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ARCH PETROLEUM ANNOUNCES THIRD QUARTER RESULTS

ARCH PETROLEUM ANNOUNCES THIRD QUARTER RESULTS
    FORT WORTH, Texas, Sept. 30 /PRNewswire/ -- Arch Petroleum Inc. (NASDAQ: ARCH) reported a loss of $93,000 ($.01 per share) for its third quarter ended July 31, 1992, compared to net income of $69,000 ($.01 per share) for the same quarter in 1991.  The company said the loss reflected decreased oil sales resulting from the sale of properties in August, 1991; non-recurring costs of the mailing campaign which Arch announced in April, 1992; and start-up overheads associated with Arch Production Company and Saginaw Pipeline Company.  For the nine months ended July 31, 1992, Arch reported a net loss of $70,000 ($.01 per share) as compared to net income of $781,000 ($.07 per share) for the same period of 1991.
    Arch's president, Larry Kalas, said, "In our third quarter, Arch continued to build a solid foundation for the future.  We spent $120,000 to take our story to investors, and we believe that an increased market capitalization and liquidity make Arch stronger as we evaluate various strategies to expand the company.  Operating results include costs from Arch Production and Saginaw Pipeline, each of which should produce revenues in the future.  Decreased oil sales were nearly offset by significantly higher gas production resulting from acquisitions made earlier this year, in spite of the delay in receiving permission to initiate an operating plan in the Keystone Field.  As we implement the new field rules in Keystone, our production should approach 10,000 mcf per day in October, and Arch should experience the full impact of bringing the field onstream in the first quarter of our next fiscal year."
    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.  Arch participates in natural gas transmission through its interest in Saginaw Pipeline Company L.C.
    -0-             09/30/92
    CONTACT:  Randall W. Scroggins, vice president, of Arch Petroleum Inc., 817-332-9209, or 1-800-772-8558.
    (ARCH) CO:  ARCH PETROLEUM INC. IN:  OIL SU:  ERN ST:  TX -- NY098 -- X744  09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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