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HOUSTON, Mar 01, 2001 (Canada NewsWire via COMTEX) -- Southern Mineral
Corporation (OTC Bulletin Board: SMOP) today announced financial and operating
results for the fourth quarter and full year 2000 and year-end reserves.
Fourth Quarter Results
For the fourth quarter of 2000, Southern Mineral Corporation (the "Company")
reported income of $2.4 million or $0.20 per share on revenues of $9.5 million,
compared to a net loss of $10.0 million or $3.89 per share on revenues of $7.3
million for the same period in 1999. Per share amounts have been adjusted to
account for a reverse stock split effected on August 1, 2000. Average daily
production decreased 14% to 21.3 million cubic feet of gas equivalent ("MMcfe")
from 24.8 MMcfe in the fourth quarter of 1999. Discretionary cash flow before
restructuring and bankruptcy costs and extraordinary gains was approximately
$5.9 million for the fourth quarter of 2000 compared to $3.7 million for the
same period in 1999.
The 1999 loss was primarily the result of impairments of unproven and proven
properties (including a provision to adjust the cost basis for properties sold
in early 2000 to the net realizable value), lower production, professional fees
and other costs related to the Company`s bankruptcy filing on October 29, 1999,
and the write-off of capitalized fees and expenses related to the origination of
bank and subordinated debt.
Oil and gas revenues for the fourth quarter of 2000 were $9.5 million, compared
to $7.5 million for the same period in 1999. An increase in average realized
product prices more than offset an overall decline in production on a quarter to
quarter comparison. Oil and natural gas liquids ("NGL") production decreased 22%
to 163,114 barrels. There was a slight decrease in natural gas production to 978
million cubic feet ("MMcf") in the fourth quarter of 2000, compared to 1999. Oil
and NGL production levels for the fourth quarter of 2000 are lower than
comparable production levels in 1999 due in part to the sale of certain
properties and other factors, including normal production declines.
Reduced production volumes were offset by an average realized oil and NGL price
increase of 32% from $20.58 per barrel in the fourth quarter of 1999 to $27.15
per barrel in the fourth quarter of 2000. Average realized natural gas prices
increased 106% to $4.97 per thousand cubic feet ("Mcf") during the fourth
quarter of 2000, compared to $2.41 per Mcf in same period a year earlier.
Full Year Results
For the year ended December 31, 2000, the Company reported income of $10.9
million, or $1.61 per share, on revenues of $33.6 million, compared to a net
loss of $5.8 million or $2.25 per share on revenues of $37.8 million during the
previous period. Average daily production for the period was 22.5 MMcfe compared
to 28.8 MMcfe in 1999. Discretionary cash flow before restructuring and
bankruptcy costs, and the extraordinary gain was approximately $19.7 million for
the year ended December 31, 2000, compared to $6.8 million for the same period
in 1999.
The 2000 income includes non-cash items associated with the Company`s emergence
from bankruptcy on August 1, 2000 and additional bankruptcy costs. These items
include an extraordinary gain resulting from the exchange of the Company`s
debentures for cash and shares of common stock offset by a charge related to the
implementation of a new accounting pronouncement that is applicable to newly
issued warrants and other compensatory stock transactions. The 1999 loss is
primarily the result of fourth quarter 1999 impairments, write-offs and third
quarter restructuring costs relating to the terminated restructuring plan,
partially offset by the gain on sale of oil and gas properties of $12.0 million.
Oil and gas revenues for the year ended December 31, 2000 were $33.6 million,
compared to $25.9 million for the same period in 1999. Oil and NGL production
decreased 18% to 695,309 barrels. Natural gas production decreased 25% to 4,046
MMcf in the year ended December 31, 2000, compared to 1999. Production levels
for the year ended December 31, 2000 are lower than comparable production levels
in 1999 due in part to the sale of certain properties and other factors,
including normal production declines.
