| Business Summary | | Petrominerals
Corporation
is
engaged
in
the
production
of
on-shore
domestic
crude
oil
and
natural
gas
in
California
and
Wyoming.
The
Company
plans
to
purchase
oil
and
gas
producing
assets
or
merge
with
another
company.
The
Company
and
its
partners,
also,
committed
to
drill
two
wells
before
May
2000.
In
addition
to
reviewing
merger
alternatives,
management
is
currently
focusing
its
efforts
on
utilizing
its
cash
balance
for
the
acquisition
of
additional
oil
and
gas
producing
properties.
Petrominerals
sells
the
oil
and
gas
produced
to
unrelated
parties
pursuant
to
contracts
of
30
or
90
days
duration
and
prices
fluctuate
based
on
the
quality
of
the
oil
produced
and
numerous
other
factors,
including
the
extent
of
domestic
production
and
foreign
imports,
world
events,
market
demand,
hostilities
in
oil
producing
countries,
and
the
effect
of
governmental
regulations. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Petrominerals
Corporation
has
oil
production
in
the
Santa
Clarita
area
of
Southern
California
and
gas
production
in
the
Sand
Wash
Basin
of
Wyoming.
For
the
three
months
ended
3/31/01,
total
revenues
increased
34%
to
$155
thousand.
Net
loss
increased
14%
to
$106
thousand.
Revenues
reflect
the
addition
of
the
Wyoming
properties
and
an
increase
in
other
income.
Higher
losses
reflect
an
increase
in
operating
expenses
as
a
percentage
of
sales. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY2000 Pay | |
| Morris Hodges, 65 Pres,
CEO, Chief Financial Officer | $42K | Everett Hodges, 67 Sec.,
Treasurer | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|