CREDO Petroleum reports improved first quarter results.DENVER--(BUSINESS WIRE)--March 23, 1995--CREDO Petroleum Corp. reported today that for the first quarter ended Jan. 31, 1995, net income tripled on a 19% increase in revenues. 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 increased 50% to $277,000. For the quarter, net income was $86,000, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenues of $556,000, compared with net income of $27,000, or 1 cent per share, on revenues of $469,000 last year. Improved financial results were driven by a 23% increase in gas sales volumes to 125 million cubic feet in the first quarter compared to 102 million cubic feet last year. The significant gas volume increase resulted from completion of three new gas wells in Oklahoma Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). in the first quarter, and production from a recently acquired interest in Southfork Southfork can refer to:
Oil sales volumes increased 12% to 12,000 barrels compared to 10,700 barrels last year. Average daily production increased 19% to 357 equivalent barrels. First quarter gas price realizations were $1.67 per Mcf including hedging gains of 21 cents per Mcf. Compared to $1.92 per Mcf last year, first quarter realizations were down 24% prior to the effect of hedging gains and down 13% after hedging gains. Oil price realizations increased 19% to $15.76 per barrel barrel: see English units of measurement. compared to $13.26 last year. At first quarter-end, total assets were $8,593,000 including cash and temporary cash investments of $2,414,000. Working capital totaled $2,393,000 and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $7,612,000. The company had no debt. The company recently completed drilling an 8,100-foot Chester Chester, city and district, England Chester, city (1991 pop. 80,154) and district, Cheshire, W central England, on a sandstone height above the Dee River. It is a railroad junction. Manufactures include electrical equipment, paint, and window panes. formation test in Beaver County Beaver County is the name of three counties in the United States:
During the first quarter of 1995, the company purchased 54,000 shares, or 2% of its outstanding common stock in open market transactions. Through its continuing share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, CREDO has acquired 12.4% of its outstanding common stock. CREDO Petroleum Corp. is a publicly traded independent oil and gas company based in Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. . The company's stock is traded 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 System under the symbol ``CRED'' and is quoted daily in the "NASDAQ Small-Cap Small-cap A stock with a small capitalization, meaning a total equity value of less than $500 million. small-cap 1. Of or relating to the common stock of a relatively small firm having little equity and few shares of common stock Issues" section of The Wall Street Journal. -0-
CREDO Petroleum Corp.
First Quarter Financial Highlights
Quarter Ended
1/31/95 1/31/94
Condensed Operating
Information
Revenues:
Oil and gas sales $ 400,000 $ 337,000
Operating 112,000 104,000
Interest and other 44,000 28,000
556,000 469,000
Expenses:
General and administrative 139,000 137,000
Depreciation, depletion,
and amortization 141,000 140,000
Oil and gas
production 144,000 150,000
424,000 427,000
Income before
income taxes 132,000 42,000
Income taxes (46,000) (15,000)
Net income $ 86,000 $ 27,000
Net income per share $ .03 $ .01
Weighted average
shares outstanding 3,227,000 3,333,000
Condensed Balance Sheet Information
1/31/95 10/31/94
(First Quarter End) (Fiscal Year End)
Unaudited Audited
Cash and temporary cash
investments $ 2,414,000 $ 3,062,000
Other current assets 484,000 417,000
Oil and gas properties, net 5,284,000 5,235,000
Other assets $ 411,000 $ 436,000
$ 8,593,000 $ 9,150,000
Current liabilities $ 505,000 $ 1,105,000
Deferred income taxes 476,000 430,000
Stockholders' equity 7,612,000 7,615,000
$ 8,593,000 $ 9,150,000
CONTACT: CREDO Petroleum, Denver B. J. Sullivan, 303/297-2200 |
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