Mountain Oil, Inc. Announces First Quarter Earnings

Apr 30, 2001, 01:00 ET from Mountain Oil, Inc.

    ROOSEVELT, Utah, April 30 /PRNewswire/ -- Mountain Oil, Inc.
 (OTC Bulletin Board:   MOLI) today announced a first quarter post-IPO loss of
 (.04) per share.  This performance represented significant improvement from
 the fourth-quarter of 2000.
     First quarter revenues were $328,083 compared to $119,838 for
 first-quarter 2000, influenced by the increased number of wells the company
 has put on line and re-completed.  First-quarter loss was $(110,900).
 However, March showed a profit of $27,359.  During the first week of April,
 $787,000 of the company's $825,000 convertible notes were converted to common
 shares.
 
     Company discusses 2001 outlook
     "We look forward to increases in sales and profit in the second quarter
 with the re-completion of additional wells."  Joseph F. Ollivier, chief
 financial officer, noted.  "We expect second-quarter earnings to be in the
 range of $.02 to $.03 per share," Ollivier added.  "For the remaining year
 2001 we anticipate earnings will continue in this positive direction.  We
 recognize that the economy is ever changing and that oil and gas prices are
 subject to many economic and political factors over which Mountain Oil has no
 control."
 
     Mountain Oil, Inc., has its headquarters in Roosevelt, Utah, which is
 located in the middle of the Uinta Basin Oil Field in Eastern Utah.  The
 company completed its SB-2 offering for $1.6 million on February 28, 2001.
 The company sells all of its current oil production to Chevron, gas production
 is sold to El Paso, formerly Costal.
 
     Forward-Looking Statements
     Certain statements in this report are "forward-looking statements."  These
 forward-looking statements can generally be identified as such because the
 content of the statement will include words such as the company "believes,"
 "anticipates," "estimates," "expects," "projects," or words of similar import.
     Although the company believes that its estimates are based upon reasonable
 assumptions within the bounds of its knowledge of its business, there can be
 no assurance that the results expressed in forward-looking statements will be
 realized.  Although a significant portion of the company's sales are derived
 from the company's currently producing wells, and such sales are therefore
 less volatile, numerous factors may affect actual results and cause results to
 differ materially from those expressed in forward-looking statements made by,
 or on behalf of, the company.  Among such factors are the instability in oil
 and gas prices, the state of the domestic economy, and the successful
 implementation of re-completion projects.
     All subsequent written and oral forward-looking statements attributable to
 the company, or persons acting on its behalf, are expressly qualified in their
 entirety by these cautionary statements.
 
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SOURCE Mountain Oil, Inc.
    ROOSEVELT, Utah, April 30 /PRNewswire/ -- Mountain Oil, Inc.
 (OTC Bulletin Board:   MOLI) today announced a first quarter post-IPO loss of
 (.04) per share.  This performance represented significant improvement from
 the fourth-quarter of 2000.
     First quarter revenues were $328,083 compared to $119,838 for
 first-quarter 2000, influenced by the increased number of wells the company
 has put on line and re-completed.  First-quarter loss was $(110,900).
 However, March showed a profit of $27,359.  During the first week of April,
 $787,000 of the company's $825,000 convertible notes were converted to common
 shares.
 
     Company discusses 2001 outlook
     "We look forward to increases in sales and profit in the second quarter
 with the re-completion of additional wells."  Joseph F. Ollivier, chief
 financial officer, noted.  "We expect second-quarter earnings to be in the
 range of $.02 to $.03 per share," Ollivier added.  "For the remaining year
 2001 we anticipate earnings will continue in this positive direction.  We
 recognize that the economy is ever changing and that oil and gas prices are
 subject to many economic and political factors over which Mountain Oil has no
 control."
 
     Mountain Oil, Inc., has its headquarters in Roosevelt, Utah, which is
 located in the middle of the Uinta Basin Oil Field in Eastern Utah.  The
 company completed its SB-2 offering for $1.6 million on February 28, 2001.
 The company sells all of its current oil production to Chevron, gas production
 is sold to El Paso, formerly Costal.
 
     Forward-Looking Statements
     Certain statements in this report are "forward-looking statements."  These
 forward-looking statements can generally be identified as such because the
 content of the statement will include words such as the company "believes,"
 "anticipates," "estimates," "expects," "projects," or words of similar import.
     Although the company believes that its estimates are based upon reasonable
 assumptions within the bounds of its knowledge of its business, there can be
 no assurance that the results expressed in forward-looking statements will be
 realized.  Although a significant portion of the company's sales are derived
 from the company's currently producing wells, and such sales are therefore
 less volatile, numerous factors may affect actual results and cause results to
 differ materially from those expressed in forward-looking statements made by,
 or on behalf of, the company.  Among such factors are the instability in oil
 and gas prices, the state of the domestic economy, and the successful
 implementation of re-completion projects.
     All subsequent written and oral forward-looking statements attributable to
 the company, or persons acting on its behalf, are expressly qualified in their
 entirety by these cautionary statements.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21178666
 
 SOURCE  Mountain Oil, Inc.