the 2nd Quarter 2008
HOUSTON, Aug. 14 /PRNewswire-FirstCall/ -- Universal Energy Corp. (News) (OTC Bulletin Board: UVSE), an emerging U.S. oil and gas exploration and production company, announced today that gas and oil production quantities had more than doubled during the 2nd quarter 2008 increasing by 123 percent and 244 percent, respectively over amounts produced in the first quarter of 2008.
"What a difference a quarter makes," commented Billy Raley, Chief Executive Officer of Universal Energy Corp. Raley continued, "The increase in production coupled with the extraordinarily high prices was more than we anticipated. During the second quarter of 2008, Universal Energy Corp.'s share of production was approximately 23.58 million cubic feet of gas and 262 barrels of oil. With production having started in July 2008 for Caviar #1 and Caviar #4, production for fiscal 2008 is shaping up nicely."
The company will release its quarterly report on Form 10-Q on August 19, 2008. The earnings conference call will be August 20, 2008 at 9:00 a.m. Stockholders, brokers, analysts and all interested parties are invited to participate in the Universal Energy Corp. conference call. Callers in the United States and Canada can dial (800) 567-5900 (alternate dial-in number is (702) 835-5025. The conference i.d. for all callers is 801094.
Universal Energy Corp. is a publicly traded (OTCBB: UVSE - News) energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas. Visit http://www.universalenergycorp.info/ for more details.
Forward Looking Statements - The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
CONTACT:
Universal Energy Corp.
Billy Raley, CEO, (800) 975-2076
braley@universalenergycorp.info
http://www.finanznachrichten.de/...chten-2008-08/artikel-11526140.asp
Universal Energy Corp. Announces 123% and 244% Increases in Gas and Oil Production Quantities in the 2nd Quarter 2008
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WKN A0MWQY
Börsenplatz Frankfurt
Datum 20.08.08
Abfrage 20.08.08 11:01:12
Kursstellung 20.08.08 10:52
Kurs 0,015
Gehandelte Stücke 100.000
Währung EUR
Posted by: mrpaper Date: Wednesday, August 20, 2008 3:12:36 AM
In reply to: Ben Bien who wrote msg# 15211 Post # of 15212
it was trading at 40 cents easy before the dip to 12 cents?
I think UVSE will make a similar run to WLSI when it went from .0026 (.0005 a week or two before) to .009 then to .045 or HTOG when it from .002 to .02 in a week or two.
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| Boardmail an "brunneta" |
Wertpapier: Universal Energy |
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24831.png (verkleinert auf 93%)
24831.png (verkleinert auf 93%)
Universal Energy Corp. Announces Results for the Second Quarter of Fiscal Year 2008
HOUSTON, Aug. 20 /PRNewswire-FirstCall/ -- Universal Energy Corp. (OTC:UVSE) (BULLETIN BOARD: UVSE) , an emerging U.S. oil and gas exploration and production company, reported financial and operational results for its second quarter of the fiscal year ended June 30, 2008.
Financial Summary
The Company reported net income of $2.9 million, or $0.09 per basic share, $0.00 per diluted share, for the second quarter of fiscal 2008 compared to a net loss of $2.03 million, or $(0.07) per basic and diluted share, for the second quarter of fiscal 2007. For the six months ended June 30, 2008, the Company reported net income of $3.55 million, or $0.11 per basic share, $0.01 per diluted share, for the six months ended June 30, 2008 compared to a net loss of $2.7 million, or $(0.10) per basic and diluted share, for the same period in fiscal 2007. Revenue for the second quarter of fiscal 2008 totaled $0.33 million which was derived from producing wells in the Company's Lake Campo and Amberjack prospects.
Dyron Watford, Universal Energy Corp. Chairman and CEO, commented, "Exceeding the high end of our revenue guidance for the quarter by 11% is fantastic. As we continue to increase revenues with production in the 3rd quarter from Caviar #1 and Caviar #4, the financial picture for Universal Energy becomes more solid with each day of production.
Conference Call Information
The earnings conference call to review the second quarter 2008 results will be today at 9:00 a.m. To participate in the conference call, callers in the United States and Canada can dial (800) 567-5900 (alternate dial-in number is (702) 835-5025. The conference i.d. for all callers is 801094.
Universal Energy Corp. is a publicly traded (OTCBB: UVSE - News) energy company engaged in the acquisition and development of crude oil and natural gas leases in the United States. We pursue oil and gas prospects in partnership with oil and gas companies with exploration, development and production expertise. Our prospect areas consist of lands in Louisiana and Texas. Visit http://www.universalenergycorp.info/ for more details.
Forward Looking Statements - The information contained herein regarding risks and uncertainties, which may differ materially from those set forth in these statements, in addition to the economic, competitive, governmental, technological and other factors, constitutes a "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995 and is subject to the safe harbors created thereby. While the company believes that the assumptions underlying such forward-looking information are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the forward-looking information will prove to be accurate. Accordingly, there may be differences between the actual results and the predicted results, and actual results may be materially higher or lower than those indicated in the forward-looking information contained herein.
