Albion International Resources reported 1987 net income...

Albion International Resources reported 1987 net income of $74,576, which included an extraordinary gain of $311,599 on the conversion of its bank debt into equity. The Laguna Beach oil and gas exploration and production company posted a net loss of $746,627 the previous year. Revenues totaled $326,883 in 1987, a 25% decline from the $434,333 recorded in 1986. The company attributed the decline to lower oil and gas production and lower sales prices.