Petrominerals Corp.: The Tustin crude-oil and natural...

Petrominerals Corp.: The Tustin crude-oil and natural gas company posted a first-quarter loss of $240,000, or 3 cents a share, compared to a loss of $64,000, or no cents a share, for the same period a year earlier. Revenue declined 26% to $1.7 million from $2.3 million. Kenneth M. Padula, chief administrative officer, said the average price the company received for its crude oil fell 26% during the latest quarter. The company also experienced a 7% decline in oil production volume resulting from heavy rains in February and management’s decision to shut wells temporarily because of low oil prices.