American Resources Offshore, Inc. Announces Year End Earnings

Apr 02, 2001, 01:00 ET from American Resources Offshore, Inc.

    HOUSTON, April 2 /PRNewswire/ -- American Resources Offshore, Inc.
 (OTC Bulletin Board:   GASS) reported a net loss of $567,000 for the year ended
 December 31, 2000, compared to a net income of $18.6 million for the year
 ended December 31, 1999.  The 2000 results included an impairment of $769,000
 of unproved leases which are scheduled to expire in 2001 for which there are
 no plans to drill, an impairment of $383,000 for proved leases and a provision
 for a contingent future payment to the Company's previous senior debt holder
 of $550,000.  The contingent future payment is based upon the cumulative net
 revenues from the Company's proved reserves exceeding a certain amount for the
 three-year period ending December 31, 2001.  The 1999 results included a
 corporate restructuring that included the sale of all of its' Appalachian
 properties and 80% of its Gulf of Mexico properties, with most of the proceeds
 used to partially pay down secured indebtedness.  An extraordinary gain of
 $45.4 million was recorded in December 1999, for the forgiveness of certain of
 the Company's secured indebtedness.
 
 
                                   Year Ended
                                  December 31,
                             (Dollars in thousands,
                               except share data)
 
                                                                  Net Change
                                        2000           1999      2000 vs 1999
 
     Revenues                         $5,233         $22,523      $(17,290)
     Loss before extraordinary gain    $(567)       $(26,768)     $ 26,201
     Extraordinary gain                 $---         $45,366      $(45,366)
     Net income (loss)                 $(567)       $ 18,598      $(19,165)
     Net income (loss) per
      common share (basic)             $(.01)          $1.12        $(1.13)
 
 
     For the quarter ended December 31, 2000, the Company reported a net loss
 of $1.1 million compared to net income of $28.8 million for the quarter ended
 December 31, 1999.  Fourth quarter 2000 results included the impairment
 charges and the future contingent payment described above.  Fourth quarter
 1999 results included the extraordinary gain from forgiveness of debt
 resulting from its' corporate restructuring described above.
 
 
                                 Quarter Ended
                                  December 31,
                             (Dollars in thousands,
                               except share data)
 
                                                                   Net Change
                                       2000            1999       2000 vs 1999
 
     Revenues                         $1,710          $3,953       $(2,243)
     Loss before extraordinary gain  $(1,068)       $(16,531)      $15,463
     Extraordinary gain                 $---         $45,366      $(45,366)
     Net income (loss)               $(1,068)        $28,835      $(29,903)
     Net income (loss) per
      common share (basic)             $(.02)          $1.12       $ (1.14)
 
 
     There are currently 51,283,590 shares of common stock and 39,682 shares of
 preferred stock issued and outstanding.
     American Resources Offshore, Inc. is engaged in the exploration and
 acquisition of oil and gas properties.  Questions should be directed to
 Haavard Strommen, Manager of Finance, at the Company's offices in Houston,
 Texas, 713-227-7660.
 
 

SOURCE American Resources Offshore, Inc.
    HOUSTON, April 2 /PRNewswire/ -- American Resources Offshore, Inc.
 (OTC Bulletin Board:   GASS) reported a net loss of $567,000 for the year ended
 December 31, 2000, compared to a net income of $18.6 million for the year
 ended December 31, 1999.  The 2000 results included an impairment of $769,000
 of unproved leases which are scheduled to expire in 2001 for which there are
 no plans to drill, an impairment of $383,000 for proved leases and a provision
 for a contingent future payment to the Company's previous senior debt holder
 of $550,000.  The contingent future payment is based upon the cumulative net
 revenues from the Company's proved reserves exceeding a certain amount for the
 three-year period ending December 31, 2001.  The 1999 results included a
 corporate restructuring that included the sale of all of its' Appalachian
 properties and 80% of its Gulf of Mexico properties, with most of the proceeds
 used to partially pay down secured indebtedness.  An extraordinary gain of
 $45.4 million was recorded in December 1999, for the forgiveness of certain of
 the Company's secured indebtedness.
 
 
                                   Year Ended
                                  December 31,
                             (Dollars in thousands,
                               except share data)
 
                                                                  Net Change
                                        2000           1999      2000 vs 1999
 
     Revenues                         $5,233         $22,523      $(17,290)
     Loss before extraordinary gain    $(567)       $(26,768)     $ 26,201
     Extraordinary gain                 $---         $45,366      $(45,366)
     Net income (loss)                 $(567)       $ 18,598      $(19,165)
     Net income (loss) per
      common share (basic)             $(.01)          $1.12        $(1.13)
 
 
     For the quarter ended December 31, 2000, the Company reported a net loss
 of $1.1 million compared to net income of $28.8 million for the quarter ended
 December 31, 1999.  Fourth quarter 2000 results included the impairment
 charges and the future contingent payment described above.  Fourth quarter
 1999 results included the extraordinary gain from forgiveness of debt
 resulting from its' corporate restructuring described above.
 
 
                                 Quarter Ended
                                  December 31,
                             (Dollars in thousands,
                               except share data)
 
                                                                   Net Change
                                       2000            1999       2000 vs 1999
 
     Revenues                         $1,710          $3,953       $(2,243)
     Loss before extraordinary gain  $(1,068)       $(16,531)      $15,463
     Extraordinary gain                 $---         $45,366      $(45,366)
     Net income (loss)               $(1,068)        $28,835      $(29,903)
     Net income (loss) per
      common share (basic)             $(.02)          $1.12       $ (1.14)
 
 
     There are currently 51,283,590 shares of common stock and 39,682 shares of
 preferred stock issued and outstanding.
     American Resources Offshore, Inc. is engaged in the exploration and
 acquisition of oil and gas properties.  Questions should be directed to
 Haavard Strommen, Manager of Finance, at the Company's offices in Houston,
 Texas, 713-227-7660.
 
 SOURCE  American Resources Offshore, Inc.