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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, 1992. The company reported income of $794,000, or $.10 per share, compared to a loss of $916,000, or ($.12) per share for the year ended Dec. 31, 1991. The major contributing factor to 1992's income was the company's successful appeal of the assessments made by the California Franchise Tax Board for the years 1982 through 1985. The appeal resulted in a $1,130,000 reduction of the company's deferred income tax liability, with a corresponding credit to income tax expense.
 Revenues for the year were $6,369,000, approximately 27 percent below 1991's revenues of $8,782,000. The well servicing division experienced a 36 percent reduction in service rig hours, while the average rig rate for the year remained constant, as compared with 1991. As a result, the well servicing revenues declined 36 percent, with a 49 percent decrease in its gross margin. The company currently has nine out of 25 rigs in operation.
 The results of the company's oil and gas production and sales operation did not change significantly in 1992. In 1993, the company plans to increase the utilization of its well servicing division's experience and equipment to increase the production and profitability of its oil and gas production segment.
 General and administrative expenses decreased $305,000, or 24 percent in 1992, compared to 1991, as a result of the cost reduction and containment program which the company implemented in March 1992. Management will continue the program and expects additional decreases in 1993.
 During the year, the company generated net cash from operating activities of $565,000, of which $297,000 was used for capital expenditures, and $170,000 for the repayment of debt, resulting in a $98,000 increase in cash for the year. The company's balance sheet remains strong as it reflects a current ratio in excess of 2.5-to-1, a 45 percent decrease in long-term debt, and a decrease in long-term deferred income taxes.
 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 major oil companies.
 PETROMINERALS CORP.
 Summary of Operations
 (In thousands, except per share amounts)
 (Audited)
 Years Ended Dec. 31,
 1992 1991 1990
 Operating revenues $6,369 $8,782 $7,835
 Net income (loss) 794 (916) 363
 Income (loss) per share .10 (.12) .05
 -0- 3/31/93
 /CONTACT: Virginia M. Lazar, corporate secretary of Petrominerals, 714-730-5400/
 (PTRO)


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

JB-LL -- LA013 -- 1491 03/31/93 12:15 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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