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PATRICK PETROLEUM REPORTS THIRD-QUARTER RESULTS

 PATRICK PETROLEUM REPORTS THIRD-QUARTER RESULTS
 JACKSON, Mich., Nov. 13 /PRNewswire/ -- Patrick Petroleum Company


(NYSE: PPC) today reported a third-quarter net loss of $945,216, or 8 cents a share, on total revenues of $2,598,671. This compares to a net loss of $637,807, or 5 cents a share, on total revenues of $2,603,208 in the third quarter of 1991. The 1992 results include a net loss of $112,092 from the company's equity investment in Marcum Natural Gas Services, Inc. compared to a net loss of $48,519 in the third quarter of 1991.
 Commenting on the third-quarter results, President U.E. Patrick stated, "Higher natural gas prices in the current quarter were offset by lower crude oil and natural gas production. Our number one goal is to increase reserves and production primarily through exploration activities in Texas and Michigan. Our exploration program in Texas is steadily moving forward. We have identified numerous high-quality geological prospects using three-dimensional seismic technology and plan to participate in three or four more reef tests before year end. Our previous projection of 10-12 wells in 1992 has been revised due to the delays in geophysical operations caused by the high level of activity in the area and the unseasonably wet weather. Higher levels of production and revenues resulting from successful drilling operations should begin to have a material impact in mid-1993."
 Revenues from oil and gas sales were $2,473,693 during the current quarter compared to $2,419,812 in the prior year. Interest and dividend income decreased $129,602 to $26,198, reflecting the loss of interest income due to the sale of investments over the past year and a dividend of $45,600 from Penske Transportation, Inc. received in the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, the company reported a net loss of $1,757,974, or 14 cents a share, on revenues of $8,536,520. In the comparable 1991 period, the net loss was $1,305,256, or 11 cents a share, on revenues of $8,773,199. The nine-month results include a net loss from the company's equity investment in Marcum Natural Gas Services, Inc., of $190,239 and $48,519, in the 1992 and 1991 periods, respectively.
 "The company's 36-percent equity ownership in Marcum Natural Gas Services, Inc. looks very promising," Mr. Patrick said, "despite the losses which were due primarily to research and development, sales and marketing expenses associated with their CNG dispenser." Marcum's third-quarter 1992 revenues increased 58 percent to $844,743 from $533,864 in the comparable quarter last year. Marcum recently announced that it has received preliminary regulatory approval to market its CNG dispenser in Argentina. Sales and marketing activities in Argentina are expected to commence by fiscal year end and the company expects to begin shipments and deliveries by the first quarter of 1993.
 Patrick's balance sheet was strengthened during the current quarter as a result of the $11 million Convertible Preferred Stock offering. The net proceeds were used to reduce bank debt from $18.0 million to $9.0 million and to provide additional working capital. Discretionary cash flow (cash from operating activities before changes in working capital) was $1,947,734 for the first nine months of 1992 versus $2,477,337 during the 1991 period. Working capital was $1,702,000 and the current ratio was 1.8 to 1.0. Stockholders equity increased to $45.2 million from $36.2 million at Dec. 31, 1991, due to the preferred stock offering.
 Third-quarter oil production was 58,193 barrels compared to 60,333 barrels a year ago. The average wellhead price of oil during the quarter was $20.53 per barrel versus $20.71 per barrel last year. Natural gas production during the current quarter was 680,038 Mcf (thousand cubic feet) compared to 816,418 Mcf in 1991. The average price increased to $1.72 per Mcf from $1.37 per Mcf in 1991.
 Nine-month oil production was 178,718 barrels versus 201,389 barrels produced in 1991. The nine-month average wellhead price was $19.39 per barrel, a slight decline from the $20.20 per barrel last year. Natural gas production for the nine-month period was 2,274,456 Mcf versus 2,342,634 Mcf produced a year ago. The average gas price received during the nine months was $1.60 and $1.58 in 1992 and 1991, respectively.
 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 NET EARNINGS
 (Unaudited)
 Nine Months Ended Three Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenues:
 Oil and gas sales $7,761,304 $7,966,923 $2,473,693 $2,419,812
 Interest and dividend
 income 575,085 724,947 26,198 155,800
 Loss on sale of
 investments (5,470) (7,116) --- (7,615)
 Other income 205,601 88,445 98,780 35,211
 $8,536,520 $8,773,199 $2,598,671 $2,603,208
 Expenses:
 Production taxes $507,027 $615,356 $167,238 $193,152
 Lease operating
 costs 1,458,425 1,274,570 524,217 527,424
 Depletion, depreciation
 and amortization 4,042,087 3,922,558 1,255,851 1,051,034
 General and
 administrative 1,770,938 1,711,131 681,933 581,717
 Interest 2,325,778 2,506,321 802,556 839,169
 $10,104,255 $10,029,936 $3,431,795 $3,192,496
 Loss before equity
 in loss of
 affiliate ($1,567,735) ($1,256,737) ($833,124) ($589,288)
 Equity in loss of
 affiliate (190,239) (48,519) (112,092) (48,519)
 Net loss ($1,757,974) ($1,305,256) ($945,216) ($637,807)
 Net loss per
 common share ($0.14) ($0.11) ($0.08) ($0.05)
 Weighted average shares
 outstanding 12,401,408 12,201,186 12,501,853 12,201,186
 -0- 11/13/92
 /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


DH-ML -- DE016 -- 0735 11/13/92 13:41 EST
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Date:Nov 13, 1992
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