Equity Oil Co. reported 1990 third quarter net income of $1.01 million or 8 cents per share, compared to $441,254 or 4 cents per share for the comparable period in 1989.
Revenues for the three months ended Sept. 30 were $4.60 million, up 20 percent from $3.83 million in 1989. Net income for the first nine months of 1990 was $618,570 or 5 cents per share compared to $1.04 million or 9 cents per share in the same period of 1989. Total revenue for the nine month period was $12.99 million, a 16 percent increase from the $11.23 million recorded in the same period of 1989.As previously disclosed, Equity Oil's 1990 nine month's net income includes two unusual non-cash charges taken in the second quarter of this year - a charge of $1.96 million resulting from the abandonment of two wells in Pecos County, Texas; and a charge to Leasehold Abandonments of $336,000. The second quarter abandonments were one-time non-cash charges and will result in no loss of future net revenue.
"Looking at the balance of the year, we expect favorable results as a consequence of our ongoing exploration success, increased production, a favorable companywide oil to gas ratio, and an environment of increased oil and gas prices due to the gulf crisis," said Fred H. Evans, president.