ARCH PETROLEUM INC. ANNOUNCES SECOND QUARTER RESULTS OIL & GAS PRODUCTION UP 48 PERCENT.FORT WORTH, Texas--(BUSINESS WIRE)-- Aug. 16, 1995--Arch Petroleum Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ARCH) announced today that it was reporting net income of $435,000 ($.00 per common share after preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) ) on revenues of $16.8 million for the quarter ended June 30, 1995. Cash flows from operations before changes in working capital was $724,000. Arch reported a net loss of $170,000 ($.01 loss per common share) on revenues of $25.5 million for the comparable period in 1994. For the six months ended June 30, 1995, the company reported net income of $156,000 ($.04 loss per common share after preferred dividends) on revenues of $30.9 million vs. a net loss of $420,000 ($.02 loss per common share) on revenues of $43.0 million for the six months ended June 30, 1994. Larry Kalas KALAS Korean Association for Laboratory Animal Science , Arch's president, stated, "We are pleased to report profitability for this quarter and expect that the tone is set for the remainder of 1995. Compared to the previous quarter, produced volumes of oil and gas were up 48 percent to 446,000 BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip . We are seeing the benefits of increased gas production from the company's interest in the Keystone Field in Winkler County, Texas Winkler County is a county located in the U.S. state of Texas. In of 2000, its population was 7,173. Its county seat is Kermit6. The county is named for Clinton M. Winkler, a Colonel in the Confederate Army. Geography According to the U.S. and our successful exploitation program in Lea County, New Mexico Lea County is a county located in the U.S. state of New Mexico. As of 2000, the population was 55,511. Its county seat is Lovington6. Geography According to the U.S. Census Bureau, the county has a total area of 11,380 km² (4,394 mi²). , but those benefits are dampened somewhat by soft product prices. Gross margins in Saginaw Pipeline and Onyx onyx (ŏn`ĭks), variety of cryptocrystalline quartz, differing from agate only in that the bands of which it is composed are parallel and regular. Pipeline have improved while our overall pipeline natural gas sales are down, due in part to the lower prices." As previously announced, the company has begun drilling its first well in its Stratford prospect in Sherman and Dallas Counties, Texas. The well has not reached total depth at the time of this release. Two more exploratory wells are slated for this project in 1995. Arch Petroleum Inc. is an independent oil and gas exploration and production company headquartered in Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , with interests in producing properties in Texas, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , Oklahoma, Louisiana and North Dakota North Dakota, state in the N central United States. It is bordered by Minnesota, across the Red River of the North (E), South Dakota (S), Montana (W), and the Canadian provinces of Saskatchewan and Manitoba (N). . Arch holds interests in gas gathering and transmission through its subsidiaries Saginaw Pipeline Company, L.C. and Onyx Pipeline Company, L.C. -0- ARCH PETROLEUM INC. AUGUST 15, 1995
QUARTER QUARTER
ENDED ENDED
(000's except per share data) 6/30/95 6/30/94
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TOTAL REVENUES $16,813 $25,510 NET INCOME (LOSS) BEFORE DIVIDENDS $ 435 $ (170) DIVIDENDS $ 400 -- INCOME (LOSS) PER COMMON SHARE -- $ (.01)
WEIGHTED AVERAGE COMMON AND
EQUIVALENT SHARES OUTSTANDING 17,167 17,257
QUARTER YEAR
ENDED ENDED
6/30/95 12/31/94
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TOTAL ASSETS $80,311 $78,025 LONG-TERM DEBT $15,376 $ 9,632 CONVERTIBLE SUBORDINATED NOTES $ 5,000 $ 5,000
EXCHANGEABLE CONVERTIBLE
PREFERRED STOCK $20,000 $20,000
COMMON SHAREHOLDERS' EQUITY $ 8,601 $ 9,490 CONTACT: Arch Petroleum, Inc. Ralph Manoushagian, 817-332-9209/800-772-8558 |
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