Basic Petroleum Announces Record First Quarter.NEW YORK--(BUSINESS WIRE)--May 7, 1996--Basic Petroleum International Limited announced today all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal records in production revenues, net income and earnings per share in the first quarter of 1996. First quarter net profits increased 316% to $4.37 million from $1.05 million in the first quarter of 1995. Earnings per share rose 306% to $0.69 from $0.17 in the previous year's first quarter. Net revenues reached $8.70 million, a 192% increase over the $2.99 million last year. A total of 1,210,000 barrels were produced during the quarter -- an increase of 59% over the first quarter of 1995 and the highest quarterly production in the Company's history. Production and oil truck transportation costs were reduced 35% from $6.59 per barrel in the first quarter of 1995 to $4.28 per barrel in the first quarter of 1996. The per barrel decrease resulted from the completion of the Company's second pipeline and the increase in production from the Xan field. The Company also reported that, on April 25, in an action against the government of Guatemala, local residents of the Peten area blocked a roadway preventing the Company from transporting crude from the Xan field. On April 29, the Company signed an agreement with the government whereby Basic would pave PAVE Cardiology A clinical trial–Post AV Node Ablation Evaluation and maintain the local roadways, the cost of which would be paid by the government through an offset against state participation payments under Contract 2-85. In the meantime Adv. 1. in the meantime - during the intervening time; "meanwhile I will not think about the problem"; "meantime he was attentive to his other interests"; "in the meantime the police were notified" meantime, meanwhile , the Company has temporarily halted production at its Xan field, until the above agreement is approved by an official decree decree, in law, decision of a suit in a court of equity. It is the counterpart in equity of the judgment in a court of law, although in those jurisdictions where law and equity have merged, judgment is sometimes used to include both. . A similar protest was settled in September 1994 in an agreement to pave the El Naranjo to La Libertad La Libertad can refer to:
Basic Petroleum International Limited is an oil exploration, development and refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar company. The Company's operations are in Guatemala, with executive offices in Paris and an investor relations Investor relations The process by which the corporation communicates with its investors. office in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . The Company's shares trade on the 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 National Market System under the symbol BPILF. -0- Key Figures
First Quarter First Quarter
US $000s 1996 1995
Total Production Revenue $16,739 $9,797 Net Revenues From Petroleum Operations 8,697 2,992 Net Profit 4,367 1,050 Earnings Per Share (in US$) $0.69 $0.17 Shareholders' Equity $60,564 $48,196 Production Data Production 1,210,000 763,525 Avg. Oil Sale Price/ Bbl. (US$) $13.09 $11.62 CONTACT: Stuart M. Carlisle (212) 614-4000 or Monica R. Bonner (212) 832-0474 |
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