PETROMINERALS CORP. ANNOUNCES YEAR-END RESULTS
PETROMINERALS CORP. ANNOUNCES YEAR-END RESULTS TUSTIN, Calif., March 31 /PRNewswire/ -- Petrominerals Corp.
(NASDAQ: PTRO) today announced the financial results for the year ended Dec. 31, 1991, which are accounted for under the successful efforts method. Revenues for the year were $8,782,000, approximately 12 percent above 1990 revenues of $7,835,000.
The net loss for the year ended Dec. 31, 1991 was $916,000, or $.12 per share, compared with net income of $363,000 or $.05 per share for the year ended Dec. 31, 1990. Included in the 1991 loss is a $498,000 write down in the carrying value of its oil and gas properties, in accordance with Securities and Exchange Commission regulations. Depreciation, depletion and amortization expense was $1,040,000 for the year ended Dec. 31, 1991, an increase of $196,000 (23.2 percent) from 1990. During the year, the company generated net cash from operating activities of $1,017,000. Of these funds, the company used cash of $648,000 for capital expenditures, and cash of $71,000 for financing activities, resulting in an increase in cash of $298,000 for the year ended Dec. 31, 1991. 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) (Audited) Years ended Dec. 31, 1991 1990 1989 Operating revenues $8,782 $7,835 $6,439 Net income (loss) (916) 363 (198) Income (loss) per share (.12) .05 (.03) -0- 3/31/92 /CONTACT: Virginia M. Lazar of Petrominerals Corp., 714-730-5400/ (PTRO) CO: Petrominerals Corp. ST: California IN: OIL SU: ERN
EH-JL -- LA014 -- 3355 03/31/92 11:02 EST
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|Date:||Mar 31, 1992|
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