Arch Petroleum Inc. announces first quarter results; record oil & gas sales.FORT WORTH, Texas--(BUSINESS WIRE)--May 16, 1996--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 is reporting net income of $488,000 ($0.01 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) ) from revenues of $19.77 million for the first quarter ended March 31, 1996. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses before changes in working capital was $1,668,000 for the quarter. Arch reported a net loss of $279,000 ($0.04 per common share after preferred dividends) from revenues of $14.0 million for the comparable quarter in 1995. Larry Kalas KALAS Korean Association for Laboratory Animal Science , president of Arch, stated, "Oil and gas revenues continued to strengthen at $5.642 million with oil production at a company record of 112,700 barrels and natural gas production of 1.910 billion cubic feet for the quarter. Revenues were also boosted by stronger natural gas and oil prices. "Our acquisition and consolidation of Trax Petroleums Limited occupied much of the quarter, but the pay-off will be realized as we begin our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. drilling program in June. Four wells were drilled and completed 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). during the quarter and drilling will resume there in June as well." -0-
ARCH PETROLEUM INC.
CERTAIN FINANCIAL HIGHLIGHTS
May 16, 1996
(000's except per share data and product prices)
CONSOLIDATED STATEMENTS OF OPERATIONS
QUARTER QUARTER
ENDED ENDED
03/31/96 03/31/95
---------- ----------
TOTAL REVENUES $ 19,765 $ 14,047
NET INCOME (LOSS) BEFORE DIVIDENDS 488 (279)
DIVIDENDS 400 400
INCOME (LOSS) PER COMMON SHARE 0.01 (0.04)
WEIGHTED AVERAGE COMMON AND
EQUIVALENT SHARES OUTSTANDING 17,237 17,205
PRODUCTION VOLUMES AND PRODUCT PRICES
OIL - Barrels 138.2 87.3
GAS - MCF 1,943.9 1,283.8
BOE - Mcf to 1 Bbl, equivalent
(U.S. = 6; Canada = 10) 460.0 301.2
Average oil price received $ 18.83 $ 17.30
Average gas price received $ 1.60 $ 1.33
CONSOLIDATED BALANCE SHEETS
03/31/96 12/31/95
-------- --------
TOTAL ASSETS $ 90,191 $ 79,762
LONG-TERM DEBT 27,045 17,821
CONVERTIBLE SUBORDINATED NOTES 5,000 5,000
EXCHANGEABLE CONVERTIBLE PREFERRED STOCK 20,000 20,000
COMMON SHAREHOLDERS' EQUITY 7,749 7,595 Arch Petroleum 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. . It owns interests in domestic producing properties located in Texas and 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). and in Canadian producing properties in Alberta through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Trax Petroleums Limited. Arch also holds interests in gas gathering and transmission through its subsidiaries, Saginaw Pipeline Company, L.C. 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 Company, L.C. CONTACT: Arch Petroleum Inc., Fort Worth Ralph Manoushagian, 817/332-9209 or 800/772-8558 |
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