Penn-Pacific, an oil and gas company that...

Penn-Pacific, an oil and gas company that emerged from Chapter 11 bankruptcy in December, 1986, posted net income of $259,000 for fiscal 1987, contrasted with a year-ago loss of $1.6 million. Revenues from oil and gas sales were $316,592, a 30% decline from the $449,860 reported a year earlier. The company, based in Oklahoma City and Newport Beach, attributed the decrease to the lower market price of gas caused by the oversupply of natural gas. The company also announced that its board of directors approved the purchase, from time to time on the open market, of Penn-Pacific common stock, which the company sees as undervalued.