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Natural gas

Mallon Resources Corp. Reports First Quarter 1995 Financial Results

Strategic Insights

— 1 min read

Mallon Resources Corp., a Canadian mining company, reported a first quarter 1995 net loss of $654,000 on revenues of $1,168,000. This loss was attributed to three key factors: reduced oil and gas sales, increased mining expenses, and higher general and administrative costs. The company's drilling program and exploration activities are expected to increase expenditures in the short term, but will enhance its oil and gas reserves and production, and the reserve base of its gold mine in the long term.

Key Takeaways:

  • The company reported a net loss of $654,000 in the first quarter of 1995, compared to a net loss of $161,000 in the same quarter of 1994.
  • Revenues for the first quarter of 1995 were $1,168,000, a decrease from $1,238,000 in the same quarter of 1994.
  • The company's drilling program and exploration activities are expected to increase expenditures in the short term, but will ultimately increase the company's oil and gas reserves and production, and the reserve base of its gold mine.
  • The sale of a 20 percent equity interest in the company's mining subsidiary, Laguna Gold, is expected to be fully funded and closed in the second quarter.
  • The company's oil and gas operations are conducted by its wholly owned subsidiary, Mallon Oil Co., and are primarily located in the western United States.
  • Mallon Resources Corp. is headquartered in Denver and its common stock is listed on the Nasdaq's National Market under the trading symbol "MLRC".

Statistics:

  • First quarter 1995 net loss: $654,000
  • First quarter 1995 revenues: $1,168,000
  • First quarter 1994 net loss: $161,000
  • First quarter 1994 revenues: $1,238,000
  • Sale of 20% equity interest in Laguna Gold: expected to be fully funded and closed in the second quarter
  • Line of credit established: $2,500,000

Sources:

  • "Mallon Resources Corp. Reports First Quarter 1995 Financial Results" (PRNewswire, May 18, 1995)
  • "Mallon Resources Corp." (Nasdaq: MLRC)
  • "Duane Knight of Mallon Resources" (303-293-2333)
  • "Mallon Oil Co."

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