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CASPEN OIL INC. REPORTS RESULTS

 LAKEWOOD, Colo., Nov. 16 /PRNewswire/ -- Caspen Oil Inc. (AMEX: CNO (common) and CNOP (preferred)) ("Caspen" or "the company") reported oil and gas sales of $2,299,457 for the fiscal year ended July 31, 1993, as compared to $2,258,779 for the same period in the prior year. Total revenues for the 12 months ended July 31, 1993, were $2,406,641 as compared to total revenues for the same period in fiscal 1992 of $2,359,197. Caspen's net loss for the period was ($1,627,705) compared to a net loss of ($445,705) for the same period in fiscal 1992.
 A significant portion of the net loss for the fiscal year ended July 31, 1993, is attributable to a provision for loss on investments and a write-off of associated accounts receivable taken for the period of approximately $1,042,000. Other contributing factors to the net loss for the current year were two significant production enhancement projects that were operating simultaneously during the year. The Nukern property, a California heavy oil non-operated lease and the Vermilion Bay B-2 well in the Boston Bayou lease in Louisiana.
 At July 31, 1993, the company had a net working capital deficit of ($1,789,129) as compared to a working capital deficit of ($1,209,896) as of July 31, 1992. This deficit is primarily the result of the classification of the company's bank debt of $1,997,500 as a current liability. The company has received a demand notice from The Daiwa Bank ("Daiwa") subsequent to fiscal year end for payment of the loan balance remaining on the $15,000,000 Credit Revolver established by Daiwa in late 1988. In connection with a $5,200,000 principal payment in 1990, the company executed a 30-month extension note in the amount of $2,000,000, on the understanding that it would be renewed in successive 30-month periods upon payment of current interest and $500,000 principal payments. Daiwa has refused to accept the $500,000 principal payment and renewal terms claiming no legal obligation to do so and citing its decision to divest itself of oil and gas loans. The company is in continuing negotiations with Daiwa to attempt to resolve the loan dispute.
 After preferri?vidend requirements, the company recorded loss applicable to the common stock of ($2,333,856), or ($.13) per share; compared to a loss in the prior year of ($1,151,856), or ($.07) per share.
 Oil and gas sales for the three months ended July 31, 1993, were $734,797, as compared to $457,010 for the same period in the prior fiscal year. Total revenues for the three months ended July 31, 1993, were $712,335, as compared to total revenues for the same period in fiscal 1992 of $454,881. Caspen's net loss for the three months was ($1,193,801) as compared to a net loss of ($267,902) for the same period last year.
 The company recorded loss applicable to the common stock, after preferred dividend requirements of ($1,370,338), or ($.08) per share, for the three months ended July 31, 1993; compared to a recorded loss of ($444,439), or ($.02) per share, for the same period in the prior year.
 Caspen Oil Inc. is an American Stock Exchange-listed company engaged in oil and gas exploration, production and acquisitions primarily in the Southwestern United States. On Oct. 1, 1993, the company had 18,073,449 common shares issued and outstanding owned by approximately 4,400 shareholders. Caspen's common and preferred stock trade on the American Stock Exchange under the symbols "CNO" and "CNOP", respectively. Currently, the company does not fully satisfy all of the Exchange's financial guidelines for continued listing, and there can be no assurances that the listing will be continued.
 CASPEN OIL INC.
 Financial Summary
 7-31-93 7-31-92
 Total assets $5,598,025 $6,924,781
 Total shareholders' equity $2,768,195 $4,120,970
 Long-term debt --- ---
 Current portion of long-term debt $2,000,000 $2,000,000
 Three Months Twelve Months
 Ended July 31, Ended July 31,
 1993 1992 1993 1992
 Oil and gas sales $734,797 $457,010 $2,299,457 $2,258,779
 Total revenues $712,335 $454,881 $2,406,641 $2,359,197
 Production and
 operating expenses
 -- oil and gas $453,416 $221,273 $1,177,170 $959,670
 Total expenses $1,906,136 $722,783 $4,034,346 $2,804,902
 Net income from
 operations $281,381 $235,737 $1,122,287 $1,299,109
 Net loss ($1,193,801) ($267,902) ($1,627,705) ($445,705)
 Dividend requirements
 on Preferred Stock $176,537 $176,537 $706,151 $706,151
 Loss applicable to
 Common Stock ($1,370,338) ($444,439) ($2,333,856) ($1,151,856)
 Common shares issued
 and outstanding 18,073,449 17,483,449 18,073,449 17,483,449
 Loss per common share ($.08) ($.03) ($.13) ($.07)
 Net cash provided by
 (used in) operating
 activities --- --- ($218,450) ($74,725)
 -0- 11/16/93
 /CONTACT: Gary N. Davis, CFO of Caspen Oil, 303-987-0925/
 (CNO CNOP)


CO: Caspen Oil Inc. ST: Colorado IN: OIL SU: ERN

JB-LM -- LA048 -- 5207 11/16/93 18:36 EST
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Date:Nov 16, 1993
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