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ARCH PETROLEUM ANNOUNCES SECOND QUARTER RESULTS AND INTENT TO ACQUIRE PIPELINE

ARCH PETROLEUM ANNOUNCES SECOND QUARTER RESULTS AND INTENT TO ACQUIRE
    PIPELINE
    FORT WORTH, Texas, June 15 /PRNewswire/ -- Arch Petroleum Inc. (NASDAQ: ARCH) announced today that it was reporting a net loss of $37,000 on revenues of $1.2 million for its second quarter ended April 30, 1992.
    Net income for the six months ended April 30, 1992, was $22,000 on revenues of $2.5 million.  Cash generated from operations before changes in working capital was $608,000 for the same six-month period.  Arch earned $42,000 and $713,000 for the comparable 1991 quarter and six- month period, respectively.
    Larry Kalas, president of Arch, attributed the small loss for the quarter primarily to lower product prices.  He stated, "Arch's second quarter includes February, the month in which gas prices plummeted in a near panic market.  Gas production volume actually increased when compared to the same quarter in 1991."
    Arch also announced today it had signed a letter of intent to participate in the acquisition of a six-inch pipeline running approximately 100 miles from Wichita Falls, Texas, to Saginaw, Texas, terminating about 10 miles north of Fort Worth.
    Arch said it would participate with Central States Energy Corporation, Albuquerque, N.M., in the formation of Saginaw Pipeline Company.  Central States' principal, William M. Decker, will serve as the president of the newly formed company.  Decker has over 30 years of business experience, including oil and gas investments, banking and natural gas transportation and processing.
    About 38 miles of the pipeline were reconditioned by the previous owners.  Reconditioning of the balance of the system would commence immediately upon closing, which is scheduled on or before July 7.  The purchase is subject to normal due diligence including title and environmental review.
    Kalas, stated, "The abundant supply of gas in the north Texas area traversed by the pipeline, including the prolific Boonesville Bend gas field, as well as the significant market potential located at both ends of the system, certainly offer the potential to develop the pipeline into an important segment of Arch."
    Arch Petroleum Inc. is an independent oil and gas exploration and production company headquartered in Fort Worth, Texas, with interests in producing properties in Texas, New Mexico, Oklahoma, Louisiana and North Dakota.  Arch Production Company is its wholly owned subsidiary.
    -0-             06/15/92
    CONTACT:  Randall W. Scroggins, vice president of Arch Petroleum, 817-332-9209 or 800-772-8558
    (ARCH) CO:  ARCH PETROLEUM INC. IN:  OIL ST:  TX -- NY050 -- X559  06/15/92
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Publication:PR Newswire
Date:Jun 15, 1992
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