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CASPEN OIL REPORTS RESULTS

 CASPEN OIL REPORTS RESULTS
 LAKEWOOD, Colo., March 24 /PRNewswire/ -- Caspen Oil Inc.


(AMEX: CNO) reported oil and gas sales of $1,112,674 for the first six months of fiscal 1992, as compared to $2,060,540 for the like period in the prior year. Total revenues for the six months ended Jan. 31, 1992 were $1,184,970 as compared to total revenues for the first six months of fiscal 1991 of $4,087,011, due largely to a $1,716,007 gain on sale of oil and gas property during fiscal 1991. Caspen's net loss for the period was $457,651 compared to a net income of $1,211,168 for the like period in fiscal 1991.
 After preferred dividend requirements, the company recorded loss applicable to the common stock of $810,727, or 5 cents per share; compared to income in the prior year of $858,092, or 6 cents per share.
 Caspen Oil is an American Stock Exchange listed company engaged in oil and gas exploration, production and acquisitions primarily in the Southwestern United States. On Jan. 31, 1992, the company had 14,921,045 common shares issued and outstanding owned by approximately 5,000 shareholders. Caspen's common and preferred stock trade on the American Stock Exchange under the symbols "CNO" and "CNOP," respectively.
 CASPEN OIL INC.
 Jan. 31, July 31,
 1992 1991
 Total assets $5,463,250 $6,031,302
 Total shareholders' equity $2,789,956 $3,247,607
 Long-term debt $2,000,000 $2,000,000
 Current portion of
 long-term debt --- ---
 Six Months Ended
 Jan. 31,
 1992 1991
 Revenues from operations $1,184,970 (a) $2,371,004
 Gain on sale of oil and
 gas prop. --- $1,716,007
 Expenses $1,642,621 (a) $2,875,843
 Net loss from operations $(457,651) $(504,839)
 Net income (loss) $(457,651) (a) $1,211,168
 Dividend requirements on
 preferred stock $353,076 $353,076
 Income (loss) applicable to
 common stock $(810,727) (a) $858,092
 Common shares issued and
 outstanding 14,921,045 14,921,045
 Income (loss) per common share $(.05) $.06
 Net cash provided by (used in)
 operating activities $(122,980) (a) $1,014,518
 (a) The above referenced categories reflect significant changes due to the sale of various oil and gas properties as detailed in the Dec. 14, 1990 press release.
 -0- 3/24/92
 /CONTACT: Gary N. Davis of Caspen Oil, 303-987-0925/
 (CNO) CO: Caspen Oil Inc. ST: Colorado IN: OIL SU: ERN


BB -- DV005 -- 0945 03/24/92 09:54 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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