CREDO Petroleum reports results.DENVER--(BUSINESS WIRE)--Jan. 19, 1995--CREDO Petroleum Corp. reported today that for the fiscal year ended Oct. 31, 1994, net income was $150,000 or 5 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 $1,931,000, compared to a net loss of $576,000, or 17 cents per share, on revenues of $2,123,000 last year. Cash flow from operating activities increased 15% to $969,000 in 1994 compared to $843,000 last year. The prior year loss resulted from a $210,000 one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. caused by adoption of a new tax accounting rule, and a non-cash charge to write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. oil and gas properties to reflect lower reserve values resulting from oil prices falling to five-year lows in late 1993. At Oct. 31, 1994, working capital was $2,374,000. Total assets were $9,150,000 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $7,615,000 or $2.33 per share. Cash and cash investments totaled $3,062,000, and the company had no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Gas production for 1994 totaled 403 million cubic feet, up slightly from last year. Crude oil production was 49,000 barrels in both years. The average wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. gas price received in 1994 declined 5% to $1.66 per thousand cubic feet compared to $1.74 last year. Oil prices received averaged $14.86 per barrel, down 13% from $17.06 last year. The decline in oil and gas sales was solely due to lower product prices in 1994. Reserves at Oct. 31, 1994, increased 24% to a record 1,228,000 equivalent barrels of oil compared to 991,000 barrels last year. The reserve increase was due to additions from both producing property acquisitions and exploration and development drilling. Late in the year, the company purchased interests in 14 wells and four development drilling locations located in Woods and Cleveland counties Cleveland County is the name of several counties in the United States:
During the last month of fiscal 1994, the company participated with interests ranging from 2% to 50%, in drilling three successful 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). . The income and cash flow from these projects will begin to be realized in fiscal 1995. The company's annual report is expected to be mailed in early February February: see month. . The annual meeting of stockholders will be held in Denver on Thursday, March 23, 1995, at 2:30 p.m., MST See micro systems technology. , at the Norwest Bank Denver, Forum Room. CREDO Petroleum Corp. is a publicly traded independent oil and gas company based in Denver. 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 "NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). Bid & Asked Quotations" section of The Wall Street Journal. -0-
CREDO Petroleum Corp.
Fiscal Year-End Financial Highlights
Year Ended
10/31/94 10/31/93
Condensed Operating
Information
Revenues:
Oil and gas sales $1,396,000 $1,542,000
Operating 414,000 451,000
Interest and other 121,000 130,000
1,931,000 2,123,000
Expenses:
General and administrative 593,000 572,000
Depreciation, depletion,
and amortization 512,000 680,000
Impairment of property costs - 860,000
Oil and gas
production 597,000 612,000
1,702,000 2,724,000
Income (loss) before
income taxes 229,000 (601,000)
Income taxes (79,000) 226,000
Income (loss) before
accounting change 150,000 (375,000)
Income tax accounting change - (201,000)
Net income (loss) $ 150,000 $(576,000)
Weighted average
shares outstanding 3,308,000 3,336,000
Income (loss) per share before
tax accounting change $ .05 $ (.11)
Net income (loss) per share $ .05 $ (.17)
Condensed Balance Sheet Information
10/31/94 10/31/93
Cash and temporary cash
investments $ 3,062,000 $ 2,828,000
Other current assets 417,000 498,000
Other long-term assets, net 436,000 525,000
Oil and gas properties, net 5,235,000 4,596,000
$ 9,150,000 $ 8,447,000
Current liabilities $ 1,105,000 $ 563,000
Deferred income taxes 430,000 307,000
Stockholders' equity 7,615,000 7,577,000
$ 9,150,000 $ 8,447,000
CONTACT: CREDO Petroleum, Denver B. J. Sullivan, 303/297-2200 |
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