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EQUITY OIL REPORTS 1991 THIRD-QUARTER RESULTS; ALSO ANNOUNCES UPDATE ON EXPLORATION AND DEVELOPMENT PROGRAM

             EQUITY OIL REPORTS 1991 THIRD-QUARTER RESULTS;
      ALSO ANNOUNCES UPDATE ON EXPLORATION AND DEVELOPMENT PROGRAM
    SALT LAKE CITY, Nov. 6 /PRNewswire/ -- Equity Oil Company (NASDAQ: EQTY) today reported 1991 third-quarter net income of $215,947 or $0.02 per share compared to $1,011,773, or $.08 per share for the comparable period in 1990.
    Revenues for the three months ended Sept. 30, 1991 were $3,841,255 compared to $4,609,785 in 1990.  Net income for the first nine months of 1991, was $297,529 or $.02 per share compared to $618,570 or $.05 per share in the same period of 1990.  Total revenue for the nine-month period was $11,676,271 compared to $12,994,811 in revenues recorded in the same period of 1990.
    Fred H. Evans, president of Equity Oil Company, commenting on the results stated, "The decline in oil and gas revenues for the third quarter and nine-month periods was principally the result of lower oil prices, but was also attributable to the combination of sharp drops in spot market prices for natural gas at the company's Cemetery Ridge Prospect and small decreases in oil and gas production.  The average posted price for crude at the Rangely Weber Sand Unit was $21.11 per barrel, 11 percent lower than the $23.50 average during the third quarter of 1990.  Spot market prices for gas at Cemetery Ridge during the third quarter of 1991 averaged $1.24 per MCF as compared to $1.41 per MCF in the same period in 1990."
    During the first nine months of 1991, Equity increased the number of wells it participated in by 25 percent -- drilling 20 wells, resulting in three producing gas wells, one producing oil well, 12 dry holes, and four wells still drilling or awaiting completion.
    Highlights of the exploration and development program include:
    -- The No. 1 Jacob Wagner, a Recklaw test in the Cemetery Ridge Field, has been completed in a zone from 7,509 feet to 7,538 feet at 1,550 MCF and eight barrels of condensate per day with a flowing tubing pressure of 1,250 PSIG.  Equity has a 15 percent working interest in the well.
    -- The Oryx Energy No. 1 Randolph Lake, a horizontal test of the Sycamore Limestone and Woodford Shale in Johnson County, Okla., began drilling on Oct. 26.  Oryx Energy is the operator of the 22,000-acre prospect in which Equity has a 25 percent working interest.
    -- The Company has committed to participate in No. 1-5 Cobra, a horizontal test of the Bakken Shale in Richland County, Mont.  The operator is Slawson Exploration Company and Equity has a 25 percent working interest.
    -- Equity has committed to participate in a 7,500-foot Mississippian Test, No. 1 Hatch Point, with Giant Oil Company in San Juan County, Utah.  The test, in which Equity has a 20 percent working interest, is presently scheduled to begin drilling in November.
    Commenting on exploration and development programs, Evans stated, "By virtue of our very strong balance sheet and cash flow, we have been able to pursue an active exploration and development program.  Going forward, we currently expect to begin drilling as many as nine additional wells in the fourth quarter of 1991."
    Equity Oil Company, headquartered in Salt Lake City, is an independent oil and gas exploration and development company with operations in nine western states and Canada.  In 1989, Equity Oil ranked as the 32nd largest U.S. independent based on proved reserves.
