Ness Energy International, Inc. Announces Financial Results
for the First Quarter 2005
Ness Reported that Quarterly Net Income is Highest in Company
History, and also Reported Continued Positive Cash Flows from
Operations
1st
Quarter 2005 Financials (PDF)
WILLOW PARK, TEXAS, U.S.A./NETANYA, ISRAEL, May 18, 2005 /PR
Newswire - FirstCall/ -- Ness Energy International, Inc.
(OTC:BB:NESS) today announced the financial results for its first
quarter ended March 31, 2005.
The Company reported net income for the three months ended
March 31, 2005 of $300,000 compared to net loss of ($736,000) for
the same period ended March 31, 2004 for a $0.00 and ($0.01) per
share respectively. The growth in income is primarily due to
increased revenues from well management and tighter controls on
expenses.
Oil and gas revenue reported for the three-month period ended
March 31, 2005, were $1.4 million as compared to $36,000 for the
same period in 2004. The significant increase in revenues is due
mainly to well management services delivered, and increased number
of wells now producing.
Sha Stephens, President and CEO of Ness Energy International
commented, "We have worked very hard to achieve the objectives of
the company for our shareholders. This hard work is evident in the
company's first quarter of profitability. We will continue
our pursuit of positive cash flows and profits which should in
turn create greater shareholder value".
About Ness - The Vision
Ness Energy is an aggressive, emerging oil and gas company
building on deals that make sense. Ness Energy operates interests
in the Ft. Worth Basin and the Coastal Plains regions of Texas.
Ness is also a very active player in the energy industry in
Israel, carrying out The Vision of The Company. Ness Energy is
building aggressively through Merger, Acquisitions, Drilling,
Re-Work and Re-Entry.
Certain Information
The information contained in this press release must be read in
conjunction with the Company's recently filed 10-KSB and does not
constitute a full and complete report of the Company's financial
condition. Certain statements above are forward-looking based on
Management's expectations or estimates, subject to change. Words
like "anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates" and similar identify them. They are not
guarantees of performance or otherwise and are subject to risks,
uncertainties and other factors, some beyond control and difficult
to predict. Therefore, outcomes may differ materially from these
statements. Do not place undue reliance on them. Unless legally
required, the Company undertakes no obligation to update publicly
any forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are referred to
the documents filed by Ness Energy International, Inc. with the
SEC, including the Company's most recent report on Form 10-KSB,
which identify important risk factors that could cause actual
results to differ from those contained in the forward-looking
statements.
CONTACT:
Ness Energy International, Inc.
Tina Sbriglia - Investor
Relations
(817) 341-1477 or info@nessenergy.com
Visit us on the web at http://www.nessenergy.com/