Printer Friendly

TIDE WEST OIL ANNOUNCES RESULTS

 TIDE WEST OIL ANNOUNCES RESULTS
 HOLDENVILLE, Okla., July 17 /PRNewswire/ -- Tide West Oil Company


(NASDAQ: TIDE) today announced financial results for the fiscal first quarter ended May 31, 1992. Total revenues increased by 13 percent to $1.7 million from $1.5 million in the same quarter of the previous year. Net income for the most recent quarter was $96,000, or 1 cent per share, compared to $496,000, or 5 cents per share, for the same quarter a year ago, which included a $742,000 gain on sale of assets.
 On July 13, 1992, Tide West announced it signed a definitive agreement to acquire the assets of Draco Gas Partners, L.P. of Tulsa, Okla., through the issuance of approximately 51.6 million shares of Tide West common stock. Tide West currently has approximately 12.9 million shares outstanding.
 Draco has been engaged in the acquisition and development of oil and gas properties throughout the Mid-Continent region of the U.S. The equity of Draco is owned approximately 12 percent by management and 88 percent by Natural Gas Partners, L.P., a $200 million partnership organized by financier Richard Rainwater of Texas and managed by R. Gamble Baldwin. Representatives of Natural Gas Partners are expected to become directors of Tide West following the acquisition.
 Tide West is a diversified energy company engaged in exploration and development of oil and natural gas and in well service. The company operates primarily in the Pearsall area of the Austin Chalk Trend in South Texas, the Anadarko Basin in Oklahoma and the Texas Panhandle, the Arkoma Basin in southeastern Oklahoma and western Arkansas, and the Seminole Uplift of south-central Oklahoma. The company's common stock and warrants trade on the NASDAQ system under the symbols TIDE and TIDEW, respectively.
 TIDE WEST OIL COMPANY
 Three months ended May 31: 1992 1991
 Revenues $1,658,197 $1,466,090
 Net income $ 95,874 $ 496,029
 Per share $ .01 $ .05
 Weighted average shares outstanding 12,894,001 9,966,525
 PRODUCTION AND SALES DATA
 Oil produced (Bbls) 74,193 63,685
 Average sales price (per Bbl) $17.66 $18.29
 Natural gas produced (Mcf) 73,778 110,444
 Average sales price (per Mcf) $1.07 $1.12
 -0- 7/17/92
 /CONTACT: Douglas J. Flint, president, or Richard T. Mayhue, secretary/treasurer, of Tide West Oil, 405-379-5417; or Larry Howell of Howell Communications, 214-340-9994, Tide West Oil/
 (TIDE) CO: Tide West Oil Company ST: Oklahoma IN: OIL SU: ERN


SH -- NY045 -- 0295 07/17/92 13:52 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 17, 1992
Words:422
Previous Article:BUCKEYE COMMUNICATIONS SIGNS AGREEMENT WITH SPACE BIOSPHERES VENTURES
Next Article:CENTERIOR ENERGY DECLARES QUARTERLY DIVIDEND
Topics:


Related Articles
TIDE WEST OIL ANNOUNCES RESULTS
TIDE WEST OIL COMPANY ANNOUNCES RESULTS
TIDE WEST OIL ACHIEVES RECORDS IN PROVED OIL AND GAS RESERVES
TIDE WEST OIL'S NET INCOME INCREASES 114% IN FIRST QUARTER
TIDE WEST OIL COMPANY REPORTS NET INCOME MORE THAN TRIPLED IN SECOND QUARTER
TIDE WEST'S THIRD-QUARTER REVENUES INCREASE DESPITE DROP IN PRODUCT PRICES
TIDE WEST'S OIL AND GAS REVENUES INCREASED BY 24% OVER 1993
TIDE WEST'S OIL AND GAS REVENUES ROSE 22% IN SECOND QUARTER; NON-CASH CHARGE RESULTS IN LOSS OF $1.5 MILLION
TIDE WEST OIL ANNOUNCES $6.7 MILLION OF UNAUDITED NET INCOME FOR 1995
TIDE WEST'S FIRST-QUARTER EARNINGS ROSE 26 PERCENT; OIL AND GAS REVENUES INCREASED 39 PERCENT

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