                            EQUITY OIL COMPANY
                     Statement of Operations (unaudited)
      Three months ended Sept. 30                1991         1990
    Revenues:
     Oil and gas sales                      $3,607,817   $4,316,133
     Partnership income                         73,374       76,670
     Interest income                           166,067      230,546
     Other                                      (6,003)     (13,564)
    Total revenues                           3,841,255    4,609,785
    Expenses:
     Operating costs                         1,724,952    1,783,102
     Depreciation, depletion and
      amortization                             900,000      875,000
     Lease rentals                              26,773       21,385
     Loss on property abandonment                   --           --
     Leasehold abandonments                         --          253
     Exploration                               481,198      442,926
     General and administrative                484,306      313,468
     Interest expense                               --           --
    Total expenses                           3,617,229    3,436,134
    Income before income taxes                 224,026    1,173,651
    Provision for income taxes                   8,079      161,878
    Net income                                 215,947    1,011,773
    Weighted average shares of
     common stock outstanding               12,238,507   12,243,250
    Net income per weighted
     share outstanding                           $0.02        $0.08
    Cash dividends declared per share             0.10         0.05
      Nine months ended Sept. 30                 1991          1990
    Revenues:
     Oil and gas sales                     $10,741,243   $12,160,046
     Partnership income                        225,998       223,264
     Interest income                           581,175       619,465
     Other                                     127,855        (7,964)
    Total revenues                          11,676,271    12,994,811
    Expenses:
     Operating costs                         5,440,997     5,382,550
     Depreciation, depletion and
      amortization                           2,700,000     2,515,000
     Lease rentals                              80,719        76,266
     Leasehold abandonments                    395,508       351,783
     Loss on property abandonment                   --     1,960,000
     Exploration                             1,350,107     1,099,702
     General and administrative              1,240,663     1,058,315
     Interest expense                               --         3,125
    Total expenses                          11,207,994    12,446,741
    Income before income taxes                 468,277       548,070
    Provision (benefit) for income taxes       170,748       (70,500)
    Net income                                 297,529       618,570
    Weighted average shares of
     common stock outstanding               12,240,337    12,243,250
    Net income per weighted
     share outstanding                           $0.02         $0.05
    Cash dividends declared per share             0.02          0.10
                             Balance Sheet
                                             9/30/91      12/31/90
                                           (Unaudited)
    Assets
    Current assets:
     Cash                                  $9,884,004   $10,065,556
     Notes receivable-ARCO                  1,048,709     1,086,317
     Accounts & advances receivable         2,675,417     3,873,250
     Income taxes receivable                  520,428       367,558
     Other current assets                     297,666       340,056
     Total                                 14,426,224    15,732,737
    Property and equipment                 79,742,558    77,615,302
     Less allowance for depletion,
      depreciation and amortization        39,455,680    36,837,167
     Total                                 40,286,878    40,778,135
    Other assets:
     Notes receivable-ARCO                         --     1,015,873
     Raven Ridge pipeline investment        1,127,487     1,230,565
     Total                                  1,127,487     2,246,438
    Total assets                           55,840,589    58,757,310
    Liabilities and stockholders' equity
     Current liabilities:
     Accounts payable                         968,659     2,211,519
     Accrued liabilities                      485,111       755,978
     Dividend payable                       1,223,851            --
     Accrued pension                          103,457       136,712
     Income taxes payable                          --       141,630
     Current deferred income taxes          1,085,221     1,085,221
     Total                                  3,866,299     4,331,060
    Deferred income taxes                  11,275,742    11,549,492
    Deferred compensation                      33,333        33,333
    Total                                  11,309,075    11,582,825
    Stockholders' equity:
     Capital stock                         12,583,631    12,583,631
     Paid in capital                        2,401,870     2,407,944
     Retained earnings                     26,763,297    28,913,965
     Less treasury stock                   (1,083,583)   (1,062,115)
     Total                                 40,665,215    42,843,425
    Total liabilities and stockholders'
     equity                                55,840,589    58,757,310
    -0-              11/6/91
    /CONTACT:  Fred H. Evans, president of Equity Oil, 801-521-3515, or Marisa A. Heine or Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Equity Oil/
    (EQTY) CO:  Equity Oil Company ST:  Utah IN:  OIL SU:  ERN CK-OS -- NY013 -- 1608 11/06/91 10:45 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 6, 1991
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