Sign in Subscribe
Petroleum industry

Tipperary Corporation Reports Fiscal Year and Fourth Quarter Results

Strategic Insights

— 2 min read

Tipperary Corporation, an independent oil and gas company, announced its fiscal year and fourth quarter results for 1996. The company reported a net loss for the fiscal year of $790,000, or 7 cents per share, on revenue of $11.1 million. This compared to a net loss of $1,284,000, or 11 cents per share, on revenue of $11.8 million in the previous year. The company's total proved oil and gas reserves as of September 30, 1996, were 4 million barrels of oil and 13 Bcf of gas, an increase from 3.4 million barrels of oil and 13 Bcf of gas as of September 30, 1995. The discounted future net revenues of oil and gas reserves increased from $24.2 million as of September 30, 1995, to $37.9 million as of September 30, 1996.

Key Takeaways:

  • Tipperary Corporation reported a net loss for the fiscal year of $790,000, or 7 cents per share, on revenue of $11.1 million.
  • The company's total proved oil and gas reserves increased from 3.4 million barrels of oil and 13 Bcf of gas as of September 30, 1995, to 4 million barrels of oil and 13 Bcf of gas as of September 30, 1996.
  • The discounted future net revenues of oil and gas reserves increased from $24.2 million as of September 30, 1995, to $37.9 million as of September 30, 1996.
  • The fourth quarter loss includes charges of $324,000 related to warrant exercises by a former employee and $273,000 in connection with the exchange of an investment in convertible preferred stock for common stock and $796,000 in cash.
  • Chief Executive Officer and President David Bradshaw attributed the improvement in results to the recent strengthening in both crude oil and natural gas prices.
  • Tipperary Corporation has producing properties primarily in the Rocky Mountain region and in the Permian Basin of west Texas and southeast New Mexico.

Statistics:

  • Net loss for the fiscal year: $790,000
  • Revenue for the fiscal year: $11.1 million
  • Total proved oil and gas reserves as of September 30, 1996: 4 million barrels of oil and 13 Bcf of gas
  • Discounted future net revenues of oil and gas reserves as of September 30, 1996: $37.9 million
  • Net loss for the fourth quarter: $523,000
  • Revenue for the fourth quarter: $2.7 million
  • Charges related to warrant exercises by a former employee: $324,000
  • Charges related to the exchange of an investment in convertible preferred stock for common stock and cash: $796,000

Sources:

  • Tipperary Corporation
  • PR Newswire
  • Source: Paul C. Slevin, CFO of Tipperary Corporation, 303-293-9379
  • Source: Geoff High of Pfeiffer Public Relations, 303-393-7044

Read more