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PLAINS PETROLEUM REPORTS LOWER PROFITS FOR 1992

 LAKEWOOD, Colo., Jan. 28 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) today reported a decrease in earnings for 1992 due to lower natural gas volumes and a combination of higher operating costs, depletion charges and lower prices associated with its oil production. Plains earnings for 1992 decreased 45 percent to $9.1 million, or 93 cents per share, versus the prior year of $16.6 million ($1.71 per share).
 Revenues for 1992 of $58.5 million were comparable and cash flow equaled $24.7 million, down 18 percent from the previous year.
 For the fourth quarter, earnings decreased 45 percent to $2.7 million, or 28 cents per share, versus 1991 fourth quarter earnings of $4.9 million (50 cents per share).
 Year end 1992 proved reserves of oil and natural gas totaled 315 billion cubic feet (Bcf) of gas and 10 million barrels of oil, or 375 Bcf of equivalent gas. This represents a decline of 7 percent in reserve equivalents from 1991.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 PLAINS PETROLEUM COMPANY
 Digest of Earnings
 Year ended Dec. 31, 1992 1991
 Oil and gas revenues $58,541,000 $58,706,000
 Net earnings 9,134,000 16,659,000
 Earnings per share $ 0.93 $ 1.71
 Shares outstanding 9,796,000 9,769,000
 Fourth quarter 1992 1991
 Oil and gas revenues $18,010,000 $17,131,000
 Net earnings 2,725,000 4,925,000
 Earnings per share $ 0.28 $ .50
 Shares outstanding 9,796,000 9,783,000
 -0- 1/28/93
 /CONTACT: Darrel Reed of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company/
 (PLP)


CO: Plains Petroleum Company ST: Colorado IN: OIL SU: ERN

PS-SH -- NY043 -- 0223 01/28/93 11:47 EST
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Publication:PR Newswire
Date:Jan 28, 1993
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