Printer Friendly

MSR EXPLORATION LTD. ANNOUNCES FOURTH QUARTER RESULTS

 CUT BANK, Mont., Feb. 10 /PRNewswire/ -- MSR Exploration Ltd., (Toronto, Montreal, Alberta: MSR.) an Alberta public oil and gas company with headquarters in Cut Bank, today announced stellar net income and cash flow numbers for the fourth quarter ended Dec. 31, 1992. These figures include gains from the reorganization under Chapter 11 that total $1,725,000. These are the gains estimated from the reorganization proceedings based on settlements made in December. Further adjustments may be made to this one time recorded gain as the bankruptcy proceedings draw to a close. The company filed its Debtors' Amended Joint Disclosure Statement and Amended Joint Plan of Reorganization during this quarter. The bankruptcy court approved these documents for mailing to all shareholders, executory contract holders and creditors. Mailing was completed by Dec. 20 with ballots to be filed with clerk of the bankruptcy court by Feb. 2, 1993. Hearing for confirmation of the proposed plan is scheduled for Tuesday, Feb. 23, 1993 at 10:30 a.m., third floor Courtroom, Post Office Building, Great Falls, Mont.
 These increases in net income and cash flow are directly attributable to the return of conservative and prudent management that built MSR into becoming a successful oil and gas exploration and production company. In addition, the successful hard line approach that management took during the many months of negotiating with the vast array of creditors and frivolous claims contributed to create these increases.
 During this past quarter a severe drop of some $3.00 per barrel in world oil prices caused a small decrease in revenues as compared to the fourth quarter of 1991.
 A Seven Well Drilling Program was completed in the fourth quarter. From early engineering and geological data obtained, it appears that all wells will be completed successfully. Revenues should increase as these new wells are completed and placed on production. Finally, there is a slim possibility that the price of domestic oil and gas could increase if an import duty tax is imposed. First quarter 1993 calls for completion of another gas well in Western Canada and the drilling of two new wells in the Permian Basin, Texas.
 MSR EXPLORATION LTD.
 Quarterly and 12 Months Dec. 31, 1992 Financial Condition
 U.S. Dollars - Unaudited
 1992 1991
 Three Months 12 Months Three Months 12 Months
 Revenues $1,163,000 $4,747,000 $1,215,000 $6,391,000
 Operating
 income (109,000) (93,000) 73,000 (1,981,000)
 Net income
 (loss)(a) 1,482,000 862,000 (3,148,000) (5,975,000)
 Cash flow from
 operations 81,000 738,000 (3,324,000) (1,902,000)
 Per share net
 income (loss) 0.168 0.097 (0.356) (0.676)
 Per share
 cash flow 0.009 0.083 (0.376) (0.215)
 (a) 1992 information includes gains from reorganization of $1,725,000.
 -0- 2/10/93
 /CONTACT: Joseph V. Montalban, president and CEO, or Patrick M. Montalban, executive VP and COO, 406-873-2235, both of MSR Exploration/
 (MSR.)


CO: MSR Exploration Ltd. ST: Montana IN: OIL SU: ERN

MS -- LA037 -- 5435 02/10/93 19:18 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:Feb 10, 1993
Words:515
Previous Article:THE SAMUEL GOLDWYN CO. REPORTS RECORD THIRD QUARTER 1993 RESULTS
Next Article:FLEET FINANCIAL GROUP AGREES TO SELL 11 MILLION SHARES OF COMMON STOCK
Topics:


Related Articles
MSR DEFERS SOME SHAREHOLDER ACTIONS
MSR EXPLORATION LTD. ANNOUNCES FIRST QUARTER RESULTS
MSR EXPLORATION ANNOUNCES INCOME
MSR EXPLORATION LTD. ANNOUNCES THIRD QUARTER RESULTS
MSR EXPLORATION LTD. ANNOUNCES REORGANIZATION
MSR EXPLORATION LTD. ANNOUNCES QUARTERLY REPORT
MSR EXPLORATION LTD ANNOUNCES SIX MONTHS RESULTS
MSR EXPLORATION ANNOUNCES QUARTERLY AND NINE MONTHS RESULTS
MSR EXPLORATION ANNOUNCES FOURTH QUARTER AND YEAR END RESULTS
MSR EXPLORATION ANNOUNCES UNAUDITED AMENDED FOURTH QUARTER AND YEAR-END RESULTS

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