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PATRICK PETROLEUM REPORTS FIRST-QUARTER RESULTS; STATUS OF MERGER WITH ANPC

 JACKSON, Mich., May 14 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) today reported a first-quarter net loss of $1.1 million, or 9 cents a common share, compared to net earnings of $31,778, or less than 1 cent a common share, in the first quarter of 1992. The 1993 results include a net loss of $187,577 from the company's equity investment in Marcum Natural Gas Services, Inc. (NASDAQ: MGAS) vs. a net loss of $41,118 from Marcum in the 1992 period.
 Revenues from oil and gas sales were $2,180,540 in the current quarter compared to $2,672,005 the prior year. Higher average prices in 1993 were offset by production declines and a slight decrease in plant products. The 1993 revenues include a loss of $45,270 from the company's crude oil and natural gas hedging activities compared to a gain of $354,740 from hedging activities in the 1992 period.
 Interest and dividend income was $20,365 in 1993 vs. $506,467 in the 1992 period which included a dividend of $478,115 from Penske Corporation. Other revenues were $51,219 in 1993 compared to $30,371 in 1992.
 Company President U.E. Patrick stated, "First-quarter revenues were down from last year for two primary reasons. Last year we received a $478,115 dividend from Penske Corporation plus we recorded a gain of $354,740 from oil and gas hedging activities. We expect a substantial jump in revenues in the second half of this year reflecting our pending merger with ANPC."
 Net cash flow provided by operating activities more than doubled to $797,094 in the current quarter compared to $357,061 in the first quarter of 1992.
 Total expenses increased slightly to $3,185,736 from $3,135,947 a year ago. Higher lease operating costs and general & administrative expenses were partially offset by a decrease in interest expense and depletion, depreciation & amortization.
 "One of the most important developments for the long-term growth of the company is the merger with American National Petroleum Company," Mr. Patrick stated. "I am pleased to report that two conditions relative to the proposed merger with ANPC have been satisfied. First, Patrick has obtained firm commitment to finance the cash portion of the merger and secondly, ANPC's majority shareholder has received court approval to vote in favor of the proposed merger with Patrick, which should assure its approval by ANPC shareholders. We are waiting to receive comments from the Securities and Exchange Commission before submitting the merger proposal to shareholders of both companies."
 "We remain very bullish on the outlook for capital appreciation of the Marcum investment. Marcum recently announced that it has acquired Southern Flow Companies, thereby becoming the largest independent natural gas measurement services company in the United States. Patrick Petroleum owns 1.3 million equivalent shares of Marcum common stock and 1.2 million warrants," Mr. Patrick commented.
 First-quarter oil production was 52,534 barrels compared to 56,557 barrels a year ago. The average wellhead price of oil during the quarter was $18.36 per barrel vs. $17.75 per barrel last year. Natural gas production in the 1993 quarter was 647,592 mcf compared to 833,218 mcf in 1992. The average price increased to $1.85 per mcf in 1993 from $1.47 per mcf in 1992. Natural gas production was impacted by higher than anticipated declines from a significant Michigan field along with two fields in Louisiana.
 Patrick Petroleum Company is an independent exploration and production company listed on the New York Stock Exchange since 1976. The company has interests in producing properties and undeveloped acreage in 13 states, including various interests in approximately 528 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana.
 PATRICK PETROLEUM COMPANY AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Ended
 March 31
 1993 1992
 Revenues:
 Oil and gas sales $2,180,540 $2,672,005
 Interest and dividend income 20,365 506,467
 Gain on sale of investments --- 1,585
 Other income 51,219 28,786
 $2,252,124 $3,208,843
 Expenses:
 Production taxes $139,815 $153,230
 Lease operating costs 494,127 434,324
 Depletion, depreciation
 and amortization 1,254,455 1,299,225
 General and administrative 592,536 492,675
 Interest 704,803 756,493
 $3,185,736 $3,135,947
 Earnings (loss) before equity
 in loss of affiliate ($933,612) $72,896
 Equity in loss of affiliate (187,577) (41,118)
 Net earnings (loss) ($1,121,189) $31,778
 Net earnings (loss) per common share (.09) ---
 Weighted average shares outstanding 12,502,187 12,291,145
 -0- 5/14/93
 /CONTACT: Phillip J. McAndrews of Patrick Petroleum Company, 517-787-6633; or Woody Wallace of The Investor Relations Company, 708-564-5610, for Patrick Petroleum Company/
 (PPC)


CO: Patrick Petroleum Company ST: Michigan IN: OIL SU: ERN

JG-MK -- DE027 -- 8783 05/14/93 16:31 EDT
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Date:May 14, 1993
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