Seahawk Oil Reports Loss of $286,936 for 1st Quarter
The continuing slide in oil prices resulted in a first-quarter loss of $286,936 at Seahawk Oil International Inc., compared with a loss of $49,595 during the year-ago period.
The Newport Beach oil company also reported a steep decline in revenues, down 30% to $472,617 from $676,582.
But company officials said they believe an internal cost reduction program will combine with recently increased oil production to improve earnings in the rest of the year.
Seahawk completed the sale of a $4-million convertible subordinated debenture issue in January, 1986, with the proceeds designated for acquisition, merger and other growth activities.