SOUTHERN MINERAL CORP. DECLARES CASH DIVIDEND
SOUTHERN MINERAL CORP. DECLARES CASH DIVIDEND HOUSTON, Oct. 23 /PRNewswire/ -- Southern Mineral Corp.
(NASDAQ/NMS: SMIN) declared a $.05 per share cash dividend on Oct. 21 which is payable Jan. 6, 1993, to stockholders of record on Dec. 18, 1992. The lowering of the dividend rate this year from the $.10 per share cash dividend paid in each of the two previous years was prompted by the continued high level of cash demands for its very aggressive ongoing exploration program. The company is excited about this activity since it offers the potential for impressive near term and future cash flow increases. Substantial cash outlays have been made for state of the art 3-D seismic which has yielded significant results; additional expenditures have been required for lease acquisitions. Drilling operations are now in progress to evaluate the prospective areas which have been delineated and several walls will be drilled before year end.
-0- 10/23/92 /CONTACT: John Misitigh, vice president, secretary and treasurer, of Southern Mineral Corp., 713-872-7621/ (SMIN) CO: Southern Mineral Corp. ST: Texas IN: MNG SU: DIV
LR -- NY025 -- 4086 10/23/92 10:57 EDT
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|Date:||Oct 23, 1992|
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