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PRAIRIE OIL REPORTS CONTINUING STRONG PERFORMANCE

 CALGARY, Alberta, Nov. 9 /PRNewswire/ -- Prairie Oil Royalties Company Ltd. announced today that earnings for the third quarter of 1993 were $1.5 million, up 50 percent from the same period a year ago. Sales and other revenues for the quarter totaled $9.5 million, up 16 percent from $8.2 million as increased oil and gas liquids production as well as higher average gas prices more than offset the effects of a decline in crude oil prices. Cash generated from operations declined marginally to $5.2 million vs. $5.3 million for the same period a year ago as the result of higher current income taxes and increased costs associated with the higher production levels.
 For the first nine months of 1993, net earnings increased 69 percent to $4.4 million in 1993 from $2.6 million in 1992. Cash generated from operations improved to $15.6 million from $15.0 million.
 Capital expenditures for the nine months totaled $16.4 million, up 21 percent from $13.6 million in the same period of 1992, mainly reflecting aggressive crude oil development programs in the early part of 1993.
 Production of crude oil and gas liquids averaged 5,798 barrels per day in the third quarter, a 19 percent increase from the average of 4,852 barrels per day for the same period last year, despite pipeline restrictions which caused Prairie Oil to shut-in an average of approximately 300 barrels per day during the current period. This significant improvement resulted primarily from successful development drilling at Hays/Enchant and Taber North as well as Cherhill and Otter/Ogston, all in Alberta. Natural gas production averaged 12.4 million cubic feet per day in the quarter compared to 11.5 million cubic feet per day a year ago.
 Excluding farmouts, Prairie Oil participated in the drilling of 13 wells during the third quarter of 1993 which resulted in five oil wells and eight gas wells.
 HIGHLIGHTS
 3 Months Ended 9 Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Financial
 (millions of Canadian dollars,
 except per share amounts)
 Sales and other revenues $9.5 $8.2 $28.5 $23.6
 Cash generated from
 operations $5.2 $5.3 $15.6 $15.0
 -- Per share $0.58 $0.67 $1.91 $1.91
 Net earnings $1.5 $1.0 $4.4 $2.6
 -- Per share $0.17 $0.13 $0.53 $0.33
 Capital expenditures $5.5 $6.6 $16.4 $13.6
 Weighted average common
 shares outstanding
 (millions) 8.8 7.8 8.8 7.8
 Operating
 Production of oil and gas
 liquids (barrels per day) 5,798 4,852 5,714 4,980
 Production of natural gas
 (millions of cubic feet
 per day) 12.4 11.5 13.1 12.1
 Average prices received
 -- Oil and gas liquids
 (per barrel) $17.27 $20.14 $18.11 $18.46
 -- Natural gas
 (per thousand cubic
 feet) $1.41 $1.11 $1.49 $1.15
 -0- 11/9/93
 /CONTACT: Pat Trottier, supervisor, Investor Relations, 403-231-0461/
 (POY.)


CO: Prairie Oil Royalties Co. Ltd. ST: Alberta IN: OIL SU: ERN

JB-EH -- LA037 -- 2456 11/09/93 17:06 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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