CREDO Petroleum reports that earnings doubled on a 10% revenue increase.DENVER--(BUSINESS WIRE)--Sept. 21, 1995--CREDO Petroleum Corp. (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 :CRED) reported today that for the nine months ended June June: see month. 31, 1995, net income doubled to $188,000, or 6 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 $1,600,000 compared to $93,000, or 3 cents per share, on revenues of $1,458,000 last year. 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 22% to $710,000. For the quarter ended July July: see month. 31, 1995, net income increased 64% to $54,000, or 2 cents per share, on revenues of $524,000, compared to $33,000 or 1 cent per share, on revenues of $503,000 last year. Improved financial results were driven by a 12% increase in gas volumes sold. Gas production increased to 340 million cubic feet despite 17 of the company's gas wells being shut-in shut-in n. A person confined indoors by illness or disability. adj. 1. Confined to a home or hospital, as by illness. 2. Disposed to avoid social contact; excessively withdrawn or introverted. or curtailed in the third quarter due to low gas prices. Oil sales volumes declined 6% to 34,200 barrels due to the sale of marginal wells and loss of oil production associated with shut-in gas wells. Gas price realizations for the nine months fell 5% to $1.67 per Mcf compared to $1.75 per Mcf last year. Net 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 prices averaged $1.32 per Mcf, down 25% from last year, but were supplemented in 1995 by hedging gains of 35 cents per Mcf. Oil price realizations increased 15% to $16.58 per barrel compared to $14.47 last year. Third quarter gas price realizations increased 12% to $1.71 per Mcf compared to $1.53 per Mcf last year. Net wellhead gas prices averaged $1.26 per Mcf, down 18% from last year, but were supplemented in 1995 by hedging gains of 45 cents per Mcf. Oil price realizations were $16.89 per barrel compared to $16.95 last year. Two gas wells were placed on production after third quarter-end. The Brinkman Brinkman is the surname of:
Initial producing rates are approximately 500 Mcf of gas per day on the 9/64ths choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. . The Britz For Britz in the district of Barnim, see Britz, Brandenburg. Britz is part of the Berlin district of Neukölln. It is known for being the site of the transmission facility of RIAS, now Deutschlandradio. No. 1 well located in Sweetwater County, Wyo., was recompleted in the Frontier formation with initial producing rates of 400 Mcf of gas per day on an 11/64ths choke. CREDO owns 46% and 25% of the wells, respectively, and is the operator of both wells. At third quarter-end, total assets were $8,626,000 including cash and temporary cash investments of $2,570,000. Working capital totaled $2,552,000, 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 $7,686,000. During the year, 71,000 shares of treasury stock were purchased bringing total repurchased shares to 471,000, or 13% of shares issued. CREDO Petroleum Corp. is a publicly traded independent oil and gas company based in Denver. The company's stock is traded on the NASDAQ 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.
Financial Highlights
Nine Months Ended Quarter Ended
7/31/95 7/31/94 7/31/95 7/31/94
Condensed Operating Information (Unaudited)
Revenues:
Oil and Gas
Sales $1,134,000 $1,059,000 $366,000 $364,000
Operating 317,000 310,000 101,000 102,000
Interest and Other 149,000 89,000 57,000 37,000
1,600,000 1,458,000 524,000 503,000
Expenses:
General and
Administrative 432,000 417,000 145,000 145,000
Depreciation,
Depletion and
Amortization 412,000 434,000 130,000 148,000
Oil and Gas
Production 467,000 459,000 165,000 161,000
1,311,000 1,310,000 440,000 454,000
Income Before Income Taxes 289,000 148,000 84,000 49,000 Income Taxes (101,000) (55,000) (30,000) (16,000) Net Income $188,000 $ 93,000 $ 54,000 $ 33,000 Earnings Per Share $ .06 $ .03 $ .02 $ .01 Weighted Average Common Shares Outstanding During the Period 3,214,000 3,317,000 3,204,000 3,300,000
7/31/95 10/31/94
Third Quarter End Fiscal Year End
Unaudited Audited
Condensed Balance Sheet
Information
Cash and Temporary Cash
Investments $2,570,000 $3,062,000
Other Current Assets 391,000 417,000
Oil and Gas Properties, Net 5,280,000 5,235,000
Other Assets 385,000 436,000
$8,626,000 $9,150,000
Current Liabilities $ 409,000 $1,105,000
Deferred Income Taxes 531,000 430,000
Stockholders' Equity 7,686,000 7,615,000
$8,626,000 $9,150,000
CONTACT: CREDO Petroleum Corp., Denver B.J. Sullivan, 303/297-2200 |
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