SEARCH EXPLORATION REPORTS RESULTS FOR FISCAL YEAR
SEARCH EXPLORATION REPORTS RESULTS FOR FISCAL YEAR DALLAS, Jan. 2 /PRNewswire/ -- Search Exploration, Inc.
(NASDAQ: SXEI) today announced financial results for its fiscal year ended Sept. 30, 1991. For the year, net income was $1,729,312, or 36 cents per share, on revenues of $4,021,311, compared with year-earlier net income of $250,288, or 6 cents per share, on revenues of $2,316,534.
Chip Langston, president of Search, commented, "This has been an eventful year, with the settlement of the Marshall litigation, the tender of 1 million shares, settlement of the tax liability resulting from the sale of oil and gas properties, while at the same time expanding our exploration and development activity onshore in the Gulf Coast area of Texas and Louisiana. Even with natural gas prices reaching a 15-year low in the summer of 1991, Search's prospect- generating ventures were able to sell all their completed prospects for cash profits and carried interests. "As we approach 1992, with its economic uncertainties, Search will continue to slowly expand its operations in prospect generation while also pursuing merger and acquisition opportunities." SEARCH EXPLORATION, INC. Year ended Sept. 30: 1991 1990 Revenues $4,021,311 $2,316,534 Net income 1,729,312 250,288 Per share .36 .06 Weighted average shares outstanding 4,793,165 4,351,223 Current assets $4,757,673 $1,034,100 Total assets 7,287,248 8,173,771 Current liabilities 93,729 1,222,773 Shareholders' equity 6,672,519 6,596,707 Current shares outstanding 3,780,000 5,040,000 Book value per share $ 1. 76 $ 1.31 -0- 1/2/92 /CONTACT: Chip Langston, president of Search Exploration, 214-991-4100, or Larry Howell of Howell Communications, 214-340-9994, for Search Exploration/ (SXEI) CO: Search Exploration, Inc. ST: Texas IN: OIL SU: ERN
FC -- NY058 -- 6246 01/02/92 15:35 EST
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|Date:||Jan 2, 1992|
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