Petrominerals Corp. Lists $22,000 Loss in Quarter
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Petrominerals Corp., a Stanton oil and gas company, reported a first quarter loss of $22,000, compared with a net loss of $4.7 million in the same period a year ago. At the same time, quarterly revenues fell 45% to $2.2 million from $4 million.
“Had it not been for extremely large legal expenses incurred in connection with Petrominerals’ proposed merger with McFarland Energy, the first quarter of 1987 would have been profitable,” Paul L. Howard, the company’s chairman and president, said in a prepared statement. That merger plan still is being negotiated.
The company said its huge first-quarter loss in 1986 was caused solely by writedowns in oil and gas properties.
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