Altex Oil reports lower profits Altex Oil Corporation (ASE) has reported lower net income on increased revenues for its fiscal third quarter and nine months ended June 30, 1982, despite sharp gains in oil and gas sales revenues for both periods. The diversified independent oil concern reported net income of $30,000, less than a cent a share, on total revenues of $1,640,000 for the third quarter ended June 30, 1982 compared with net income of $160,000 or $.01 per share on revenues of $1,367,000 for the same quarterly period in fiscal 1981. For the first nine months Altex reported net income of $187,000 or $.01 per share on total revenues of $4,799,000, compared with net income of $764,000 equal to $.05 per share on $4,034,000 in revenues for the same interim period a year ago. Cecil C. Wall, President and Chief Executive Officer noted that Altex's oil and gas sales revenues increased significantly during both periods in part as a result of a substantial jump in sustained production from the Company's 50 percent owned Lamb No. 13 oil well in Big Horn County, Wyo. Oil and gas revenues jumped to $860,000 during the third quarter from $283,000 in the year ago period he noted, and for the first nine months reached a level of $1,714,000 versus $923,000 in fiscal 1981. Production from the Lamb No. 13 averaged 685 barrels of oil per day during June and July compared with its previously modest rate of 45 barrels per day. Mr. Wall attributed the Company's reduced profitability on higher revenues for the quarter and nine months to lower margins for the Company's wholly-owned oil field service subsidiary, Parrish Oil Tools, Inc. resulting from declining drilling activity throughout Parrish's eight state market area. Mr. Wall also noted that the Company's oil and gas operations have experienced losses during the nine month period as a result of lower crude oil prices and higher operating costs.