Shelton Canada Corp. (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 2007.
- 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 operations. -- www.cnxmarketlink.com
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