Petrominerals Posts Loss of $4.7 Million for Quarter

Petrominerals Corp. of Stanton said it had a first-quarter loss of $4.7 million, contrasted with net income of $341,000 a year earlier. Revenue for the period was $3.9 million, down from $5.3 million.

Paul Howard, president and chairman of the company involved in oil and natural gas exploration, production and marketing, said the loss came from a decision to write down the value of Petrominerals’ oil and gas reserves to current market value in the face of “the recent decline in oil prices and the corresponding decline in the value of the company’s reserves.”