Aviva Petroleum Inc - 1st Quarter Results
14 Maggio 1999 - 10:59AM
UK Regulatory
RNS No 2009r
AVIVA PETROLEUM INC
14 May 1999
AVIVA REPORTS FIRST QUARTER LOSS
DALLAS, TEXAS, May 14, 1999 . . . .Aviva Petroleum Inc. ("AVP") reported a net
loss for the quarter ended March 31, 1999, of $731,000 ($.02 per common
share), compared to a net loss of $2,965,000 ($.09 per common share) for the
corresponding 1998 period.
Oil and gas revenues for the first quarter of 1999 were $1,184,000, compared
to $1,146,000 in the first quarter of 1998. While Aviva's oil production in
Colombia was up 28,000 barrels in 1999 (103,000 barrels) from 1998 (75,000
barrels) due primarily to the acquisition of Garnet Resources Corporation in
October 1998, the average price received for Colombian oil decreased to $9.18
per barrel during the first quarter of 1999 from $12.29 per barrel during the
same period of 1998. U.S. production was also up with oil volumes increasing
to 16,000 barrels in 1999 from 13,000 barrels in 1998, and gas volumes
increasing to 36,000 MCF in 1999 from 14,000 MCF in 1998. The 1999 increases
were mainly due to continuous production from the Main Pass 41 field which was
shut-in for approximately 60 days during the first quarter of 1998. These
volume increases were also offset by lower prices, with the Company's average
U.S. oil price decreasing to $10.49 per barrel in 1999, down from $13.86 per
barrel in 1998, and the average U.S. gas price decreasing to $1.91 per MCF in
1999 compared to $2.43 per MCF in 1998.
The Company has retained the services of Triumph Securities Corporation, New
York, to assist in restructuring its equity and long-term debt positions, and
expects to be able to complete such a restructuring before the end of July.
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 first quarter report on Form 10-Q.
Aviva Petroleum is engaged in the exploration for and the development and
production of oil and gas in Colombia, offshore the United States and in Papua
New Guinea.
Aviva Petroleum's Depositary Receipts (1 of which equals 5 common shares) are
traded in the U.S. on the OTC Bulletin Board under the symbol "AVVPP".
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 filings with the Securities and Exchange
Commission.
Further Information:
Ron Suttill, Aviva Petroleum Inc., Dallas, Texas
001 214 691 3464
AVIVA PETROLEUM INC. AND SUBSIDIARIES
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
1999 1998
Oil and gas sales $1,184 $ 1,146
Expense:
Production 900 799
Depreciation, depletion and amortization 336 671
Write-down of oil and gas properties - 2,764
General and administrative 359 360
Total expense 1,595 4,594
Other income (expense):
Interest and other income (expense), net 34 745
Interest expense (291) (165)
Total other income (expense) (257) 580
Loss before income taxes (668) (2,868)
Income taxes 63 97
Net loss $ (731) $ (2,965)
Weighted average common shares outstanding 46,700 31,483
Basic and diluted net loss per common share $ (0.02) $ (0.09)
END
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