AMERICAN NATIONAL REPORTS THIRD-QUARTER RESULTS
AMERICAN NATIONAL REPORTS THIRD-QUARTER RESULTS HOUSTON, Nov. 13 /PRNewswire/ -- American National Petroleum Company
(NASDAQ: ANPC) today reported net income of $351,000 ($.06 per common share) for the three months ended Sept. 30, 1991, as compared to a net loss of $1,106,000 ($0.16 per common share) for the three months ended Sept. 30, 1990.
Revenue from oil and gas sales increased by $323,000 (13 percent) from $2,529,000 during the third quarter of 1990 to $2,852,000 for the third quarter of 1991 primarily as a result of increased sales volumes and prices received on natural gas in the third quarter of 1991. The company reported a net income of $15,119,000 for the nine months ended Sept. 30, 1991. The increased earnings for the nine months in 1991 compared to 1990 is primarily due to the recognition of $13.7 million of net income after taxes for a litigation settlement. On March 5, 1991, the company and an affiliated partnership settled their lawsuit with Transcontinental Gas Pipe Line Company (Transco) in exchange for the payment by Transco of $21 million in cash. Various options were studied by the board of directors for the use of the company's sizable cash holdings, which at Sept. 30, 1991, exceeded $21 million. The company decided to use a portion of its cash holdings to prepay $7.6 million of its outstanding indebtedness to its lender Prudential-Bache Energy Growth Fund, L.P. G-2 in October 1991. The company continues to owe the Growth Fund $8.8 million, which is convertible into the company's common stock. The remaining indebtedness of $8.8 million may not be prepaid prior to September 1993 without the consent of the Growth Fund. The company has also decided to use its cash holdings to acquire additional oil and natural gas properties. The company will concentrate its efforts on properties geographically complimentary to its existing properties, which are located in south Louisiana and Texas. American National Petroleum Company, a Houston-based company, is engaged in oil and natural gas exploration and production and energy related business. AMERICAN NATIONAL PETROLEUM COMPANY Comparative Analysis (Unaudited; thousands, except per-share data) Periods ended Nine Months Three Months Sept. 30 1991 1990 1991 1990 Revenues $28,288 $9,015 $3,261 $2,855 Income before income taxes 19,428 (541) 513 (1,128) Income tax benefit (provision) (4,645) (35) (255) (38) Equity in net income of affiliates 336 163 93 60 Net income 15,119 (413) 351 (1,106) Earnings per common share: Primary $2.30 $(0.06) $0.06 $(0.16) Fully diluted 1.99 (0.06) 0.07 (0.16) Weighted average number of common shares outstanding 6,567 6,685 6,319 6,685 -0- 11/13/91 /CONTACT: Mary Y. Cotner of American National Petroleum, 713-961-1770/ (ANPC) CO: American National Petroleum Company ST: Texas IN: OIL SU: ERN CK -- NY070 -- 4025 11/13/91 14:25 EST
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|Date:||Nov 13, 1991|
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