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SCURRY-RAINBOW OIL LTD. REPORTS YEAR-END RESULTS

 SCURRY-RAINBOW OIL LTD. REPORTS YEAR-END RESULTS
 CALGARY, Alberta, Feb. 14 /PRNewswire/ -- Scurry-Rainbow Oil Ltd.


(AMEX: SRB, Toronto: SCR) today announced earnings for the year ended Dec. 31, 1991 were $9.5 million ($0.71 per share), down from $22.6 million ($1.68 per share) in 1990. The decline in earnings resulted from lower oil and gas prices and higher depletion expenses and a non-recurring provision of $1.9 million for downsizing expenses in the third quarter of 1991. Cash from operations totaled $43.9 million ($3.26 per share), down from $57.4 million ($4.27 per share) the previous year.
 Crude oil production averaged 7,208 barrels per day, a 6 percent decrease from 1990. The primary reason for the reduction is the natural decline in the company's mature fields. However, the implementation of production optimization projects and reservoir conservation schemes late in the year raised fourth quarter production to more than 7,400 barrels per day. Production of natural gas liquids was essentially unchanged at 1,095 barrels per day, and natural gas sales were 43 million cubic feet per day, up 2 percent from 1990.
 Scurry-Rainbow received an average $20.14 per barrel of crude oil during 1991, a 19 percent decrease from 1990. Natural gas prices averaged $1.40 per thousand cubic feet, compared with $1.69 per thousand cubic feet in 1990.
 Capital spending in 1991 declined by 41 percent to $41.1 million as a result of reduced cash flow and the company's selective capital spending strategy which reflects current industry conditions.
 Scurry-Rainbow's proved reserves of crude oil declined by 4.3 million barrels to 18.2 million barrels in 1991. This decline is primarily because of revisions to proved reserves in the West Eagle field of northeastern British Columbia which were required because of water breakthrough. Proved reserves of natural gas liquids increased slightly to 7.3 million barrels, up from 7.0 million barrels in 1990. Proved reserves of natural gas also increased to 358.4 billion cubic feet compared with 354.8 billion cubic feet the previous year. Total reserves, on a barrel of oil equivalent (BOE) basis, where 6,000 cubic feet of natural gas is equal to one barrel of oil, totaled 85.3 million BOE, a 4 percent decline from 1990.
 Drilling levels in 1991 were retained at historical levels through direct participation in 90 wells and an aggressive farmout program.
 Scurry-Rainbow Oil Limited is 88.1 percent owned by Home Oil Company Limited.
 SCURRY-RAINBOW OIL LTD.
 Financial Highlights
 (Unaudited, Dollars in Thousands Except Per Share Amounts)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Revenue $17,200 $25,987 $71,703 $86,454
 Earnings $ 2,370 $ 7,876 $ 9,535 $22,632
 Cash from operations $ 9,853 $15,318 $43,863 $57,424
 Capital expenditures $ 4,134 $15,086 $41,128 $69,825
 Per share
 Earnings $ 0.18 $ 0.59 $ 0.71 $ 1.68
 Cash from operations $ 0.73 $ 1.14 $ 3.26 $ 4.27
 Shareholders equity $ 17.57 $ 17.36 $ 17.57 $ 17.36
 Operating Highlights:
 Crude oil production
 (thousands of barrels
 per day) 7.5 7.4 7.2 7.7
 Natural gas liquids production
 (thousands of barrels per
 day) 0.9 1.1 1.1 1.1
 Natural gas sales
 (millions of cubic feet
 per day) 40 44 43 42
 Average prices (Canadian dollars)
 crude oil (per barrel at
 wellhead) $19.29 $32.88 $20.14 $24.88
 Natural gas liquids
 (per barrel at wellhead) $12.46 $17.59 $12.96 $14.37
 Natural gas (per thousand
 cubic feet at wellhead) $ 1.40 $ 1.62 $ 1.40 $ 1.69
 Working interest wells drilled:
 gross 19 20 90 157
 Net 3 9 21 41
 Gross Successful 9 14 57 121
 Net Successful 1 3 11 30
 Gross Royalty Interest Wells 19 38 58 65
 -0- 2/14/92
 /CONTACT: Rick West of Scurry-Rainbow Oil Limited, 403-232-7293/
 (SRB)


CO: Scurry-Rainbow Oil Limited ST: Alberta IN: OIL SU: ERN

DM-JL -- LA021 -- 0450 02/14/92 20:13 EST
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Publication:PR Newswire
Date:Feb 14, 1992
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