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BEARD OIL COMPANY REPORTS 1991 RESULTS

 BEARD OIL COMPANY REPORTS 1991 RESULTS
 OKLAHOMA CITY, April 14 /PRNewswire/ -- Beard Oil Company


(AMEX: BOC) today reported a 31 percent increase in revenues, from $48,990,000 in 1990 to $64,343,000 in 1991. The company announced a net loss of $17,542,000, or $3.00 per share, for 1991 vs. a 1990 net loss of $13,293,000, or $2.29 per share.
 Herb Mee Jr., president, stated: "We are extremely disappointed in the results for the year. 1991 results were heavily impacted by the $7,163,000 net interest expense resulting from the company's $85 million of 10 percent shared appreciation debentures. Other significant factors contributing to the loss were the recording of a $6,265,000 impairment provision in connection with one of the company's waterfloods; the severe deterioration in nationwide oil and gas drilling activity which resulted in a $3,541,000 operating loss by the company's oilfield service and supply segment; and a reduction of $3.19 per barrel and $.13 per MCF in the average prices received for the company's oil and gas production. If 1990 average prices had prevailed, the 1991 net loss would have been reduced by approximately $3,575,000."
 As a result of the loss the company was unable at year-end to meet certain financial covenants governing the debentures due June 30, 1994, held by four institutional lenders. On April 13, 1992, the company received waivers from the lenders of compliance with the covenants through Dec. 31, 1992, in exchange for (i) granting the lenders mortgages on most of its developed and partially developed oil and gas properties and (ii) agreeing to certain restrictive covenants, including restrictions on its oil and gas operations.
 Assuming oil and gas prices remain stable, the company believes it will have the ability to make interest payments on the debentures through Dec. 31, 1992, ($8.5 million) if it sells certain assets. The company intends to pursue the sale of some of its marginal oil and gas properties and a portion of its other assets, either of which will require lender approval, in order to make such interest payments and to continue the planned development of certain of its secondary recovery properties. The company will also pursue negotiations with the lenders for additional waivers or amendments to the Debenture covenants for the balance of their term. Future oil prices and the company's success with the ongoing development of its waterfloods will determine the company's ability to make the balloon principal payment of $85 million on June 30, 1994.
 The company also announced that its proved reserves at Dec. 31, 1991, were estimated at 5,545,400 barrels of oil and 9,285,500 MCF of natural gas as compared with 4,916,700 barrels of oil and 10,938,500 MCF of gas a year earlier. Estimated probable reserves decreased from 8,582,100 barrels of oil at year-end 1990 to 7,421,000 barrels at year- end 1991.
 Beard Oil Company is a diversified natural resource company headquartered in Oklahoma City. Its principal business is oil and gas exploration and production, with an emphasis on secondary recovery operations. The company is the third largest manufacturer of dry ice and one of the leading independent producers of carbon dioxide (CO2) in the country.
 BEARD OIL COMPANY
 Statements of Operations
 Year Ended Dec. 31
 1991 1990
 Revenues $ 64,343,000 $ 48,990,000
 Expenses 76,391,000 53,853,000
 Operating loss (12,048,000) ( 4,863,000)
 Other income (expense) ( 5,494,000) ( 8,430,000)
 Loss before income taxes (17,542,000) (13,293,000)
 Income taxes -- --
 Net loss (17,542,000) (13,293,000)
 Net loss per common share (3.00) (2.29)
 Working capital provided
 by operations -- --
 Weighted average number
 of shares outstanding 5,838,000 5,817,000
 -0- 4/14/92
 /CONTACT: Herb Mee Jr., president of Beard Oil Company, 405-842-2333; or Cheryl M. Hudak, president of Cheryl Mayfield Hudak Communications, 405-848-3520, for Beard Oil Company/
 (BOC) CO: Beard Oil Company ST: Oklahoma IN: OIL SU: ERN


PS -- NY087 -- 8397 04/14/92 17:41 EDT
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Date:Apr 14, 1992
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