The decreased production was offset by an average realized oil and NGL price
increase of 69% from $15.47 per barrel in the year ended December 31, 1999 to
$26.15 per barrel in 2000. Average realized natural gas prices increased 73% to
$3.60 per Mcf during the year ended December 31, 2000, compared to $2.08 per Mcf
in same period a year earlier.Year-End Reserves
The Company`s year-end 2000 proved oil and gas reserves are approximately 79.2
billion cubic feet of gas equivalent. Proved reserves are approximately 60%
natural gas on an energy equivalent basis with 37% attributable to Canada.
Proved developed reserves represent 84% of the total proved reserves. Based on
commodity prices on January 1, 2001, the Company`s pre-tax SEC reserves
discounted at 10% are valued at approximately $253.1 million.Pending Merger
As previously announced on December 22, 2000, the Company and PetroCorp
Incorporated ("PetroCorp") executed a definitive agreement whereby the Company
would be merged into PetroCorp. In the merger, shareholders of the Company will
receive consideration of $4.71 per share in cash, or, if they make a valid
election, PetroCorp common stock or a combination of cash and stock, subject to
certain adjustments. For both companies, the merger provides strategic and
economic benefits. The operations of the two companies are complementary, with
PetroCorp primarily operating in the Gulf Coast and Mid- continent areas of the
United States and the Company primarily operating in the Gulf Coast of the
United States. The Company and PetroCorp both have significant oil and gas
interests in Alberta, Canada. Additionally, the combined company will benefit by
having a substantially greater critical mass and the cost savings resulting from
the consolidation of operations. The Company and PetroCorp have filed a
preliminary registration statement and joint proxy statement with the Securities
and Exchange Commission. Subject to the satisfaction of the conditions to the
closing of the merger (including receiving shareholder approvals and stock
elections for a minimum number of PetroCorp shares), closing is expected to
occur in the second quarter of 2001.
Southern Mineral Corporation is an oil and gas acquisition, exploration and
production company that owns interests in oil and gas properties located along
the Texas Gulf Coast, Canada and Ecuador. The Company`s principal assets include
interests in the Big Escambia Creek field in Alabama and the Pine Creek field in
Alberta, Canada. The Company`s common stock and perpetual warrants are quoted on
the OTC Bulletin Board under the trading symbols "SMOP.OB" and "SMOPW.OB",
respectively. Today`s news release, along with other news about Southern Mineral
Corporation is available on the Internet at www.somin.com.
This news release contains forward-looking statements within the meaning of the
Securities Litigation Reform Act. The projections and statements reflect the
Company`s current views with respect to future events and financial performance
that involve risks and uncertainties including price volatility, production
levels, drilling results, capital availability, successful negotiations with
other parties, evaluation of opportunities, operational and other risks,
uncertainties and factors described from time to time in the Company`s publicly
available SEC reports. Actual results may differ materially from thoseprojected.

/Web site: http://www.somin.com /
CONTACT: For further information: Michael E. Luttrell, Vice President-Finance
and CFO of Southern Mineral Corporation, 713-658-9444
News release via Canada NewsWire, Toronto 416-863-9350


Ist`ne Menge Stoff - aber es könnte sich durchaus lohnen. Die Aktie könnte bald aus technischer Sicht nach oben ausbrechen - die drei-monatige Seitwärtsbewegung sollte bald ihr Ende nehmen. Bei gerade einmal 2,446 Mio. Aktien ist die Marktkap. (10,371 Mio. $) niedrig.

Für unsichere Zeiten ist ÖL und Gas gerade zu die richtige Mischung fürs Depot - die anziehenden Ölpreise sollten ihr Restliches tun. Ich beobachte die Aktie erst seit einer Woche - und liebäugel mit einer Investition zum Kurs von 4,25 $.

Kennt jemand die Firma aus der Vergangenheit? - um rege Anteilnahme wird gebeten. Gruß

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der Fels in der Brandung - bisher solide 5 % zum Kaufkurs - hat denn keiner eine Meinung?