TORC Oil & Gas Ltd. T.TOG

Results

[sbergie]

Canadian News US News Australian News TSX | TSX Venture | ME Tesoro Energy Corp. Quick Quote: T.TOG (no quote) Tesoro Energy Corp.: Financial &Operating Results-Six Months Ended June 30, 2003 8/29/03 CALGARY, ALBERTA, Aug 29, 2003 (CCNMatthews via COMTEX) -- (Not for dissemination in the United States of America) Tesoro Energy Corp. (TSX: TOG) ('Tesoro') generated cash flow from operations of $585,568 for the six months ended June 30, 2003, an 11% increase over the cash flow from operations of $528,934 for the equivalent period of 2002. Net earnings for the six months were $357,506 compared with $291,141 for 2002. Tesoro is in a strong financial position, with a current working capital surplus of over $900,000, no bank debt and current production of approximately 150 boepd. Highlights are presented below: --------------------------------------------------------------------- Three Months Six MonthsPeriod Ended June 30 2003 2002 2003 2002---------------------------------------------------------------------FinancialPetroleum and natural gas revenue (net) $569,384 $541,404 $1,261,493 $1,033,599Cash flow from operations $245,586 $266,139 $585,568 $528,934 Per share - Basic and diluted $0.003 $0.004 $0.007 $0.008Net income $143,199 $152,346 $357,506 $291,141 Per share - Basic and diluted $0.002 $0.002 $0.004 $0.005Capital expenditures (dispositions), net $46,070 $(539,201) $102,909 $(422,443)Net debt - Debenture & working capital $115,672 $1,350,758 $115,672 $1,350,758 Net debt to annualized cash flow 0.12 1.27 0.10 1.28Shareholders'equity $2,477,078 $885,228 $2,477,078 $885,228Common shares outstanding at end of period 82,498,493 64,594,391 82,498,493 64,594,391---------------------------------------------------------------------Operating---------------------------------------------------------------------Average Daily Production Crude oil &NGLs (bbls/day) 94 140 101 151 Natural gas (mcf/day) 283 370 335 375 Barrels of oil equivalent (boe/day) 141 202 157 214Average Selling Price Crude oil &NGLs ($/bbl) $38.86 $36.28 $42.82 $32.65 Natural gas ($/mcf) $9.22 $3.86 $7.91 $3.62 Barrels of oil equivalent ($/boe) $44.37 $32.28 $44.47 $29.44Average field netback ($/boe) $30.81 $20.32 $29.28 $18.49--------------------------------------------------------------------- The Company is evaluating numerous prospects for drilling in the second half of 2003, and is also currently reviewing several properties for acquisition. The interim financial statements are available electronically at www.sedar.com Tesoro Energy Corp.Craig ShikazeChief Financial Officer(403) 266-4975 ext. 227(403) 262-9519 (FAX)Email: [e-mail] Energy Corp.Don BrownPresident and Chief Executive Officer(403) 266-4975 ext. 234(403) 262-9519 (FAX)Email: [e-mail] NEWS RELEASE TRANSMITTED BY CCNMatthews The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Copyright (C) 2003, CCNMatthews. All rights reserved.