Small Oil and Gas Firm Records First-Period Loss
Western Energy Resources Inc., an independent oil and gas company based in Newport Beach, said it lost $41,752 for the first quarter, compared with a year-earlier loss of $11,535. Revenue for the period was $95,125, down 8% from $105,753. Richard Johnson, president of the company, said its financial results were “unfavorably impacted” by the severe decline in world market prices for gas and oil.
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