June 20, 1986
Seahawk Oil International Inc. of Newport Beach said it has formed a partnership with several privately held companies--none now in the oil business--to acquire new oil and gas reserves. Seahawk, an independent oil and gas exploration company, will be a co-general partner in the deal. The partnership will have the ability to buy up to $25 million worth of producing oil and gas assets located in the United States. Seahawk will contribute 10% of the acquisition partnership capital.
May 16, 1989
Seahawk Oil International Inc., a Newport Beach independent oil and gas exploration company, posted a profit of $45,085 for the first quarter, contrasted with a loss of $247,245 for the 1988 first quarter. The profit reverses a trend of losses incurred since 1986 when oil prices collapsed and became unstable, the company said, and attributed the improved performance to cost-containment measures implemented by management in prior years, including the cancellation of lease commitments and the exchange of convertible debentures into common stock.
January 18, 1987 |
Seahawk Oil International Inc. of Newport Beach said it has acquired most of Discovery Oil Ltd. of Los Angeles for a total of $1.6 million in cash plus 300,000 shares of Seahawk common stock. A company spokesman said that Seahawk, in partnership with a private institutional investor, purchased about 95% of Discovery, which in August filed for protection under Chapter 11 of the Bankruptcy Code.
November 23, 1989
Seahawk Oil International Inc., the Newport Beach independent oil and gas exploration company, said the sale of its domestic oil and gas operations in July resulted in losses for both the third quarter and the first nine months. The company recorded a loss of $2.4 million, compared to a year-earlier loss of $2.7 million. For the nine-month period, the net loss totaled $2.2 million, contrasted with a loss of $3.1 million for the 1988 period.
May 23, 1986
The continuing slide in oil prices resulted in a first-quarter loss of $286,936 at Seahawk Oil International Inc., compared with a loss of $49,595 during the year-ago period. The Newport Beach oil company also reported a steep decline in revenues, down 30% to $472,617 from $676,582. But company officials said they believe an internal cost reduction program will combine with recently increased oil production to improve earnings in the rest of the year.