Seahawk Oil International Inc. Wednesday reported a loss for the calendar fourth quarter, despite sharply higher full-year profits. Revenues for the quarter and year were up strongly compared to 1983.
Seahawk, an independent oil and gas exploration company headquartered in Newport Beach, said it lost $27,597 in the fourth quarter, compared with a loss of $30,764 for the same quarter in 1983. For the year, Seahawk reported net income of $257,054, compared to $27,770 for the prior year.
Fourth-quarter revenues rose 45%, to $964,628 from $659,408, the company said, while annual revenues were up 71%, to $3.46 million from $2.02 million.
Dennis Hernreich, executive vice president, attributed the fourth-quarter loss to a halt in production at the company's Northern California gas wells because of contract disputes with the purchaser, Pacific Gas and Electric Co. Hernreich said the disputes were resolved in January and the wells are now operating.