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GARNET REPORTS THIRD QUARTER RESULTS

 HOUSTON, Nov. 12 /PRNewswire/ -- Garnet Resources Corporation (NASDAQ-NMS: GARN) today announced a net loss of $295,897 ($.03 per share) for the three months ended September 30, 1993 compared with a net loss of $3,254,552 ($.30 per share) for the third quarter of 1992. The results for 1992 included a provision of $2,600,000 for the anticipated loss on the sale of assets held for disposition, and a charge for exploration costs of $513,000, principally in connection with the Company's investment in oil and gas properties in Spain. Revenues for the most recent period were $1,332,753, compared to $1,288,965 for the year earlier quarter. The Company reported positive cash flow from operations of $142,000 in the first nine months of 1993, versus negative cash flow of $1,173,000 in 1992.
 Garnet's share of oil sales increased from an average of 844 barrels per day in the third quarter of 1992 to 1,016 barrels per day in the 1993 third quarter. Oil sales from fields on the Santana Block in Colombia began in May 1992 and are expected to increase through the remainder of 1993 and 1994 as additional development wells are drilled and placed on production.
 Garnet is engaged primarily in international oil and gas exploration activities. Its exploration and production operations in Colombia are conducted through its subsidiary Argosy Energy International.
 GARNET RESOURCES CORPORATION AND SUBSIDIARIES
 (unaudited)
 Periods ended Three Months Nine Months
 Sept. 30, 1993 1992 1993 1992
 Revenues $1,332,753 $1,288,965 $3,649,043 $2,362,092
 Loss bef. cumulative
 effect of change in
 accntng. principle (295,897) (3,254,552) (1,129,652)(9,747,698)
 Cumulative effect on
 prior years of change in
 accounting principle -- -- (172,062) --
 Net loss $ (295,897) $(3,254,552) $(1,301,714)$(9,747,698)
 Per share:
 Before effect of
 accounting change $(.03) $(.30) $(.10) $(.89)
 Effect of accounting
 change -- -- (.02) --
 Net loss $(.03) $(.30) $(.12) $(.89)
 Wtd. avg. shares
 outstanding 11,125,537 10,995,408 11,124,724 10,995,408
 -0- 11/12/93
 /CONTACT: Albert E. Whitehead, chairman, 918-587-8093, or George M. Nevers, president, 713-759-1692, both for Garnet Resources/
 (GARN)


CO: Garnet Resources Corporation ST: Texas IN: OIL SU: ERN

WB-SH -- NY068 -- 3885 11/12/93 16:45 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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