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ALLIANCE WELL SERVICE REPORTS THIRD QUARTER RESULTS

       ALLIANCE WELL SERVICE REPORTS THIRD QUARTER RESULTS
    LIBERTY, Texas, Nov. 8 /PRNewswire/ -- Alliance Well Service, Inc. (NASDAQ: AWSI) today reported their results of operations for the nine months ended Sept. 30, 1991.
                      ALLIANCE WELL SERVICE, INC.
                                   Nine Months          Three Months
    Periods ended Sept. 30;      1991      1990        1991      1990
    Revenues                $1,697,000  $2,428,000  $  7,000  $ 843,000
    Net income (loss)       $ (188,000) $ (346,000) $(86,000) $(127,000)
    Earnings (loss) per share     (.01)       (.02)     (.01)      (.01)
    As previously announced, the company sold substantially all of its operating assets to Pride Petroleum Services on May 28, 1991. The company is investing the net proceeds in short-term fixed income securities until such time as the company acquires an interest in another business.  Future operating results and financial condition will be dependent upon the company's success and timing in acquiring a new operation.  Historical operating results will not be indicative of future results.
    -0-           11/8/91
    /CONTACT:  Nelson R. Jones of Alliance Well Service, 409-336-8831/
    (AWSI) CO:  Alliance Well Service, Inc. ST:  Texas IN:  OIL SU:  ERN JT -- NY045 -- 2681 11/08/91 15:50 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 8, 1991
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