Plunging Revenues Lead to 3rd-Quarter Losses for Seahawk Oil

Seahawk Oil International Inc. said that plunging revenues led to losses in the third quarter and in the nine months ended September 30.

The Newport Beach oil and gas exploration company posted a $749,345 loss for the quarter, contrasted with $619,131 in profits for that quarter last year. Revenues for the quarter came to $442,247, a 73.9% decline from $1.7 million for the same period last year.

For the nine months, Seahawk reported a net loss of $1.3 million, contrasted with profits of $613,364 for that period last year. Revenues fell 54.7% to $1.4 million, from $3.1 million last year.

The company blamed a reduction in the price of its oil products for the loss, adding that about $400,000 of the third-quarter loss was attributed to write-downs on its oil and gas assets.