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CHUSKA RESOURCES ANNOUNCES THIRD-QUARTER REPORT; 12TH NAVAJO WILDCAT SUCCESSFULLY COMPLETED

 CHUSKA RESOURCES ANNOUNCES THIRD-QUARTER REPORT;
 12TH NAVAJO WILDCAT SUCCESSFULLY COMPLETED
 SAN ANTONIO, Texas, Nov. 26 /PRNewswire/ -- Chuska Resources Corporation (Vancouver: CKA) today reported after-tax income of $831,000 on gross oil and gas sales revenue of $2.6 million (unaudited) for its third quarter ended Sept. 30, as compared to income of $358,000 on revenue of $1.2 million in last year's third quarter.
 For the nine-month period ended Sept. 30, the company said it had $7.4 million in revenue and after-tax earnings of $2 million as compared to the corresponding period last year, in which it had $2.8 million in oil and gas revenue and net income of $2 million, which reflected a pretax gain (approximately $3.3 million) on the sale of oil and gas properties.
 Harvey V. Risien, president, said this year's results are attributable principally to the enormously improved production and sales achieved by the company's wholly owned subsidiary, Chuska Energy Company, which is exploring and developing a 50,000-acre concession on the Navajo Indian Reservation in the Southwestern United States.
 According to Risien, quarterly and nine-month oil and gas sales more than doubled the prior-year periods, reflecting the unit's success in locating and drilling algal reef mounds within the Navajo concession. He also said the company's proprietary seismic techniques have enabled it to target numerous other reef mounds for the two-rig drilling program now in progress.
 Risien further noted that Chuska Energy Company has just brought in its 12th wildcat algal reef mound discovery, Mule 31-K(N), which initially swabbed oil at a rate of 240 barrels per day from a 26-foot pay zone in the objective Desert Creek formation. The well is located about one mile northeast of last April's Brown Hogan discovery, in an area adjacent to the Aneth Field in Utah's Paradox Basin, he said.
 -0- 11/26/91
 /CONTACT: Daniel P. Neelon of Chuska Resources, 512-225-0800/
 (CKA.) CO: Chuska Resources Corporation ST: Texas IN: OIL SU: ERN


CK -- NY008 -- 7133 11/26/91 08:00 EST
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Publication:PR Newswire
Date:Nov 26, 1991
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