Printer Friendly

MSR EXPLORATION LTD. ANNOUNCES THIRD QUARTER RESULTS

 CUT BANK, Mont., Nov. 23 ~PRNewswire~ -- MSR Exploration Ltd. (Alberta: MSR), an Alberta public company operating out of Cut Bank, today announced a positive operating income, before depletion, depreciation and amortization, for the third quarter ended Sept. 30, 1992.
 These increases in operating income and net income are directly attributed to returning to the conservative management style that built MSR into becoming a successful oil and gas exploration and production company.
 The decreased revenues are attributed to lower prices for crude oil and diminishing production because of to the company not being able to drill any development wells during the preceding 12 months. The net loss for the nine months ended Sept. 30, 1992, was primarily because of the poor first quarter that occurred prior to filing for protection under Chapter 11 of the bankruptcy code.
 Negotiations with the creditors are almost completed at this time and the company plans to file the reorganization plan in the first quarter of 1993.
 A multiwell drill program is now underway. To date, five new wells have been drilled and cased for production in Montana. Geological and engineering data, to date, demonstrates that all wells will be completed as new producers and~or injection wells. The completion of this new development program coupled with the ongoing workover program in Montana and Texas indicates that the revenues will increase and the company will return to being a profitable oil and gas exploration and production company, once again.
 MSR EXPLORATION LTD.
 Quarterly and Nine Months Sept. 30, 1992 Financial Condition
 U.S. dollars
 (Unaudited)
 1992 1991
 3 Months 9 Months 3 Months 9 Months
 Revenues 1,272,000 3,854,000 1,575,000 5,176,000
 Operating Income 132,000 16,000 (228,000) (2,054,000)
 Net Income (Loss) (74,000) (620,000) (447,000) (2,827,000)
 Cash Flow From
 Operations 192,000 657,000 126,000 (1,157,000)
 Per Share Net
 Income (Loss) (0.008) (0.070) (0.051) (0.320)
 Share Cash Flow 0.022 0.074 0.014 (0.131)
 -0- 11~23~92
 ~CONTACT: Joseph V. Montalban, president and CEO, or Patrick M. Montalban, executive VP and COO of MSR Exploration, 406-873-2235~
 (MSR.)


CO: MSR Exploration Ltd. ST: Montana IN: OIL SU: ERN

KJ-JB -- LA007 -- 0303 11~23~92 09:31 PST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 23, 1992
Words:385
Previous Article:WYLE LABORATORIES HAS RECORD THIRD QUARTER; NET INCOME RISES 129 PERCENT BEFORE ONE-TIME CHARGE
Next Article:CIMCO ANNOUNCES MARKED IMPROVEMENT IN SECOND QUARTER RESULTS
Topics:


Related Articles
MSR DEFERS SOME SHAREHOLDER ACTIONS
MSR EXPLORATION LTD. ANNOUNCES FIRST QUARTER RESULTS
MSR EXPLORATION ANNOUNCES INCOME
SEARCH EXPLORATION, INC. REPORTS THIRD QUARTER RESULTS
MSR EXPLORATION LTD. ANNOUNCES FOURTH QUARTER RESULTS
MSR EXPLORATION LTD. ANNOUNCES REORGANIZATION
MSR EXPLORATION LTD. ANNOUNCES QUARTERLY REPORT
MSR EXPLORATION LTD ANNOUNCES SIX MONTHS RESULTS
MSR EXPLORATION ANNOUNCES QUARTERLY AND NINE MONTHS RESULTS
MSR to Merge with Quicksilver Resources Inc.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters