Aviva announces first quarter results and operating update.DALLAS--(BUSINESS WIRE)--May 7, 1996--Aviva Petroleum Inc. (AMEX AMEX See: American Stock Exchange :AVV AVV Adviesdienst Verkeer en Vervoer AVV Augsburger Verkehrsverbund (German) AVV Aachener Verkehrsverbund GmbH (German) AVV Aruba Exempt Company ), the Dallas-based oil and gas exploration and production company, reports a net loss of $451,000 ($.01 per common share) for the three months ended March 31, 1996 compared with a net loss of $574,000 ($.02 per common share) for the first quarter of 1995. Revenues for the period were $3,533,000 compared to $2,370,000 for the first quarter of 1995. Colombian oil revenues were more than $1 million higher due to volume and price increases. U.S. oil and gas revenues were higher due to price increases for both oil and gas. Operating costs operating costs npl → gastos mpl operacionales were held at the same level as the prior year, despite volume increases in Colombia, and general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. were reduced by 14 percent from the 1995 level. Further reductions in general and administrative costs are in progress, and effective in June the Board of Directors will be reduced from seven members to four. Depreciation, depletion and amortization charges were up $700,000 over 1995, primarily due to an increase in Colombian oil volumes of 48,000 barrels over the prior year. Our development drilling program for 1996 was kicked off on May 5 with the commencement of the Toroyaco 4 well, to be followed by Linda 4, Toroyaco 5 and Linda 5. These prospects, enhanced by 3D seismic data acquired in 1995, are expected to increase existing production levels substantially. This in turn should further improve net cash provided by operating activities, which was $2.2 million in the first quarter 1996 vs. a negative $.1 million in the prior year first quarter. Ron Suttill, chief executive officer said: "The higher level of oil and gas prices experienced in the first quarter has endured well into the second quarter, and our debt situation was comfortably restructured in March. With major expenditures on facilities, pipeline, road and other infrastructure in Colombia now behind us, we are looking forward to an active summer in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east , with a key development/exploratory test at Main Pass 41, and maturing of development/exploratory prospects from new 3D seismic data at Breton Sound Breton Sound is a sound and a part of the coastline of the U.S. state of Louisiana; it is near Lake Pontchartrain. Two ships in the United States Navy have been named the USS Breton after this area. Block 31. The following Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statement of Operations See Income statement. (unaudited) will shortly be filed with the U.S. Securities and Exchange Commission, as part of the Company's first quarter report on Form 10-Q Form 10-Q See 10-Q. . This is available upon request from the Company Secretary, 8235 Douglas Avenue, Suite 400, Dallas, Texas “Dallas” redirects here. For other uses, see Dallas (disambiguation). The City of Dallas (pronounced [ˈdæl.əs] or [ˈdæl. 75225. Aviva Petroleum is engaged in the exploration for and the development and production of oil and gas in Colombia and onshore and offshore in the United States. Its common stock is also quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (symbol "AVP AVP arginine vasopressin. "). -0-
AVIVA PETROLEUM INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
1996 1995
-------- --------
Oil and gas sales $ 3,533 $ 2,370
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Expense:
Production 1,230 1,232
Depreciation, depletion, and
amortization 1,784 1,078
General and administrative 528 611
Severance 172 -
-------- --------
Total expense 3,714 2,921
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Other income (expense):
Interest and other income
(expense), net 72 29
Interest expense (204) (89)
Debt refinancing expense (100) -
-------- --------
Total other income (expense) (232) (60)
-------- --------
Loss before income taxes (413) (611)
Income taxes (benefits) 38 (37)
-------- --------
Net loss $ (451) $ (574)
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Weighted average common shares
outstanding 31,483 31,483
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Net loss per common share $ (0.01) $ (0.02)
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CONTACT: Aviva Petroleum Inc. Ron Suttill, 214/691-3464. |
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