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BETA WELL SERVICE INC. ANNOUNCES TEMPORARY SUSPENSION OF OPERATIONS AT FOUR OF ITS 10 OIL RIGS IN SIBERIA

 CALGARY, Dec. 9 /PRNewswire/ -- Beta Well Service Inc. (AMEX: BWS) announced the temporary suspension of operations at four of its 10 oil rigs in Siberia, where it is acting as a subcontractor.
 A Beta spokesman said, "We believe this suspension will be similar to the recent three week suspension we experienced in September but as usual we have made arrangements with the contractor to redeploy the rigs if necessary."
 The company noted that operating results for its fiscal first quarter ending Dec. 31, 1993 should exceed the comparable 1992 period regardless of this temporary rig suspension.
 Beta Well reported revenues of $25.8 million and earnings of $1.43 per share for the nine months ended June 30 compared with year earlier revenues of $9.2 million and a loss of $.09 per share. The company provides well servicing, workovers and completion services to both major and independent oil companies in Canada. Through a subsidiary, it provides similar services in Russia, where it has serviced over 600 oil wells in Siberia, a region in which an estimated 30,000 wells are dormant because of production problems.
 -0- 12/9/93
 /CONTACT: William Gordica, CEO & president of Beta Well Service, Inc., 403-290-0660, or Stan Froelich of Cameron Associates, 212-644-9560/
 (BWS)


CO: Beta Well Service, Inc. ST: IN: OIL SU: ERP

TM -- NY005 -- 2054 12/09/93 08:00 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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