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TEXOIL, INC. |
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NEWS RELEASE |
FOR IMMEDIATE RELEASE |
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COMPANY CONTACT |
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110
Cypress Station Drive |
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Frank A. Lodzinski |
Suite
No. 220 |
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President |
Houston,
Texas |
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(281)
537-9920 |
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(281)
537-8324 - Fax |
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www.texoil.com |
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TEXOIL REPORTS RESULTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
HOUSTON, TEXAS, August 9,
2000 - Texoil, Inc., (NASDAQ, Small Cap: "TXLI", Boston Stock Exchange
"TXL") today announced financial and operating results for the second
quarter and six month period ended June 30, 2000. Oil and gas and related revenues increased 148% for the six
months ended June 30, 2000, over the comparable period in 1999, to $22.7
million. The Company reported net
income available for common shareholders (after preferred stock dividends) of
$5,236,000 for the year-to-date period, or $.79 per share, as compared to
$870,000, or $.13 per share in 1999.
Earnings before interest, taxes, DD&A and preferred stock dividends
(“EBITDA”) increased 204% for the six months ended June 30, 2000, to $13.9
million, or $2.10 per share, as compared to $4.6 million, or $.70 per share for
the same period in 1999.
Second Quarter 2000
In the second quarter of
2000, Texoil achieved record revenues of $11,707,000, up 130% over the second
quarter of 1999. Texoil realized net
income available for common shareholders of $2,826,000 compared to $697,000, an increase of 305%. During the second quarter of 2000, the
Company produced 517,000 barrels of oil equivalent (BOE), up 48% from the
second quarter of 1999. Gas production
increased to 1,325 MMcf, up 26% from the second quarter of 1999. Oil production totaled 296,000 Bbls, up 69%
from the second quarter of 1999. The
Company’s average oil price was 46% higher, averaging $23.06, compared to
$15.80 in the same period of 1999, while the average gas price was up 48% over
the prior year to $3.40. EBITDA in the
second quarter of 2000 from operating activities increased to $7.3 million from
$2.7 million in the second quarter of 1999.
Six Months Ended June 30,
2000
Texoil’s net income
available for common shareholders for the six months ended June 30, 2000, was
$5,236,000 on revenues of $22,724,000.
For the comparable period of 1999, Texoil reported a net income of
$870,000 on revenues of $9.2 million.
EBITDA for the six month period increased to $13,911,000 million in 2000
from $4,575,000 million 1999. The
Company’s production increased 55% to 1,041,000 BOE, compared to 670,000 BOE
for the first six months of 1999. Gas
production increased to 2,665 MMcf, up 36% from 1999. Oil production increased to 597,000 Bbls, up 74% from 1999. The Company’s average oil price for the six
months ended June 2000 increased 74% to $23.43 per Bbl, compared to $13.43 per
Bbl in 1999. Average gas prices
increased 44% in 2000 to $2.99 per Mcf compared to $2.07 per Mcf in 1999.
Management Comments
Mr. Frank A. Lodzinski,
Texoil’s President, stated “Texoil continues to achieve significant increases
in substantially all performance measures, including production, revenues, cash
flows and profitability. Strong product
prices continue to be a favorable factor, but production increases over the
prior year are also a major contributor.
During the second quarter, Texoil closed the acquisition of the Ben Bolt
field, conducted certain development activities, and also reduced debt by $3.0
million. See news release dated August
8, 2000, for operational highlights.
The company has out-performed many of its peers, both in terms of financial
performance and reserve and production growth.”
Texoil, Inc. (www.texoil.com),
an independent energy company, acquires and develops oil and gas reserves
through an active and diversified program that includes purchases of reserves,
re-engineering, development and exploration activities, which are currently
focused in Texas, South Louisiana and the Texas Gulf Coast.
Forward-Looking Information
This release may contain
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 23E of the Securities Exchange
Act of 1934, as amended. All statements
included in this release regarding the impact of recent acquisition of
production properties on the Company are forward-looking statements and are
based on management’s best projections.
