HALLADOR ANNOUNCES 1992 SECOND QUARTER RESULTS
HALLADOR ANNOUNCES 1992 SECOND QUARTER RESULTS DENVER, Aug. 20 /PRNewswire/ -- Hallador Petroleum Co.
(NASDAQ: HPET) announced a net loss of $306,000 (7 cents per share) on revenue of $1,735,000 for the second quarter of 1992 as compared to a net loss of $355,000 (8 cents per share) on revenue of $1,044,000 for the comparable 1991 period. Included in the loss of $306,000 is a $230,000 accrual relating to the Conoco/DOE claim which was previously reported in the company's press release dated June 17, 1992. Management is unable to estimate the ultimate outcome of this matter; the total claim approximates $1,000,000.
As previously reported in the company's press release dated Aug. 14, 1992, an agreement was reached with the Robert C. Hardie family regarding the terms of their $4,495,000 bridge loan. The due date was extended to Sept. 1, 1994, and is convertible into shares of common stock at 20 cents. Other terms are as set forth in the Aug. 14, 1992 press release. As a result of significant debt reductions through proceeds from property sales during the last two years, the company is now in compliance with its loan agreement with First Bank. As of Aug. 19, 1992, bank debt is $515,000. A new loan agreement is being prepared to formalize the new terms. The preliminary terms would require 24 monthly principal payments of $20,000 and the company pledging a $150,000 CD in addition to its oil and gas properties located in Texas and New Mexico. The interest rate would be prime plus 1 percent. During June 1992, the company sold its direct interest in the South Cuyama field which netted the company over $1,300,000 and in July 1992, the company sold its interest in the Barrel Springs property for $850,000. No more property sales of any significance are anticipated in the future. As a result of the property sales during the last two years, the company's assets are now concentrated in the South Cuyama field (through its interest in Santa Barbara Partners) located in California with minor properties in Texas and New Mexico. The California property is pledged to the Robert C. Hardie family as security for their debt. The company's approximate 65 percent working interest in the South Cuyama field located in Santa Barbara County, Calif., now accounts for over 90 percent of the company's operations. Oil prices for the company's California production have increased from an average of $13/bbl during the first quarter to $17.50 as of Aug. 19, 1992. The Annual Meeting of Shareholders will be held in Orange County, Calif., on Nov. 10, 1992. Hallador is an independent oil and gas production company based in Denver. The company's stock trades on the NASDAQ (Small-Cap Issues) under the symbol HPET. The company's NASDAQ listing may be in jeopardy if certain listing requirements are not maintained. HALLADOR PETROLEUM CO. Consolidated Statement of Operations (In thousands, except per share amounts) (unaudited) Six Months Ended Three Months Ended June 30, June 30, 1992 1991 1992 1991 Revenue: Oil and gas revenue $3,516 $2,248 $1,724 $1,035 Interest and other 19 22 11 9 Total 3,535 2,270 1,735 1,044 Cost and expenses: Lease operating 1,595 1,263 756 616 Depreciation, depletion and amortization 1,158 710 535 340 General and administrative 330 668 137 236 Interest 748 439 383 207 Conoco/DOE claim 230 --- 230 --- Total 4,061 3,080 2,041 1,399 Net loss $(526) $(810) $(306) $(355) Net loss per share $(.11) $(.19) $(.07) $(.08) Weighted average shares outstanding 4,632 4,301 4,632 4,301 Production and Price Data For the six-month period ended June 30: 1992 1991 Production Average Production Average Prices Prices Oil - barrels 140,500 $14.50 79,600 $18.60 Gas - MCF 590,800 1.89 453,500 1.52 NGLs - barrels 31,200 11.65 4,300 17.65 For the three-month ended June 30: 1992 1991 Production Average Production Average Prices Prices Oil - barrels 67,200 $15.90 39,000 $18.20 Gas - MCF 278,500 1.77 206,000 1.41 NGLs - barrels 15,300 10.80 2,200 15.45 -0- 8/20/92 /CONTACT: Victor P. Stabio or W. Anderson Bishop of Hallador Petroleum, 303-839-5504/ (HPET) CO: Hallador Petroleum Co. ST: Colorado IN: OIL SU: ERN
BB -- DV002 -- 1602 08/20/92 09:15 EDT
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|Date:||Aug 20, 1992|
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