CREDO Posts Record First-Half Results.DENVER--(BUSINESS WIRE)--June 14, 1999-- CREDO Petroleum Corporation (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) today announced record operating and financial results for the six months ended April 30, 1999. The company reported net income rose 101% to $296,000, or $.10 per share, on a 33% increase in revenue to $1,707,000. First-half records were achieved for both net income and revenue. Last year net income was $147,000, or $.05 per share, on revenue of $1,279,000. Cash flow from operating activities (before working capital changes) rose 60% to a record $941,000 compared to $587,000 last year. For the second fiscal quarter ended April 30, 1999, net income increased 130% to a record $145,000, or $.05 per share, on a 27% increase in revenue to $821,000. This compares to net income of $63,000, or $.02 per share, on revenue of $644,000 for the same quarter last year. PRODUCTION VOLUMES SET NEW RECORD Total first-half production increased 33% to a record 569,000 Mcfe (thousand cubic feet of gas-equivalent units). This compares to 430,000 Mcfe last year. Natural gas production increased 40% to a record 454,000 Mcfg (thousand cubic feet gas) while crude oil sales volume climbed 10% to 19,400 barrels. Second-quarter production volumes increased 19% to 283,000 Mcfe compared to 238,000 Mcfe last year. Natural gas production increased 14% to 216,000 Mcf NATURAL GAS PRICES STABILIZED sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. BY HEDGces. As a result, total natural gas price reali 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. prices for natural gas fell 16% to $1.78 per Mcf compared to $2.12 last year. Net wellhead oil price realizations fell 16% to $12.11 per barrel compared to $14ions increased 8% to $2.12 per Mcf compared to to $1.96 last year. Net wellhead oil price realhe company's 2,800-gross-acre Morrow mor·row n. 1. The following day: resolved to set out on the morrow. 2. The time immediately subsequent to a particular event. 3. Archaic The morning. sand prospdeveloped fluid lift system for low-pressure gas reservoirs gas reservoir In geology, a naturally occurring storage area, characteristically a folded rock formation, that traps and holds natural gas. The reservoir rock must be permeable and porous to contain the gas, and it has to be capped by impervious rock in order to form an on four wells with interests ranging from 65% tosuccessful workover of the company's 78%-owned ns of the acreage. STRONG FINANCI per share, and the company had no debt. Duringecord results in virtually all areas. This has rrent operations, refer to the company's Form 1exploration for and the acquisition, development anticipates will or may occur in the future. Santees of future performance and that actual re Information (Unaudited) 199Investment Income and Other 245,000 General and Administrative 38 ------------- ------------- Earnings Before Income Taxes 456,000 231,000 Income Taxes (160,000) (84,000) ondensed Operating April 30, 101,000 116,000 644,000 24,000 190,000 General and Admin ------------ ------------ ------------ Net Earnings 2 ============ ============ Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Balance Sheet Informationvestments $ 3,235,000 $ 2,535,000 Other Current Assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 659,000 1,085,000 Oil and Gas Properties, Net 6,348,000 6,501,000 Other Assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. 27,000 85,000 -------------- -------------- $ 10,269,000 $ 10,206,000 ============== ============== Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 414,000 $ 713,000 Deferred Income Taxes 1,204,000 1,044,000 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. 8,651,000 8,449,000 -------------- -------------- $ 10,269,000 $ 10,206,000 ============== ============== |
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