Printer Friendly

PETROL INDUSTRIES, INC. REPORTS INCOME FOR YEAR ENDED DEC. 31, 1992

 SHREVEPORT, La., March 25 /PRNewswire/ -- Petrol Industries, Inc. (OTC: PTRL) today reported operating results for the fiscal year ended Dec. 31, 1992.
 Audited results showed that the company earned $8,056, equal to $.01 per share, on gross revenue of $1,473,706. In 1991, by contrast, the company sustained a net loss of $280,301, equal to $.17 per share on revenues of $1,258,462. The company sustained an operating loss of $309,483 in 1992, on operating revenue of $1,156,167, compared to an operating loss of $282,885 in 1991, on operating revenues of $1,224,529.
 Net income for 1992 was attributable to the recognition of income of $312,747 from the previously reported settlement of an outstanding dispute with Oryx Energy Company relating to production from a 40-acre tract in the Horne Lease. The reported income is net of all amounts payable from the settlement to approximately 100 owners of small interests in the tract's production.
 Oil prices during the fiscal year continued to float in a narrow range, averaging $19.11 ($18.88 including the barrel equivalent of gas sold), down approximately $.80 from the average price received in 1991.
 PETROL INDUSTRIES, INC. AND SUBSIDIARIES
 Operating Highlights
 (Audited)
 Year ended 12/31/92 12/31/91
 Oil and gas sales $ 1,140,547 $ 1,187,629
 Other operating revenues 15,620 36,900
 Gross revenues from operations 1,156,167 1,224,529
 Gross revenues 1,473,706 1,258,462
 Pretax income (loss) 8,056 (280,301)
 Net income (loss) 8,056 (280,301)
 Net income (loss) per share $ .01 $ (.17)
 Weighted average shares used to
 calculate earnings per share 1,597,256 1,684,393
 Quarter ended 12/31/92 12/31/91
 Oil and gas sales $ 272,732 $ 313,542
 Other operating revenues 4,087 25,405
 Gross revenues from operations 276,819 338,947
 Pretax income (loss) 207,693 (74,033)
 Net income (loss) 207,693 (74,033)
 Net income (loss) per share $ .13 $ (.05)
 Weighted average shares used to
 calculate earnings per share 1,597,226 1,638,626
 -0- 3/25/93
 /CONTACT: Howard E. Chase, corporate secretary, or David Lerner, counsel, of Petrol Industries, 212-735-8600/
 (PTRL)


CO: Petrol Industries, Inc. ST: Louisiana IN: OIL SU: ERN

RA-BN -- AT004 -- 9416 03/25/93 09:15 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:Mar 25, 1993
Words:390
Previous Article:BIG B, INC. ANNOUNCES EFFECTIVENESS OF REGISTRATION OF CONVERTIBLE SUBORDINATED DEBENTURES
Next Article:HEALTH IMAGES, INC. ANNOUNCES POLSINELLI RESIGNATION
Topics:


Related Articles
DI INDUSTRIES ANNOUNCES THIRD QUARTER RESULTS
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1992
GLOBAL MARINE REPORTS 1992 NET INCOME
GLOBAL MARINE REPORTS 1992 NET INCOME
VALHI REPORTS 1992 RESULTS
BFD INDUSTRIES REPORTS SIGNIFICANT SALES INCREASE FOR THE YEAR
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR SECOND QUARTER AND SIX MONTHS OF 1993
PETROL INDUSTRIES, INC. REPORTS LOSS FOR YEAR ENDED DECEMBER 31, 1993
PETROL INDUSTRIES, INC. REPORTS INCOME FOR YEAR ENDED DECEMBER 31, 1994
PETROL INDUSTRIES, INC. REPORTS RESULTS OF OPERATIONS FOR YEAR ENDED DECEMBER 31, 1995

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters