3rd Quarter Net Income $295,000 for Petrominerals

Petrominerals Corp. said Tuesday that profits during the third-quarter, ended September 30, dropped 10.7% from the previous year, but nine-month profits soared to a record high.

The Stanton-based oil producer posted third-quarter net income of $295,000, compared with $330,000 a year earlier. Revenues for the quarter dropped to $4.7 million, a 16% decline from $5.6 million in the quarter a year earlier. For the first nine-months of 1985, Petrominerals earned $1 million, nearly double the $659,000 the company earned last year. Nine-month revenues declined slightly to $15.1 million, from $16.3 million a year earlier.

The increase in nine-month earnings was the result of overall increased production, combined with strict cost-control programs at the company’s 70 wells, said Timothy McPherson, Petrominerals’ chief financial officer. The drop in third quarter earnings, he said, was due to an 11% decrease in crude oil output at several new wells begun during the previous two quarters.

Petrominerals, which owns 70 wells in California, Louisiana and Oklahoma, also services and maintains oil and gas wells for several major oil companies. In addition, it holds coal and geothermal reserves in Washington and Oregon.