Petro-Lewis Corp. reported a net loss of...

Petro-Lewis Corp. reported a net loss of $415.6 million for fiscal 1986 ended June 30 and said that if an ongoing tender offer is not successful, the Denver-based oil company will seek reorganization in U.S. Bankruptcy Court. Company Chairman Jerome A. Lewis blamed the company’s troubles on a $388-million writedown of the carrying value of the company’s oil and gas properties because of sharp declines in petroleum prices. Lewis also blamed the loss on falling revenue resulting from the drop in oil prices.