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BARRETT RESOURCES REPORTS A FIRST QUARTER PROFIT OF $400,000 AND EXECUTION OF A CO-GENERATION GAS SALES AGREEMENT

 BARRETT RESOURCES REPORTS A FIRST QUARTER PROFIT OF
 $400,000 AND EXECUTION OF A CO-GENERATION GAS SALES AGREEMENT
 DENVER, Feb. 18 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ: BARC) reported a profit of $400,000, or 4 cents per share, on revenues of $6.7 million for its first quarter ended Dec. 31, 1991 compared to prior year first quarter earnings of $534,000, or 5 cents per share, on revenues of $4.0 million. The reduced profit is primarily due to reduced production revenue and interest income, which were partially offset by increased profits from gas trading. Cash flow from operations before working capital changes was $1.2 million, or 12 cents per share, for both the quarters ended Dec. 31, 1991 and 1990, respectively.
 The company's oil and gas production during the quarter ended Dec. 31, 1991 averaged 1,476 barrels of oil equivalent per day, virtually unchanged from the comparable prior year quarter. During the quarter ended Dec. 31, 1991 the company sold 9,000 barrels of oil at an average sales price of $21.49 and 760,000 mcf of gas at an average sales price of $1.68. During the quarter ended Dec. 31, 1990, the company sold its oil production for an average sales price of $31.49 per barrel and its gas production for an average sales price of $1.81 per mcf. The decline in oil sales price is due to abnormally high prices during the quarter ended Dec. 31, 1990 due to the Persian Gulf conflict while the decline in gas sales prices is due to the continuing low level of natural gas prices in the United States.
 Gas trading revenues increased to $4.1 million during the quarter ended Dec. 31, 1991, up from $1.1 million during the quarter ended Dec. 31, 1990. Gross profits from gas trading activities increased to $173,000 from $77,000 during the like periods. The company initiated gas trading activities in August 1990 and has continued to increase its gas trading activities during the last year.
 The company has entered into a 20-year gas sales agreement with Texaco Gas Marketing Inc. to supply gas to a co-generation facility located in Anacortes, Wash. The company and its partners will supply gas at a rate of 5,000 MMBtu per day at an 80 percent load factor from their Piceance Basin Project located in western Colorado. This contract is priced above current spot prices and provides for annual price escalations based on inflation. The purchaser may have the option to terminate in 1994, depending upon certain gas transportation charges that may be imposed by a third party. The gas sales agreement represents an opportunity for the company to sell gas year-round to an electrical generation market, a growing industry segment utilizing natural gas.
 Barrett Resources is a Denver based independent oil and gas exploration, production and marketing company. The company's stock is traded on the NASDAQ Market System with the symbol BARC.
 BARRETT RESOURCES CORP.
 Consolidated Condensed Statement of Income
 (Unaudited)
 Three Months Ended
 Dec. 31,
 1991 1990
 Revenues:
 Oil and gas production $1,480,000 $1,633,000
 Revenue from operating oil
 and gas properties 763,000 729,000
 Gas trading 4,137,000 1,099,000
 Revenue from gas gathering 82,000 121,000
 Interest income 211,000 372,000
 Other income 24,000 8,000
 6,697,000 3,962,000
 Operating expenses:
 Oil and gas production costs 430,000 553,000
 Depreciation, depletion and
 amortization 686,000 675,000
 Cost of gas trading 3,964,000 1,022,000
 Operating, general and
 administrative 1,164,000 1,125,000
 Interest expense 8,000 8,000
 6,252,000 3,383,000
 Income for the period before taxes 445,000 579,000
 Provision for income taxes 45,000 45,000
 Net income for the period $400,000 $534,000
 Net income per common share and
 common share equivalent $.04 $.05
 -0- 2/18/92
 /CONTACT: Bob Howard or Carolyn Norland both of Barrett Resources, 303-297-3900/
 (BARC) CO: Barrett Resources Corp. ST: Colorado IN: OIL SU: ERN


BB -- DV008 -- 9947 02/18/92 12:37 EST
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Date:Feb 18, 1992
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