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ENSERCH EXPLORATION PARTNERS ANNOUNCES 1992 FIRST-QUARTER RESULTS

 ENSERCH EXPLORATION PARTNERS ANNOUNCES 1992 FIRST-QUARTER RESULTS
 DALLAS, April 30 /PRNewswire/ -- Enserch Exploration Partners, Ltd. (NYSE: EP) announced a first-quarter 1992 net loss of $610,000, compared with a net loss of $46 million for the like period a year earlier. The net loss per unit for the first quarter of 1992 was $.01 versus a net loss per unit of $.44 for the first quarter of 1991. First-quarter weighted average units outstanding were 102.5 million, unchanged from a year ago. At March 31, 1992, ENSERCH Corporation owned 101.7 million units, or about 99.2 percent of the total partnership units outstanding.
 The 1991 loss was attributed to a $51 million noncash charge for the writedown called for under the "ceiling test" prescribed by the Securities and Exchange Commission (SEC) for oil and gas producers that follow the "full-cost" method of accounting. ENSERCH Corporation, whose "ceiling test" is determined separately from that of EP, was not, nor has it ever been, so required to make such a charge.
 In February, EP disclosed the possibility of an additional writedown in the carrying value of its oil and gas properties if conditions that existed at that time continued. Higher natural-gas and oil prices in March over February levels and an increase in gas reserves to be sold under long-term contracts with fixed-price escalations increased the value of EP's oil and gas properties as determined by the SEC-prescribed method, and no further writedown was required. Of the total gas to be sold by EP during the next year, approximately 38 percent is to be sold under contracts whose terms exceed 24 months, including 25 percent to be sold to affiliates.
 Operating income for the first quarter of 1992 was $4.2 million, compared with an operating loss of $42 million for the first quarter of 1991. First-quarter 1992 revenues were $41 million versus $50 million for the year-ago period.
 Net cash flows from operating activities were $31 million, compared with $42 million a year earlier. In the first quarter of 1992, $12 million was provided from working capital, compared with $20 million provided in the first quarter of 1991.
 Natural-gas sales volumes (net) for the first quarter of 1992 were 17.3 billion cubic feet (Bcf), about even with the like period in 1991. The average sales price was $1.63 per thousand cubic feet (Mcf), down from $2.01 per Mcf a year ago.
 Oil sales volumes (net) were 600 thousand barrels (MBbls) for the quarter, down from 618 MBbls for the like period a year ago. The average sales price decreased to $17.85 per barrel from $20.92 per barrel a year earlier.
 Enserch Exploration Partners, Ltd., a Texas limited partnership, conducts substantially all of the domestic oil and gas operations of ENSERCH Corporation (NYSE: ENS), a diversified energy, engineering and construction company headquartered in Dallas.
 ENSERCH EXPLORATION PARTNERS, LTD.
 Summary of Operations
 (In thousands except per unit amounts)
 Three months ended March 31 1992 1991
 Revenues $ 41,333 $ 49,612
 Operating income (loss) 4,228 (42,006)(A)
 Net income (loss) (610) (46,069)(A)
 Net income (loss) per unit (.01) (.44)(A)
 Net cash flows from operating
 activities(B) 30,727 42,477
 Weighted average units outstanding 102,500 102,500
 (A) -- After a $51 million ($.50 per unit) noncash writedown of the carrying value of oil and gas properties due to the SEC-prescribed cost center ceiling limitation test.
 (B) -- In the first quarter of 1992, $12,248,000 was provided from working capital, compared with $19,669,000 provided in the first quarter of 1991.
 -0- 4/30/92
 /NOTE TO EDITORS: Correct styles are ENSERCH Corporation and Enserch Exploration Partners, Ltd./
 /CONTACT: Crystal Bell of Enserch Exploration Partners, 214-670-2528/
 (EP) CO: Enserch Exploration Partners Ltd. ST: Texas IN: OIL SU: ERN


TS -- NY050 -- 4864 04/30/92 11:10 EDT
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Date:Apr 30, 1992
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