FullNet Reports Dramatic Improvement in Third Quarter Operating Results.

Business Editors & High Tech Writers

OKLAHOMA CITY--(BUSINESS WIRE)--Nov. 15, 2002

FullNet Communications, Inc. ("FullNet")(OTCBB:FULO) today announced its second consecutive quarter of positive EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization). EBITDA was a positive $146,000 for the quarter ended September 30, 2002, compared to a loss of $66,000 for the corresponding quarter in the prior year.

Revenues for the current quarter were $622,000 compared to revenues of $638,000 for the corresponding quarter in the prior year, while total operating costs and expenses declined from $954,000 for the quarter ended September 30, 2001, to $634,000 in the current quarter.

Commenting on the Company's performance, founder and CEO Timothy J. Kilkenny said, "We are pleased with the dramatic improvement in operating results achieved by our outstanding employees and management team. However, these are very challenging times for everyone in our sector and while we have made significant progress, there is still much to be done."

FullNet is a facilities-based Integrated Communications Provider headquartered in Oklahoma City, engaged in consumer and business Internet services, including 1) dial-up and dedicated broadband access, with customers in more than 30 communities in Oklahoma, and 2) web hosting, server co-location and telecommunications premise co-location, with customers throughout the United States and more than 40 foreign countries. For more information, visit the Company's web site at www.fullnet.net.

Certain statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology such as "anticipates," "believes," "expects," "may," "will," or "should" or other variations thereon, or by discussions of strategies that involve risks and uncertainties. The actual results of the Company or industry results may be materially different from any future results expressed or implied by such forward-looking statements.

             FullNet Communications, Inc. and Subsidiaries
           CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

                         Three Months Ended      Nine Months Ended
                        --------------------- ------------------------
                        September  September  September    September
                         30, 2002   30, 2001   30, 2002     30, 2001
                        ---------- ---------- ----------- ------------
REVENUES
         Access service
          revenues       $347,482   $369,876  $1,129,270     $979,910
         Co-location and
          other revenues  275,291    268,563     728,880      700,232
                        ---------- ---------- ----------- ------------

              Total
               revenues   622,773    638,439   1,858,150    1,680,142


OPERATING COSTS AND
 EXPENSES
         Cost of access
          service
          revenues        172,938    257,370     668,754      622,043
         Cost of co-
          location and
          other revenues   26,876     17,727      77,583       60,070
         Selling,
          general and
          administrative
          expenses        329,081    429,516   1,000,676    1,684,129
         Gain on sale of
          assets          (52,348)         -     (24,927)           -
         Depreciation
          and
          amortization    157,772    250,126     514,897      716,114
                        ---------- ---------- ----------- ------------

              Total
               operating
               costs and
               expenses   634,319    954,739   2,236,983    3,082,356
                        ---------- ---------- ----------- ------------


LOSS FROM OPERATIONS      (11,546)  (316,300)   (378,833)  (1,402,214)

INTEREST EXPENSE          (95,856)   (88,150)   (267,118)    (492,140)
DEBT CONVERSION EXPENSE         -          -           -     (370,308)
                        ---------- ---------- ----------- ------------

NET LOSS                $(107,402) $(404,450)  $(645,951) $(2,264,662)
                        ========== ========== =========== ============

Net loss per common
 share
   Basic and Diluted        $(.02)     $(.06)      $(.10)       $(.42)
                        ========== ========== =========== ============

Weighted average number
 of common shares
      outstanding
     Basic and diluted  6,683,296  6,610,410   6,671,481    5,358,575
                        ========== ========== =========== ============