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BEARD OIL COMPANY ANNOUNCES FILING OF PROXY STATEMENT/REGISTRATION STATEMENT

 OKLAHOMA CITY, July 28 /PRNewswire/ -- Beard Oil Company announced that it has filed with the Securities and Exchange Commission the proxy statement/registration statement mentioned in the company's news release of July 14 which described the contemplated Debt Restructure with the company's lenders and the ensuing Reorganization which is expected to result in Beard Investment Company ("BIC") becoming the public parent company and Beard Oil becoming a wholly-owned subsidiary of BIC.
 Herb Mee Jr., president, stated: "Assuming the transactions are approved at the special meeting of Beard Oil shareholders which will be held in late September or early October, and finally approved by the lenders, the end result will be a significant improvement in the balance sheet of the resulting consolidated entity. The pro forma financial statements contained in the registration statement reflect that as a result of (i) the sale of assets to Sensor, (ii) the assumption by Sensor of certain liabilities, and (iii) the cancellation of debt resulting from the transfer of common and preferred stock to the Lenders, $98.86 million of long-term debt and accrued interest expense will be eliminated, and shareholders' equity will increase from a deficit of $32.54 million to a positive $8.11 million as of March 31, 1993."
 The pro forma financial statements contained in the registration statement reflect that, had the contemplated Reorganization occurred as of Jan. 1, 1992, the resulting entity (BIC) would have shown a loss of $6.57 million for 1992 compared with the $32.49 million loss reported by Beard Oil. If the contemplated Reorganization had occurred as of Jan. 1, 1993, BIC would have shown a loss of $683,000 for the first quarter of 1993 compared with the $4.80 million loss reported by Beard Oil for such period.
 "Although no projections of BIC's future operations are contained in the registration statement, it should be noted that BIC's 1992 pro forma results were adversely impacted by a $1.87 million impairment provision on a CO2 exploratory well and by $1.14 million of impairment reflected as depreciation, depletion and amortization expense due to writedowns of goodwill and technology. It should also be noted, in terms of ongoing activities following the Reorganization, that the first quarter would typically be a poor quarter due to seasonality in the dry ice and real estate segments of BIC's operations. Thus, the company does not feel that the 1992 and 1993 first quarter pro forma results are indicative of BIC's contemplated future operating results," Mee added.
 Beard Oil Company's common stock is traded on the American Stock Exchange under the symbol: BOC. Assuming the Reorganization occurs, Beard Oil's shares will cease to be traded, and the company anticipates that BIC's common stock will immediately thereafter commence trading on such Exchange. If for any reason the BIC common stock is not listed on the AMEX, it would likely be quoted on NASDAQ.
 -0- 7/28/93
 /CONTACT: Herb Mee Jr., president, Beard Oil Company, 405-842-2333, or Cheryl M. Hudak, president, Cheryl Mayfield Hudak Communications, 405-848-3520, for Beard Oil/
 (BOC)


CO: Beard Oil Company ST: Oklahoma IN: OIL SU:

LG -- NY051 -- 7254 07/28/93 11:25 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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