CALGARY, Aug. 26 /CNW/ - Shelton Canada Corp.("Shelton" or the "Company")
(TSXV symbol "STO") is pleased to announce record consolidated revenue from
operations of $2.594 million for three months ending June 30, 2008 and
$4.629 million for the six months then ended as compared to $Nil from
continued operations for the three and six months ending May 31, 2007. In
addition, consolidated net income for the second quarter was a record $344,092
and $447,464 for the six months then ended versus net (loss) of ($240,538) for
the second quarter ending May 31, 2007 and ($448,581) for the six months then
ended. The significant improvement in revenue and net income reflects
Shelton's continued successful expansion into Ukraine.
Highlights for the second quarter ended June 30, 2008:
- Revenue increased to a record $2.594 million compared to $Nil for the
second quarter ending May 31, 2007 from continued operations.
- The Company reported record net income of $344,092 for the second
quarter as compared to a (loss) of ($240,538) for the quarter ended
- The Company continued to strengthen the balance sheet for the quarter
ending June 30, 2008 with a working capital surplus of $2,192,406 as
compared to a working capital surplus of $1,129,537 for the thirteen
months ending December 31, 2007. Including approximately 17,330 Bbls
of crude oil recorded at cost as at June 30, 2008 as compared to
12,034 for the thirteen months ending December 31, 2007.
- The Company commenced drilling of the second of the ongoing
development wells in the Lelyaki Oil Field (Well No. 307). The
drilling has reached target depth of 1,960 meters and cased. Based on
log analysis and geophysics oil has shown in the K-1 horizon. The
Company intends to complete and tie-in well No. 307 prior to the end
of the third quarter.
The Company changed its fiscal year from November 30 to December 31,
effective December 31, 2007. For the purposes of this news release,
comparisons are made to the three and six month period ending June 30, 2008
and the three and six months ending May 31, 2008 for continued operations.
These periods have not been audited or reviewed by the Company's external
auditors. Readers are advised to take this limitation into consideration when
reviewing the comparative information for the three and six months ending
June 30, 2008 and the three and six months ending May 31, 2007 from continued
About Shelton Canada Corp.:
Shelton Canada Corp. (www.sheltoncdn.com), a Canadian-based junior oil
and gas company, is focused on exploring and developing the resource-rich
basins of Ukraine. The company has an internationally experienced board of
directors and a long history of successful operations in Ukraine. These
competitive advantages have helped Shelton to build effective personal
relationships, strategic regional partnerships, and a large land position and
a portfolio of projects on and offshore. Shelton's long-term goals are to
become the leader in oil and gas production from the resource-rich Azov and
Black Sea basins in five years.
Except for statements of historical fact relating to the company, this
news release contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information in this news release
is characterized by words such as "plan", "expect", "project", "intend",
"believe", "anticipate", "estimate", and other similar words, or statements
that certain events or conditions "may" "will" or "could" occur. There are
uncertainties inherent in forward-looking information, including factors
beyond Shelton Canada Corp.'s control, and no assurance can be given that such
events will occur on time or at all. Shelton Canada Corp. undertakes no
obligation to update forward-looking information if circumstances or
management's estimates or opinions should change, except as required by law.
The reader is cautioned not to place undue reliance on forward-looking
statements. The risks and uncertainties set forth above are not exhaustive.
BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: on Shelton Canada Corp., visit
www.sheltoncdn.com; For general inquiries and investor information: Zenon
Potoczny, President & CEO, (416) 252-4101, firstname.lastname@example.org; or Richard
Edgar, Chairman, (403) 237-9996; or Hedlin Lauder Investor Relations Ltd.,
Toll Free 1-800-299-7823, Office (403) 232-6251, email@example.com