Aviva Petroleum Inc - 3rd Quarter & 9 Mths Results
12 Novembre 1999 - 1:00PM
UK Regulatory
RNS Number:7133A
Aviva Petroleum Inc
12 November 1999
AVIVA REPORTS RESULTS FOR THE THIRD QUARTER
AND FIRST NINE MONTHS OF 1999
DALLAS, TEXAS, August 13, 1999 . . .Aviva Petroleum Inc. (OTC BB - "AVVPP")
reported net earnings of $303,000 (1 cent/share) for the quarter ended
September 30, 1999 compared with a net loss of $713,000 (2 cents/share) for
the same period last year. For the first nine months of 1999, a net loss of
$510,000 (1 cent/share) was recorded, compared to the $6,442,000 (20
cents/share) net loss for the first nine months of 1998. These results, and
following volume and price comparisons, reflect the operations of Garnet
Resources Corporation (Garnet), which was merged into Aviva effective on
October 28, 1998.
Crude oil sales in Colombia for the first nine months of 1999 were 285,000
barrels, up from 174,000 barrels in the comparable period of 1998. The
increase is due mainly to the acquisition of Garnet's interest, and the
negative effects in the 1998 period of shut-downs caused by guerrilla attacks
on company facilities and the Trans-Andean pipeline owned and operated by
Ecopetrol, Colombia's national oil company. Oil prices averaged $13.82 per
barrel in the current nine-month period, up from the $11.40 per barrel average
in the same 1998 period.
In the U.S., crude oil volumes were 44,000 barrels in the first nine months of
1999, up from 36,000 barrels in the comparable period of 1998. This increase
was caused by a variety of factors, mainly shut-ins in the 1998 period to
drill a salt water disposal well and install water treatment facilities at
Breton Sound, and to upgrade the Main Pass 41 platform and production
facility. U.S. oil prices increased from $12.61 per barrel in the first nine
months of 1998, to $15.09 per barrel in the current nine month period.
Natural gas prices averaged $2.00 per MCF for the first nine months of 1999
compared to $2.11 per MCF in the 1998 comparable period.
The following Condensed Consolidated Statement of Operations (unaudited) has
been filed with the U.S. Securities and Exchange Commission as part of the
Company's third quarter report on Form 10-Q.
Ron Suttill, CEO, said, "Our positive quarterly results and much improved
nine-month figures result from the successful merging of Garnet and Aviva
operations in Colombia and implementation of strict cost controls, and crude
oil price improvements." He said, "We are not out of the woods yet, by any
means, but hope that our current discussions with lenders on conversion of
debt into equity can be concluded satisfactorily by the end of 1999. This
will allow us to go forward in 2000 and beyond to consolidate and strengthen
our asset base in North and South America."
Aviva Petroleum is engaged in the exploration for and the development and
production of oil and gas in Colombia, Papua New Guinea and offshore in the
United States. Aviva's common stock is currently suspended from trading on
the London Stock Exchange (symbol "AVP").
Safe Harbor for Forward-Looking Statements: Except for historical information
contained herein, the statements in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve
known and unknown risks and uncertainties which may cause the Company's actual
results in future periods to differ materially from forecasted results. These
risks and uncertainties include, among other things, general economic
conditions, volatility of oil and gas prices, the impact of possible
geopolitical occurrences world-wide, imprecision of reserve estimates, changes
in laws and regulations, unforeseen engineering and mechanical or
technological difficulties in drilling or working-over wells, and other risks
described in the Company's Annual Report on Form 10-K and other filings with
the Securities and Exchange Commission.
Further Information:
Ron Suttill, Aviva Petroleum Inc., Dallas, Texas
214 691 3464
AVIVA PETROLEUM INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months ended
September 30, September 30,
1999 1998 1999 1998
Oil and gas sales $ 1,955 $ 518 $ 4,714 $ 2,578
Expense:
Production 918 707 2,697 2,222
Depreciation, depletion and
amortization 242 239 862 1,413
Write-down of oil and gas
properties - - - 4,725
General and administrative 247 222 926 882
Provision for (recovery of) losses
on accounts receivable (13) - (105) -
Severance - - 62 -
Total expense 1,394 1,168 4,442 9,242
Other income(expense):
Interest and other income
(expense), net 122 165 299 936
Interest expense (326) (168) (900) (488)
Total other income (expense) (204) (3) (601) 448
Earnings (loss) before income taxes 357 (653) (329) (6,216)
Income taxes 54 60 181 226
Net earnings (loss) $ 303 $ (713) $ (510) $ (6,442)
Weighted average common shares
outstanding-basic and diluted 46,900 31,726 46,784 31,565
Basic and diluted net earnings
(loss) per common share $ .01 $ (.02) $ (.01) $ (.20)
END
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