CASPEN OIL REPORTS RESULTS
CASPEN OIL REPORTS RESULTS LAKEWOOD, Colo., March 24 /PRNewswire/ -- Caspen Oil Inc.
(AMEX: CNO) reported oil and gas sales of $1,112,674 for the first six months of fiscal 1992, as compared to $2,060,540 for the like period in the prior year. Total revenues for the six months ended Jan. 31, 1992 were $1,184,970 as compared to total revenues for the first six months of fiscal 1991 of $4,087,011, due largely to a $1,716,007 gain on sale of oil and gas property during fiscal 1991. Caspen's net loss for the period was $457,651 compared to a net income of $1,211,168 for the like period in fiscal 1991.
After preferred dividend requirements, the company recorded loss applicable to the common stock of $810,727, or 5 cents per share; compared to income in the prior year of $858,092, or 6 cents per share. Caspen Oil is an American Stock Exchange listed company engaged in oil and gas exploration, production and acquisitions primarily in the Southwestern United States. On Jan. 31, 1992, the company had 14,921,045 common shares issued and outstanding owned by approximately 5,000 shareholders. Caspen's common and preferred stock trade on the American Stock Exchange under the symbols "CNO" and "CNOP," respectively. CASPEN OIL INC. Jan. 31, July 31, 1992 1991 Total assets $5,463,250 $6,031,302 Total shareholders' equity $2,789,956 $3,247,607 Long-term debt $2,000,000 $2,000,000 Current portion of long-term debt --- --- Six Months Ended Jan. 31, 1992 1991 Revenues from operations $1,184,970 (a) $2,371,004 Gain on sale of oil and gas prop. --- $1,716,007 Expenses $1,642,621 (a) $2,875,843 Net loss from operations $(457,651) $(504,839) Net income (loss) $(457,651) (a) $1,211,168 Dividend requirements on preferred stock $353,076 $353,076 Income (loss) applicable to common stock $(810,727) (a) $858,092 Common shares issued and outstanding 14,921,045 14,921,045 Income (loss) per common share $(.05) $.06 Net cash provided by (used in) operating activities $(122,980) (a) $1,014,518 (a) The above referenced categories reflect significant changes due to the sale of various oil and gas properties as detailed in the Dec. 14, 1990 press release. -0- 3/24/92 /CONTACT: Gary N. Davis of Caspen Oil, 303-987-0925/ (CNO) CO: Caspen Oil Inc. ST: Colorado IN: OIL SU: ERN
BB -- DV005 -- 0945 03/24/92 09:54 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 24, 1992|
|Previous Article:||HO-LEE-CHOW AWARDS 80-STORE AGREEMENT TO DEVELOP THE ENTIRE STATE OF OHIO BY 2003|
|Next Article:||CYBER DIGITAL RAISES CAPITAL|