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MSR EXPLORATION ANNOUNCES QUARTERLY AND NINE MONTHS RESULTS

 CUT BANK, Mont., Nov. 8 /PRNewswire/ -- MSR Exploration Ltd., an Alberta Public Energy company operating out of Cut Bank, today announced positive operating income before depletion, depreciation and amortization, along with an improved cash position, for the third quarter ended Sept. 30, 1992.
 Decreased revenues are primarily attributed to lower crude oil prices, as oil dropped some $3.00 per barrel this past quarter. The net gain for the nine months ended Sept. 30, 1993, was primarily a result of a one-time adjustment made during the reorganization process.
 The sale of a newly acquired property, along with a cash infusion, added some $1.1 million to the company's cash position.
 Construction of our new gas plant was commenced during the end of this quarter. The gathering system, along with a high pressure transmission line, is being laid at this time. Gas sales will commence during the fourth quarter. Revenues are expected to increase by some $2 million per annum from this project.
 MSR EXPLORATION LTD.
 Quarterly and Nine Months Sept. 30, 1993
 Financial Condition
 U.S. Dollars -- Unaudited
 1993 1992
 3 Months 9 Months 3 Months 9 Months
 Oil & gas revenues $802,000 $2,896,000 $1,222,000 $3,435,000
 Operating
 income (loss) (102,000) (95,000) 132,000 16,000
 Net income (loss) (9,000) 127,000 (74,000) (620,000)
 Funds from
 operations 139,000 541,000 192,000 657,000
 Share net income
 (loss) (0.001) 0.014 (0.008) (0.070)
 Per share funds
 from operations 0.016 0.061 0.022 (0.074)
 Cash end of period $977,000 $1,452,000 $ 409,000 $517,000
 -0- 11/8/93
 /CONTACT: Joseph V. Montalban, President and CEO, Patrice M. Montalban, Executive VP and COO, 406-873-2235/
 (MSR.)


CO: MSR Exploration Ltd. ST: Montana IN: OIL SU: ERN

LM-EH -- LA042 -- 1891 11/08/93 16:02 EST
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Publication:PR Newswire
Date:Nov 8, 1993
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