Printer Friendly

BASIC EARTH SCIENCE SYSTEMS REPORTS RESULTS

 ENGLEWOOD, Colo., Nov. 15 /PRNewswire/ -- Basic Earth Science Systems Inc. (Basic) (OTC: BSIC) reported a net loss of $49,000, approximately three-tenths of 1 cent ($0.003) per share, on oil and gas sales revenue of $303,000 for the quarter ended Sept. 30, 1993, it was announced today by Ray Singleton, president. This compares to net income of $11,000, approximately one-tenth of 1 cent per share ($0.001), on revenue of $438,000 for the quarter ended Sept. 30, 1992. The decrease in sales revenue was primarily due to a fall in the average price per barrel received for oil and a drop in gas sales volumes. This decline was partially offset by decreases in oil and gas production expenses and depletion expense. Basic previously disclosed on Oct. 22, 1993 that it expected to report a $45,000 to $50,000 loss for the quarter.
 Basic noted that as of this date, oil prices continue to remain depressed relative to the prior year. Management believes that this situation will adversely affect the company's profitability in the quarter ending Dec. 31, 1993.
 Basic is an oil and gas exploration and production company with primary operations in south Texas and the Williston basin in North Dakota. Basic is traded "over-the-counter" under the symbol BSIC.
 BASIC EARTH SCIENCE SYSTEMS INC.
 Financial Highlights
 Six Months Ended Quarter Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenue $681,000 $875,000 $303,000 $438,000
 Net income (loss) 18,000 16,000 (49,000) 11,000
 Earnings per share .001 .001 (.003) .001
 Average oil price, $/Bbl $16.80 $19.56 $15.54 $19.90
 Weighted average
 number of shares
 outstanding 16,827,019 16,724,148 16,804,752 16,879,752
 -0- 11/15/93
 /CONTACT: Ray Singleton of Basic Earth Science Systems, 303-792-5230/
 (BSIC)


CO: Basic Earth Science Systems Inc. ST: Colorado IN: OIL SU: ERN

BB -- DV003 -- 4374 11/15/93 11:40 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 15, 1993
Words:326
Previous Article:ATLAS REPORTS FIRST QUARTER RESULTS
Next Article:CMS/DATA CORPORATION ANNOUNCES RESULTS
Topics:

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