UNIVERSAL ENERGY CORP.
AND SUBSIDIARIES Consolidated Statements of Operations (Expressed in U.S. dollars)
Three Months Ended June 30, Six Months Ended June 30, 2008 2007 2008 2007 (unaudited) (unaudited) (unaudited) (unaudited)
Revenue $328,476 $- $415,005 $-
Cost of revenue 154,074 - 167,819 -
Gross profit 174,402 - 247,186 -
Operating expenses General and administrative expenses 736,572 720,822 1,450,718 1,361,740 Investor awareness and public relations 11,310 1,286,427 118,760 1,300,918 Impairment loss on oil and gas properties 32,792 - 59,698 - Total operating expenses 780,674 2,007,249 1,629,176 2,662,658
Loss from continuing operations (606,272) (2,007,249) (1,381,990) (2,662,658)
Other income (expense) Accretion of discounts on convertible debentures (230,117) - (480,879) - Change in fair value of embedded derivatives 15,168,285 - 17,907,174 - Charges relating to repricing the 2007 Debentures (9,404,508) - (9,404,508) - Charges related to the issuance of the May 2008 Debentures and Warrants (753,649) - (753,649) - Excess embedded derivative value (818,919) - (1,711,656) - Loss on conversion of derivatives (88,618) - (88,618) - Interest expense, net (327,865) (23,976) (552,696) (23,976)
Total other income (expense) 3,544,608 (23,976) 4,915,168 (23,976)
Net income (loss) before discontinued operations 2,938,337 (2,031,225) 3,533,178 (2,686,634)
Discontinued operations Income (loss) from operations of discontinued operations - - - (34,186) Loss from discontinued operations - - - (34,186)
Net income (loss) $ 2,938,337 $(2,031,225) $ 3,553,178 $(2,720,820)
Net income per share from continuing operations - basic $0.09 $(0.07) $0.11 $(0.10) - diluted $0.00 $(0.07) $0.01 $(0.10) Net loss per share from discontinued operations - basic $0.00 $0.00 $0.00 $0.00 - diluted $0.00 $0.00 $0.00 $0.00 Total Net income (loss) per share - basic $0.09 $(0.07) $0.11 $(0.10) - diluted $0.00 $(0.07) $0.01 $(0.10)
Weighted average shares used in computation of loss per share - basic 32,519,178 28,954,696 31,202,178 28,011,088 - diluted 681,398,048 28,954,696 680,081,048 28,011,088
UNIVERSAL ENERGY CORP.
AND SUBSIDIARIES Consolidated Balance Sheets (Expressed in U.S. dollars)
June 30, December 31, Assets 2008 2007 (unaudited) Current assets: Cash and cash equivalents $55,253 $234,987 Funds held in escrow 325,550 - Accounts receivable 219,915 963 Prepaid expenses 6,928 64,228
Total current assets 607,646 300,178
Prepaid drilling and completion costs 725,447 414,377 Oil and gas properties, unproven 2,991,591 2,248,771 Debt issuance costs, net of accumulated amortization of $280,021 and $70,926 492,218 578,368 Property and equipment, net of accumulated depreciation of $4,159 and $2,409 9,377 7,731 Security deposit 1,545 1,545
Total assets $4,827,824 $3,550,970
Liabilities and Stockholders' Deficit
Current liabilities: Accounts payable $930,421 $209,536 Accrued expenses 219,489 143,031 Accrued interest 132,355 - Promissory notes - 250,000 Promissory notes to stockholders, net of discounts of $0 and $80,162 924,587 1,019,838 September 2007 Convertible Debentures, net of discounts of $2,267,822 and $4,146,443 2,340,608 963,851 November 2007 Convertible Debentures, net of discounts of $1,035,570 and $1,643,775 626,377 98,872 May 2008 Convertible Debentures, net of discounts of $1,253,656 and $0 2,962 - Embedded derivative liabilities 3,985,456 10,915,752
Total current liabilities 9,162,255 13,600,880
Long term liabilities: Promissory notes to stockholders, net of discounts of $252,341 147,659 -
Total liabilities 9,309,914 13,600,880
Commitments and contingencies
Stockholders' deficit: Common stock, $0.0001 par value, 250,000,000 shares authorized, 71,077,959 and 29,847,733 shares issued and outstanding 7,108 2,985 Additional paid-in capital 7,396,075 5,365,556 Accumulated deficit (11,885,273) (15,418,451)
Total stockholders' deficit (4,482,090) (10,049,910)
Total liabilities and stockholders' deficit $4,827,824 $3,550,970
CONTACT: Universal Energy Corp.
Billy Raley, CEO, (800) 975-2076
DATASOURCE: Universal Energy Corp.
CONTACT: Billy Raley, CEO, Universal Energy Corp., +1-800-975-2076,
Web site: http://www.universalenergycorp.info/
Posted by: PIERRAT Date: Wednesday, August 20, 2008 9:06:11 AM
In reply to: None Post # of 15230
wow cc just said double production for 3rd quarter. omg
was ist der Grund?
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