Crystal Oil reports financial results.

SHREVEPORT, La.--(BUSINESS WIRE)--Nov. 6, 1996--Crystal Oil Company (AMEX: COR) today reported the operating results for the three and nine months ended Sept. 30, 1996 and 1995. -0-

                          Three Months Ended       Nine Months Ended
                               Sept. 30                 Sept. 30
                           1996        1995         1996        1995

Revenues                $4,213,000  $3,909,000  $12,790,000  $7,406,000
Income before provision
 for income taxes       $1,031,000  $  971,000  $ 3,137,000  $1,606,000
Net Income              $  626,000  $  590,000  $ 1,908,000  $  979,000

Income per common share $      .23  $      .22  $       .72  $      .37
Weighted average of
 common shares
 outstanding             2,665,372   2,643,708    2,660,610   2,620,667

Note:  On June 19, 1995, the company acquired First Reserve Gas
Company, a gas storage company located in Hattiesburg, Miss.
Accordingly, the results of operations for the nine months ended
Sept. 30, 1996, may not be comparable to the nine months ended
Sept. 30, 1995.

                                 Sept. 30,      Dec. 31,
                                   1996           1995

Current assets                 $ 65,457,000  $ 66,320,000
Property, plant & equipment      94,200,000    96,281,000
Other assets                     11,473,000    10,844,000
  Total assets                 $171,130,000  $173,445,000

Current liabilities            $  2,250,000  $  2,876,000
Long-term obligation             37,203,000    37,860,000
Deferred revenues                18,966,000    22,160,000
Stockholders' equity            112,711,000   110,549,000
  Total liabilities &
   stockholders' equity        $171,130,000  $173,445,000

Crystal Oil Company is an acquisition company that currently owns and operates through wholly owned subsidiaries a natural gas storage facility in Hattiesburg, Miss., and holds various interests in oil and gas properties in Texas and Louisiana. The company actively reviews acquisition opportunities, both within and outside the energy industry, with a focus on acquisitions that will maximize the return on the company's existing capital resources and benefit from the company's large net operating loss carryforwards and tax benefits.

CONTACT: Crystal Oil Company, Shreveport

Jeff Ballew, 318/222-7791