Although the Company believes the expectations and beliefs reflected in
forward-looking statements included in this release are reasonable, it can give
no assurance that such
expectations will prove to have been correct.
Forward-looking statements are not guarantees of future performance and
actual results, developments and business decisions may differ from those
envisioned by such forward-looking statements.
SEE FINANCIAL SUMMARY ATTACHED
P:nr2000080900
TEXOIL, INC.
(Thousands)
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Three Months
Ended |
Six Months Ended |
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June 30, |
June 30, |
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2000 |
1999 |
2000 |
1999 |
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Revenues |
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Oil and gas |
$
11,334 |
$
4,845 |
$
21,948 |
$
8,672 |
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Other |
373 |
245 |
776 |
491 |
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Total |
11,707 |
5,090 |
22,724 |
9,163 |
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Expenses |
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Lease operating/workover |
2,779 |
1,578 |
5,490 |
3,080 |
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Production taxes |
1,094 |
338 |
2,193 |
612 |
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General and administrative |
583 |
449 |
1,130 |
896 |
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Total |
4,456 |
2,365 |
8,813 |
4,588 |
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EBITDA |
7,251 |
2,725 |
13,911 |
4,575 |
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Depreciation, depletion &
amortization |
1,646 |
1,069 |
3,441 |
2,094 |
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Interest and debt expense |
327 |
535 |
709 |
1,082 |
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Income before income taxes |
5,278 |
1,121 |
9,761 |
1,399 |
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Provision for income taxes |
(1,768) |
(424) |
(3,270) |
(529) |
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Net Income |
3,510 |
697 |
6,491 |
870 |
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Preferred stock dividends |
(684) |
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(1,255) |
- |
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Net income available for common
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2,826 |
697 |
5,236 |
870 |
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Per Common Share |
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Net income per share-basic |
$
0.42 |
$
0.11 |
$
0.79 |
$
0.13 |
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Net income per share-diluted |
$
0.27 |
$
0.10 |
$
0.49 |
$
0.13 |
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Weighted average shares
outstanding-basic |
6,656 |
6,555 |
6,639 |
6,555 |
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Weighted average shares
outstanding-diluted |
13,191 |
6,722 |
13,289 |
6,790 |
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EBITDA |
7,251 |
2,725 |
13,911 |
4,575 |
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EBITDA per share – basic |
$
1.09 |
$
0.42 |
$
2.10 |
$
0.70 |
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EBITDA per share – diluted |
$
0.55 |
$
0.41 |
$
1.05 |
$
0.67 |
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Cash Flow (EBITDA Less
Interest) |
6,924 |
2,190 |
13,202 |
3,493 |
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Cash flow per share – basic |
$
1.04 |
$
0.33 |
$
1.99 |
$
0.53 |
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Cash flow per share – diluted |
$
0.52 |
$
0.33 |
$
0.99 |
$
0.51 |
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Production and Prices |
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Natural gas, MMcf |
1,325 |
1,051 |
2,665 |
1,961 |
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Price per Mcf |
$
3.40 |
$
2.30 |
$
2.99 |
$
2.07 |
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Crude oil and condensate, MBbls
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296 |
175 |
597 |
343 |
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Price per barrel |
$
23.06 |
$
15.80 |
$
23.43 |
$
13.43 |
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Barrel of oil equivalent (MBOE)
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517 |
350 |
1,041 |
670 |
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Current Assets |
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10,015 |
4,618 |
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Property, plant and
equipment-net |
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61,985 |
44,923 |
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Deferred tax asset |
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- |
260 |
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Other assets |
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175 |
715 |
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Total assets |
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72,175 |
50,516 |
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Current liabilities |
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8,224 |
3,842 |
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Long-term debt |
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19,000 |
24,500 |
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Subordinated convertible debt |
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- |
10,000 |
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Deferred income taxes |
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3,696 |
- |
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Shareholders’ equity |
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41,255 |
12,174 |
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Total liabilities and
shareholders’ equity |
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72,175 |
50,516 |
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