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TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR THE NINE MONTHS AND THIRD QUARTER ENDED SEPT. 30, 1992

 TOTAL CANADA OIL & GAS LTD. ANNOUNCES RESULTS FOR
 THE NINE MONTHS AND THIRD QUARTER ENDED SEPT. 30, 1992
 CALGARY, Alberta, Oct. 22 /PRNewswire/ -- Total Canada Oil & Gas Ltd. (AMEX: TOG) announced results for the nine months and third quarter ended Sept. 30, 1992.
 Revenue net of royalties for the first nine months of 1992 was $57.7 million compared to $59.0 million in the first nine months of 1991. The decline in net revenue was because of lower average prices for oil and natural gas during the first quarter of 1992, and to lower levels of natural gas sales during the third quarter.
 For the nine months ended Sept.0?, 1992, funds generated from operations was $34.8 million or $0.99 per share, a five percent increase from the $33.2 million or $0.94 per share reported in the same period of 1991.
 Net income increased to $6.1 million or $0.17 per share compared to $5.7 million or $0.16 per share for the first nine months of 1991.
 Revenue after royalties for the third quarter ended Sept. 30, 1992 was $19.3 million, an increase of 5 percent over the $18.3 million reported for the third quarter of 1991. Funds generated from operations were $11.8 million or $0.34 per share, up from $8.1 million or $0.23 per share reported for the nine months ended Sept. 30, 1991. Net income was $2.0 million or $0.06 per share in 1992 unchanged from the same quarter last year.
 Crude oil and condensate production averaged 6,781 barrels per day for the first nine months of 1992 compared to 6,467 barrels per day in 1991. Daily production for the third quarter ended Sept. 30, 1992, averaged 6,817 barrels per day compared to 6,269 barrels per day in 1991. Average prices received for crude oil and condensate during the first nine months of 1992 was $21.12 compared to $21.50 in 1991. Third quarter 1992 prices averaged $22.87 compared to $21.42 in the same period of 1991.
 Production of natural gas liquids averaged 2,094 barrels per day for the first nine months of 1992 compared to 1,642 barrels per day in 1991. Third quarter production averaged 2,176 barrels per day in 1992 compared to 1,822 barrels per day in 1991. The average price received during the first nine months of 1992 was $7.06 per barrel down from $10.40 per barrel in 1991. Third quarter prices averaged $5.90 per barrel versus $7.75 a year earlier.
 Sales of natural gas during the first nine months of 1992 averaged 62.9 million cubic feet per day, down slightly from 65.7 million cubic feet per day in 1991. Third quarter production in 1992 averaged 59.7 million cubic feet per day, down from the 65.7 million cubic feet per day reported in 1991. The average price received during the first nine months was $1.41 per thousand cubic feet in 1992 compared to $1.47 per thousand cubic feet in 1991. Third quarter prices were $1.27 and $1.23 per thousand cubic feet respectively.
 Capital expenditures were $24.2 million in the nine months ended Sept. 30, 1992, compared to $27.1 million in 1991. Capital expenditures in the third quarter ended Sept. 30 were $7.4 million in 1992 up from $6.2 million in 1991.
 Commenting on the second quarter results, Don West, president and chief executive officer, said: "The continuation of higher crude oil prices sustained the improvements recorded during the second quarter of 1992. Higher drilling activity during the third quarter should prevail through to year-end."
 TOTAL CANADA OIL & GAS LTD.
 Nine Months Ended Sept. 30
 (Millions except per share data)
 1992 1991
 Revenues $57.7 $59.0
 Funds generated from operations $34.8 $33.2
 Per share $0.99 $0.94
 Net income $6.1 $5.7
 Per share $0.17 $0.16
 TOTAL CANADA OIL & GAS LTD.
 Three Months Ended Sept. 30
 (Millions except per share data)
 1992 1991
 Revenues $19.3 $18.3
 Funds generated from operations $11.8 $8.1
 Per share $0.34 $0.23
 Net income $2.0 $2.0
 Per share $0.06 $0.06
 -0- 10/22/92
 /CONTACT: Donald R. Gardner of Total Canada Oil & Gas, 403-267-3000/
 (TOG) CO: Total Canada Oil & Gas Ltd. ST: Alberta IN: OIL SU: ERN


BP -- LA016 -- 3543 10/22/92 11:48 EDT
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Date:Oct 22, 1992
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