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WOLVERINE EXPLORATION ANNOUNCES THIRD QUARTER RESULTS

 WOLVERINE EXPLORATION ANNOUNCES THIRD QUARTER RESULTS
 FORT WORTH, Texas, Nov. 7 /PRNewswire/ -- Wolverine Exploration


Company (NASDAQ: WEXC) today announced its third quarter 1991 results. The results of operations for the third quarter of 1991 were a loss of $1.6 million ($.10 per common share) as compared to a loss of $4.4 million ($.34 per common share) for the comparable period in 1990. The reduced loss resulted from a decrease in expenses from $15.2 million for the third quarter of 1990 to $5.7 million for the comparable period in 1991, partially offset by a decrease in revenues from $10.8 million for the third quarter of 1990 to $4.1 million for the comparable period in 1991.
 Oil and gas revenues decreased from $10.5 million in the third quarter of 1990 to $4.0 million during the third quarter of 1991 primarily as a result of decreased gas prices, delays in recompleting certain offshore wells and natural declines in production. Gas prices declined from an average of $1.44 per million cubic feet for the third quarter of 1990 to $1.28 per million cubic feet for the comparable period of 1991. Gas production decreased from an average of approximately 52 million cubic feet per day for the third quarter of 1990 to approximately 20 million cubic feet per day for the comparable period in 1991.
 Exploration expenses decreased from $3.0 million for the third quarter of 1990 to $700,000 for the comparable period in 1991 resulting from reduced exploratory activity. Administrative expenses decreased from $1.6 million in the third quarter of 1990 to $872,000 during the third quarter of 1991. Depreciation and amortization decreased from $8.2 million for the third quarter of 1990 to $2.3 million for the comparable period in 1991 as a result of revised reserve estimates at Dec. 31, 1990 and the decrease in production during 1991.
 -0- 11/7/91
 /CONTACT: Jeffrey L. Stevens of Wolverine Exploration Company, 817-335-4701/
 (WEXC) CO: Wolverine Exploration Company ST: Texas IN: OIL SU: ERN FC -- NY035 -- 2146 11/07/91 10:45 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 7, 1991
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