Printer Friendly

MAGELLAN PETROLEUM REPORTS EARNINGS

 MAGELLAN PETROLEUM REPORTS EARNINGS
 HARTFORD, Conn., May 14 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) today reported a net profit of $75,000 (less than 1 cent a share) on gross revenues of $3.56 million in its fiscal third quarter ended March 31, as compared to last year's third quarter loss of $118,000 (less than 1 cent a share) on revenues of $3.46 million.
 For the nine-month period ended March 31, this year's net income of $192,000 (1 cent a share) on revenues of $10.98 million compares to a $291,000 profit (2 cents a share) on revenues of $11.05 million in 1991.
 Magellan, which reports on a consolidated basis with its subsidiary, Magellan Petroleum Australia Limited, said this year's third quarter results were favorably affected by modest increases in revenues from oil and gas sales as well as reduced operating costs. Also cited was this year's very substantial reduction in interest expense, reflecting the Australian unit's retirement of outstanding debt in the prior-year period.
 According to Benjamin W. Heath, president, the Australian unit and its Northern Territory partners have resumed negotiations to sell at least 384 billion cubic feet of natural gas to a South Australian government agency over a 15-year period.
 Should that agreement be consummated, gas deliveries to South Australia probably would commence in mid-1996, Heath said, noting that the partners' Amadeus gas production would then increase to nearly 100 million cubic feet per day as compared to the current 25 mmcfd.
 Heath further noted that meetings involving all concerned parties, including the Northern Territory government, have been scheduled for early June.
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 (unaudited -- expressed in U.S. dollars)
 Period ended Three months Nine months
 March 31 1992 1991 1992 1991
 Revenues:
 Oil sales $1,371,822 $1,358,644 $4,567,205 $4,957,303
 Gas sale 1,990,810 1,913,163 5,847,001 5,564,742
 Interest and other 195,416 203,420 569,531 526,451
 3,558,048 3,475,227 10,983,737 11,048,496
 Costs and expenses:
 Production costs 769,280 808,072 2,280,004 2,443,231
 Interest 8,009 182,032 28,957 315,199
 Depletion, depreciation
 and amortization 819,873 962,240 2,660,307 2,655,459
 Administrative 698,369 673,829 2,172,026 1,940,787
 Abandonments &
 write-offs -- 99,315 -- 99,315
 Other 398,800 341,245 987,366 1,031,247
 Total 2,694,331 3,066,733 8,128,660 8,485,238
 Inc. bef. minority
 interests and taxes 863,717 408,494 2,855,077 2,563,258
 Minority interests
 in MPAL 553,475 319,081 1,762,051 1,576,734
 Pre-tax income 310,242 89,413 1,093,026 986,524
 Income tax provision 235,094 206,951 901,011 695,730
 Net income (loss) 75,148 (117,538) 192,015 290,794
 Average number of
 shares outstanding 24,381,890 24,381,890 24,381,890 24,381,890
 Net income (loss)
 per share -- -- .01 .02
 -0- 5/14/92
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN


AH-OS -- NY099 -- 0423 05/14/92 16:29 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 14, 1992
Words:544
Previous Article:LANDS' END REPORTS FIRST QUARTER
Next Article:FAY'S REPORTS FIRST QUARTER EARNINGS
Topics:


Related Articles
MAGELLAN PETROLEUM ANNOUNCES FIRST QUARTER REPORT
MAGELLAN REPORTS SIX-MONTH RESULTS
MAGELLAN REPORTS FISCAL YEAR 1992 RESULTS
MAGELLAN PETROLEUM CORPORATION REPORTS FIRST QUARTER REPORT
MAGELLAN PETROLEUM CORPORATION REPORTS THIRD QUARTER RESULTS
Magellan Pete Posts Third Quarter Profit
Magellan Posts Profit For Fifth Consecutive Year
Magellan Has a Profit for Seventh Consecutive Year.
Magellan Pete Posts a First Quarter Profit.
Magellan Petroleum Australia Posts Profit.

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