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ROYAL RESOURCES CORPORATION
<br />Consolidated Statements of Operations
<br /> For the For the For the
<br /> Year Ended Year Ended Year Ended
<br /> -une 30, 1986 June 30, 1985 lone 30, 1984
<br />Revenues:
<br />Olland gas .ales (Note 8) ............................ ....... $ 3,992,055 $7,836,165 $14,354,101
<br />Interest and other ................................... ....... 310,579 705,739 330,865
<br />Gain on ,ale of Canadian properties (Note 1) ............ ....... - 473,714 -
<br /> 4,302,634 9,015,618 14,684,966
<br />Costs and expenses
<br />Lease operating expenses ............................. ....... 1,508,343 1,097,559 1,-195,420
<br />Production and properly taxes ..... ................... ....... 400,720 484,499 312,423
<br />Windfallprofittax ............... ................... ....... 41,300 167,747 498,456
<br />Depreciation, depletion and amortization ............... ....... 2,906,455 2,988,136 3,592,455
<br />General and administrative ........................... ....... 1,545,982 1,526,492 1,344,555
<br />Interest expense (Note 3) ............................. ....... 39,021 45,907 93,195
<br />Writedown of oil and gas properties (Note 1) ............ ....... 19,270,399
<br /> 25,762,220 6,310,340 7,336,504
<br />Income (loss) before income taxes ....................... ....... (21,459,586) 2,705,278 7,348,462
<br />Provision (benefit) for income taxes (Note 4) ............... ....... (6,436,090) 864.000 3,400,000
<br />Netincomelloss) ..................................... ....... $(15,023,496) $1,841,278 $ 3,948,462
<br />Nelincome(loss)pershare ............................. ....... $(2.44) $.30 $.66
<br />Average shares outstanding ............................. ....... 6,155,461 6,183,356 5,992,226
<br />The Jclumpdnying ^OIPf dfP JI1 Inl@~'fJ I).l rl OI Ih PtP IillanclJ galPnleNS
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