Printer Friendly

ENEX RESOURCES CORPORATION REPORTS FINANCIAL RESULTS FOR THIRD QUARTER AND NINE MONTHS OF 1993

    KINGWOOD, Texas, Oct. 27 /PRNewswire/ -- Enex Resources Corporation (NASDAQ: ENEX), a company which acquires and manages producing oil and gas properties and markets oil and gas income programs, today reported financial results for the third quarter and nine months ended Sept. 30, 1993.
    Net income for the third quarter was $282,152 or $.21 per share, on total revenues of $1,588,465.  This compares with net income of $242,148 or $.20 per share, on total revenues of $2,756,395 for the third quarter 1992.  Revenues declined due to a $1.3 million nonrecurring take or pay settlement received in the third quarter of 1992.
    For the first nine months of 1993, net income was $831,021 or $.62 per share on total revenues of $4,662,183.  Net income for the first nine months of 1992 was $699,753 or $.52 per share on total revenues of $5,626,797.  This represents a 19 percent increase in per share net income over the first nine months of 1992.
    Gerald B. Eckley, president of Enex stated, "During the third quarter we purchased interests in 24 oil wells and 15 gas wells in Texas, located primarily in Fayette and Freestone Counties. Additionally, we purchased small interests in two oil wells in Oklahoma and two gas wells in Louisiana.  These acquisitions added 12,200 barrels of oil and 1.4 billion cubic feet of gas to the company's reserve base at a cost of $3.27 per equivalent barrel.
    Natural gas prices remained strong during the summer months and in September began increasing in anticipation of cooler weather.  Oil prices continue to drift lower in anticipation of Iraq's resumption of oil exports.  Our outlook for the remainder of 1993 remains cautious for oil.  However, we are optimistic regarding both the short and long-term market for natural gas.  We continue to seek producing oil and gas properties with development potential to enhance operating results and sustain reserve growth for our shareholders."
    -0-             10/27/93
    CONTACT:  Robert E. Densford, vice president, secretary and treasurer of Enex Resources Corporation, 713-358-8401
    (ENEX) CO:  ENEX RESOURCES CORPORATION IN:  OIL SU:  ERN ST:  TX


-- NY050 -- X487 10/27/93
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:Oct 27, 1993
Words:364
Previous Article:INFOMED TO FILE 10KSB FOR 1993
Next Article:NEW ASHLAND PETROLEUM UNIT WILL PRODUCE HIGH OCTANE GASOLINE AT CATLETTSBURG REFINERY
Topics:

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