Petromineral Posts Second-Quarter Loss of $109,000

Petromineral Inc., the Tustin-based oil and natural-gas company, posted a second-quarter loss of $109,000, compared to a loss of $41,000 for the corresponding period in 1989. Revenue declined 6% to $1.6 million from $1.7 million.

For the first six months of the year, the company lost $62,000, compared to a net loss of $283,000 for the first half of 1989. Revenue was up 10% to $3.4 million from $3.1 million.

The company said that crude prices have risen dramatically since mid-July. If the price of crude stabilizes at the current level, the company’s revenue will be significantly affected during the current quarter.