Seahawk Oil Posts Net Loss of $3.9 Million
Seahawk Oil International, a Newport Beach-based independent oil and gas exploration company, reported a net loss of $3.9 million for 1986, contrasted with net income of $235,076 for the previous year. Revenues decreased to $1.8 million, a 51% drop from $3.7 million in 1985.
Company President Robert Friedenberg blamed low oil and gas prices and write-downs of Seahawk’s oil and gas reserves for the company’s financial performance.
The 8-year-old company posted a net loss of $2.6 million for its 1986 fourth quarter on revenue of $412,782. The company did not report fourth-quarter figures for 1985.
The 1985 revenue figure included a $1-million gain on the sale of a New Zealand offshore oil field.
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