Central Natural Resources Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2012
August 14, 2012
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Central Natural Resources Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported total operating revenue of $564,134 compared to $907,259 a year ago. Operating income was $36,630 compared to $243,944 a year ago. Earnings before income taxes were $36,151 compared to $251,465 a year ago. Net earnings was $34,601 or $0.06 per diluted share compared to $175,065 or $0.31 per diluted share a year ago.
For the six months period, the company reported total operating revenue of $1,251,920 compared to $1,693,794 a year ago. Operating income was $214,810 compared to $700,308 a year ago. Earnings before income taxes were $221,750 compared to $705,737 a year ago. Net earnings was $163,115 or $0.30 per diluted share compared to $472,179 or $0.85 per diluted share a year ago. Net cash provided by operating activities was $4,758 compared to $1,183,068 a year ago. Oil and Gas capital expenditures were $207,952 compared to $53,213 a year ago.
Central Natural Resources, Inc. is an independent energy company. The Company is focused on the ownership and management of mineral properties and working interests in oil and gas. The Company's operations concentrate on domestic, onshore properties, with producing properties located in Texas, Louisiana, and the Arkoma Basin. It holds both steam coal and metallurgical coal deposits of over 175 million tons, situated in western Arkansas, eastern Oklahoma, north-eastern Oklahoma, and south-eastern Kansas. It holds mineral interests in the Arkoma Basin (Arkansas and Oklahoma) where it leases properties for exploration and development. It maintains mineral interests in Beauregard Parish, LA, a portion of which is developed and is producing, and it owns interests in production in Lafourche Parish, LA. The Company's wholly owned subsidiary, CNR Production (CNR), conducts oil and gas working interest activities domestically. CNR owns working interests in producing wells.