Arch Petroleum Inc. announces third quarter results.Petroleum Inc. (Nasdaq: ARCH) announced Monday that it was reporting a net loss of $327,000 ($.04 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 $18.7 million for the quarter ended Sept. 30, 1995. Cash flows from operations before changes in working capital was $448,000 for the quarter. Arch reported a net loss of $169,000 ($.01 per common share) on revenues of $26.8 million for the comparable period in 1994. For the nine months ended Sept. 30, 1995, the company reported a net loss of $170,000 ($.08 per common share after preferred dividends) on revenues of $49.6 million vs. a net loss of $589,000 ($.03 per common share) on revenues of $69.7 million for the nine months ended Sept. 30, 1994. Arch's President, Larry Kalas KALAS Korean Association for Laboratory Animal Science , stated, "Oil and natural gas production averaged 1,125 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. and 24,540 MCF MCF malignant catarrhal fever. per day during the quarter, which represents a 23 percent and 213 percent increase, respectively, in production over the third quarter of last year. "Oil and natural gas prices were down 5 percent and 21 percent, respectively, from the same period last year. Exploration expense totaled $507,000 which included costs related to two unsuccessful exploratory wells drilled in our Stratford prospect area. "We have drilled three successful wells in our infill in·fill n. 1. The use of vacant land and property within a built-up area for further construction or development, especially as part of a neighborhood preservation or limited growth program. 2. drilling 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). and are very encouraged about the results. Gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. on volumes of natural gas sold or transported by our pipeline subsidiaries continued to improve." 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 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. -0- ARCH PETROLEUM INC. CERTAIN FINANCIAL HIGHLIGHTS NOVEMBER 17, 1995 (000's except per share data and product prices) CONSOLIDATED STATEMENTS OF OPERATIONS -------------------------------------
QUARTER NINE MONTHS
ENDED ENDED
9/30/95 9/30/94 9/30/95 9/30/94
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TOTAL REVENUES $18,741 $26,764 $49,600 $69,725 NET LOSS BEFORE DIVIDENDS 327 169 170 589 DIVIDENDS 400 -- 1,200 -- LOSS PER COMMON SHARE 0.04 0.01 0.08 0.03 WEIGHTED AVERAGE COMMON AND EQUIVALENT SHARES OUTSTANDING 17,233 17,244 17,198 17,251 PRODUCTION VOLUMES AND PRODUCT PRICES -------------------------------------
QUARTER NINE MONTHS
ENDED ENDED
9/30/95 9/30/94 9/30/95 9/30/94
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OIL - Barrels 103.5 84.4 280.8 203.1
GAS - MCF 2,258.0 721.0 5,677.6 1,799.4
BOE - 6 Mcf to 1 Bbl,
equivalent 479.9 204.6 1,227.1 503.0
Average oil price received $ 15.89 $ 16.77 $ 17.34 $ 16.11
Average gas price received $ 1.25 $ 1.58 $ 1.30 $ 1.73
CONSOLIDATED BALANCE SHEETS ---------------------------
9/30/95 12/31/94
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TOTAL ASSETS $ 78,922 $ 76,724 LONG-TERM DEBT 15,398 9,632 CONVERTIBLE SUBORDINATED NOTES 5,000 5,000 EXCHANGEABLE CONVERTIBLE PREFERRED STOCK 20,000 20,000 COMMON SHAREHOLDERS' EQUITY 7,991 9,490 CONTACT: Arch Petroleum Inc. Ralph Manoushagian, 817/332-9209, 800/772-8558 |
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