Petrominerals Shows $31,000 3rd-Quarter Loss

Petrominerals Corp. said it lost $31,000 for the third quarter, contrasted with net earnings of $295,000 a year earlier. Revenue for the period was $2 million, down 57% from revenue of $4.7 million in the third quarter of 1985.

For the first nine months, the Stanton-based oil and gas exploration firm reported a net loss of $5 million, contrasted with net earnings of $1 million for the same period a year earlier. Nine-month revenues of $8.2 million were down 46% from $15.1 million the previous year.

“The decline of both revenue and profits is directly attributable to a drop in crude oil prices of over 60% since the first of the year,” said Paul L. Howard, Petrominerals’ chairman and president.