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/C O R R E C T I O N -- EQUITY OIL COMPANY/

 In NY033, Equity Oil Company reports 89 percent increase in 1993 first quarter net income from operations; reports first quarter earnings per share of $.03, moved yesterday, in the consolidated statement of cash flows tabular material, the depreciation, depletion and amortization for the three months ended March 31, 1993, should read "$1,100,000" rather than "$1,000,000" as originally transmitted.
 The corrected release follows.
 SALT LAKE CITY, May 12 /PRNewswire/ -- Equity Oil Company (NASDAQ: EQTY) announced today that first quarter net income from operations of $420,201, or $.03 per share, was 89 percent higher than first quarter 1992 net income of $222,392, or $.02 per share. Total first quarter revenues in 1993 were $3,796,268, compared to $3,687,293 in 1992.
 Fred H. Evans, president of Equity Oil, commenting on the results, stated, "Stronger oil and gas prices in 1993 and reductions in almost every expense category helped pave the way to a strong first quarter. If these trends hold, we expect 1993 to be an excellent year."
 First quarter 1992 figures have been restated effective Jan. 1, 1992, due to a change in the company's method of accounting for purchased CO2 costs associated with the Enhanced Oil Recovery Project at the Rangely Weber Sand Unit. Previously, the company charged these costs to leasehold operating costs. Under the new method, these costs are capitalized and depleted over the life of the field. By capitalizing these costs, the company believes that it will provide a better matching between the purchased CO2 costs and the related future incremental oil production and render a more accurate comparison to the company's industry peers.
 The cumulative effect of this accounting change for years prior to 1992, which is shown separately in the statement of operations for the first quarter of 1992, resulted in a benefit of $2,104,309 (after related taxes of $1,308,037), or $.17 per share of common stock. Excluding the cumulative effect, this change increased net income in the first quarter of 1992 by $116,385, or $.01 per share. The change also increased cash flow from operations by $336,682.
 Production and Pricing
 The company experienced modest declines in both oil and gas production during the first quarter, as oil production dropped from 187,892 barrels in 1992 to 171,315 barrels in 1993. Gas production dipped from 268,738 Mcf in 1992 to 260,178 Mcf in 1993.
 Posted prices for Western Colorado crude oil, which accounts for 64 percent of the company's total oil production, averaged $19.60 during the first quarter of 1993, an increase of 6 percent from $18.49 during the same quarter of 1992.
 Equity Oil Company, headquartered in Salt Lake City, is an independent oil and gas exploration and production company with operations in nine western states, Canada and Russia.
 EQUITY OIL COMPANY
 Consolidated Statement of Operations
 (Unaudited)
 Three months ended March 31 1993 1992
 Revenues:
 Oil and gas sales $3,627,890 $3,520,228
 Partnership income 77,028 75,100
 Interest income 35,048 72,468
 Other 56,302 19,497
 Total 3,796,268 3,687,293
 Expenses:
 Operating costs 1,323,868 1,400,837
 Depreciation, depletion & amortization 1,100,000 1,201,945
 Leasehold abandonments 30,773 9,359
 Exploration 307,760 344,025
 General and administrative 460,063 415,582
 Interest 27,603 36,800
 Total 3,250,067 3,408,548
 Income before income taxes & cumulative
 effect of accounting change 546,201 278,745
 Provision for income taxes 126,000 56,353
 Income before cumulative effect of
 accounting change 420,201 222,392
 Cumulative effect of accounting change -- 2,104,309
 Net income $ 420,201 $2,326,701
 Income per common share before cumulative
 effect of accounting change $0.03 $0.02
 Income per common share from cumulative
 effect of accounting change -- 0.17
 Net income per common share $0.03 $0.19
 Cash dividends per share declared $.05 $.10
 Weighted average shares outstanding 12,238,760 12,238,760
 EQUITY OIL COMPANY
 Consolidated Balance Sheet
 3/31/93 12/31/92
 (Unaudited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 5,016,544 $ 5,256,432
 Accounts and advances receivable 3,117,599 3,108,268
 Income taxes receivable 30,747 38,288
 Deferred income taxes 149,735 149,735
 Other current assets 334,467 304,969
 Total 8,649,092 8,857,692
 Property and equipment 96,095,426 95,351,323
 Less accumulated depreciation,
 depletion and amortization 48,105,243 47,018,947
 Total 47,990,183 48,332,376
 Other assets:
 Raven Ridge Pipeline partnership 932,158 964,812
 Total assets $57,571,433 $58,154,880
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 1,381,161 $ 1,837,116
 Accrued liabilities 506,417 701,141
 Accrued profit sharing contribution 41,079 161,316
 Dividend payable 611,938 --
 Income taxes payable -- 64,238
 Current portion - note payable 460,000 460,000
 Total 3,000,595 3,223,811
 Deferred income taxes 12,356,373 12,409,873
 Note payable 1,265,000 1,380,000
 Total 13,621,373 13,789,873
 Stockholders' equity:
 Common stock 12,583,631 12,583,631
 Paid-in capital 2,401,351 2,401,351
 Retained earnings 27,046,480 27,238,211
 Less cost of treasury stock (1,081,997) (1,081,997)
 Total 40,949,465 41,141,196
 Total liabilities and stockholders'
 equity $57,571,433 $58,154,880
 EQUITY OIL COMPANY
 Consolidated Statement of Cash Flows
 (Unaudited)
 Three months ended March 31 1993 1992
 Cash flows from operating activities:
 Net income $ 420,201 $ 2,326,701
 Adjustments
 Cumulative effect of accounting change -- (2,104,309)
 Depreciation, depletion & amortization 1,100,000 1,201,945
 Partnership distribution in excess
 of income 32,654 39,069
 Property dispositions 54,191 9,356
 Decrease in deferred income taxes (53,500) (104,147)
 Increase (decrease) from changes in:
 Receivables (1,790) 703,792
 Other current assets (29,498) (89,616)
 Accounts payable & accrued liabilities (650,673) (681,659)
 Income taxes payable (64,238) --
 Profit sharing contributions (120,237) (99,278)
 Net cash provided by operating activities 687,110 1,201,854
 Cash flows from investing activities:
 Capital expenditures (811,998) (1,596,377)
 Payment received on ARCO note -- 1,062,431
 Net cash from investing activities (811,998) (533,946)
 Cash flows from financing activities:
 Payment of note payable (115,000) (115,000)
 Net cash used in financing activities (115,000) (115,000)
 Net increase (decrease) in cash (239,888) 552,908
 Cash and cash equivalents at
 beginning of period 5,256,432 5,637,779
 Cash and cash equivalents at
 end of period $5,016,544 $6,190,687
 Supplemental disclosures of cash flow
 information:
 Cash paid during the period for:
 Income taxes $ 217,950 $ 100,316
 Interest $ 27,603 $ 43,988
 Supplemental disclosures of non-cash investing and financing activities:
 On Feb. 24, 1993, the company declared a dividend of $.05 per share, payable to shareholders of record as of March 12, 1993. The total dividend of $611,938 was paid on April 2, 1993.
 -0- 5/13/93
 /PRNewswire -- May 13/
 (EQTY)


CO: Equity Oil Company ST: Utah IN: OIL SU: ERN

CK -- NY001A -- 8120 05/13/93 12:52 EDT
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Date:May 13, 1993
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