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APCO ARGENTINA'S FIRST-QUARTER 1993 NET INCOME IMPROVES SIGNIFICANTLY

 TULSA, Okla., May 7 /PRNewswire/ -- Apco Argentina Inc. today reported unaudited net income of $3.1 million, or 42 cents per share, for the first quarter that ended March 31, 1993, compared with unaudited first quarter 1992 net income of $2.1 million, or 30 cents per share.
 The increase was primarily due to equity income from the company's Entre Lomas investments and because of the absence of a charge that reduced results for the period last year.
 Operating results from the Entre Lomas Joint Venture improved during the first quarter of this year due to lower remedial workover expense and depreciation charges, partially offset by lower oil sales. During the quarter last year, equity income was reduced when Petrolera, the operator of the Entre Lomas concession, recorded a one-time income tax charge reflecting changes that were made in Argentine tax laws. Apco owns 33 percent of Petrolera's stock.
 Apco Argentina Inc. is engaged in joint ventures in oil and gas exploration, development and production in Argentina.
 -0- 5/7/93
 /CONTACT: Tom Bueno of Apco Argentina, 918-588-2164/


CO: Apco Argentina Inc.; Petrolera ST: Oklahoma IN: OIL SU: ERN

TM -- SF006 -- 5950 05/07/93 12:05 EDT
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Publication:PR Newswire
Date:May 7, 1993
Words:198
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