Printer Friendly

PETROMINERALS CORP. ANNOUNCES FIRST QUARTER RESULTS

 TUSTIN, Calif., May 14 /PRNewswire/ -- Petrominerals Corp. (NASDAQ: PTRO) today announced the financial results for the first quarter ended March 31, 1993. The company reported a first quarter loss of $257,000, or $.03 per share, compared with a loss of $240,000, or $.03 per share, for the period ended March 31, 1992. Revenues for the three months ended March 31, 1993, were $917,000, compared with revenues of $1,687,000, for the same period in 1992. This decline in revenues was because of a significant reduction in the production service division's activities in the San Joaquin Valley.
 The company's well service division experienced a decline in rig utilization with eight to 10 rigs in operation, with a 54 percent decline in rig hours during the first quarter. At the current time, the company has 10 rigs in operation, compared with 15 rigs in operation at this time a year ago. Because of an overall economic downturn in the California heavy crude oil market, the major oil companies have implemented management realignment and reorganization programs, consequently reducing their well servicing activities in the San Joaquin Valley.
 Oil and gas revenues increased 8 percent, or $26,000, for the first quarter, compared with a year ago. This increase was because of remedial workover operations performed on existing wells and higher crude oil price postings during the quarter.
 Kenneth M. Padula, chief administrative officer and chief financial officer, stated that as a result of management's cost containment efforts, the company was able to offset this reduction in business in realizing a decrease of 37 percent in general and administrative expenses, effectively saving $124,000, compared with the same period in 1992.
 The company anticipates that the oil and gas production and well servicing market will continue to be sluggish during the next quarter. However, management expects to increase revenues through the balance of the year from greater rig utilization through the production service division and improved oil and gas sales as a result of increased production levels from remedial workover operations on existing wells.
 Petrominerals Corp. engages in the production and marketing of crude oil and natural gas in California and Louisiana. Lunn Production Service, a division of Petrominerals Corp., services and maintains oil and gas wells for a number of major oil companies.
 PETROMINERALS CORP.
 Summary of Operations
 (In thousands, except per share amounts)
 (Unaudited)
 Three months ended
 March 31,
 1993 1992
 Operating revenues $917 $1,687
 Net loss (257) (240)
 Net loss per common share ($.03) ($.03)
 Shares outstanding 7,810,336 7,810,336
 -0- 5/14/93
 /CONTACT: Virginia M. Lazar, corporate secretary of Petrominerals, 714-730-5400/
 (PTRO)


CO: Petrominerals Corp. ST: California IN: OIL SU: ERN

BP-JL -- LA012 -- 8478 05/14/93 09:02 EDT
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:May 14, 1993
Words:459
Previous Article:DIODES INC. ANNOUNCES UNAUDITED RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 1993
Next Article:DEKALB GENETICS DECLARES REGULAR QUARTERLY CASH DIVIDEND
Topics:


Related Articles
PETROMINERALS CORP. ANNOUNCES YEAR-END RESULTS
PETROMINERALS CORP. ANNOUNCES FIRST QUARTER RESULTS
PETROMINERALS CORP. ANNOUNCES FIRST QUARTER RESULTS
PETROMINERALS CORP. ANNOUNCES SECOND QUARTER RESULTS
PETROMINERALS CORP. ANNOUNCES YEAR-END RESULTS
UNIT ANNOUNCES FIRST QUARTER PROFITS
HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR FIRST QUARTER 1993
PETROMINERALS CORP. ANNOUNCES SECOND QUARTER RESULTS
PETROMINERALS CORP. ANNOUNCES THIRD QUARTER FINANCIAL RESULTS
PETROMINERALS CORP. CONDITIONALLY LISTED ON NASDAQ SMALLCAP MARKET

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