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ARCH PETROLEUM ANNOUNCES FIRST QUARTER RESULTS

 FORT WORTH, Texas, May 17 /PRNewswire/ -- Arch Petroleum Inc. (NASDAQ-NMS: ARCH) announced today that it was reporting net income of $657,000 (8 cents per share) on revenues of $8.0 million for its first quarter ended March 31, 1993. Cash flow from operations before changes in working capital was $541,000 for the same quarter. Arch reported a loss of $50,000 (1 cent per share) and cash flow from operations of $201,000 for the comparable quarter of 1992.
 Larry Kalas, president of Arch, stated: "Arch's first quarter results confirms the positive direction of the company's earnings which began last fall. In the Keystone Field, gas has been delivered as scheduled on our production payment, and both gas and water production is actually slightly ahead of our original projections. Our pipeline subsidiaries are contributing substantial revenues and earnings, and the prospects for growth are exciting." Kalas also stated that Onyx Gathering, L.C. was nearing completion of its third pipeline in South Texas.
 Arch Petroleum Inc. is an independent oil and gas exploration and production company headquartered in Fort Worth, Texas, with interests in producing properties in Texas, New Mexico, Oklahoma, Louisiana and North Dakota. Arch holds interests in gas gathering and transmission through its subsidiaries Saginaw Pipeline Company, L.C. and Onyx Gathering Company, L.C.
 ARCH PETROLEUM INC.
 (000's except per share data)
 3/31/93 3/31/92
 Revenues $ 8,036 $ 1,203
 Net Income (Loss) $ 657 $ (50)
 Earnings Per Share $ .08 $ (.01)
 Weighted Average Common and
 Equivalent Shares Outstanding 8,541 8,340
 3/31/93 12/31/92
 Total Assets $39,932 $40,760
 Long-Term Debt $ 0 $ 0
 Shareholders' Equity $12,374 $11,855
 -0- 5/17/93
 /CONTACT: Randall W. Scroggins, vice president, Arch Petroleum Inc., 817-332-9209 or 800-772-8558/
 (ARCH)


CO: Arch Petroleum Inc. ST: Texas IN: OIL SU: ERN

MH-DC -- DC021 -- 9247 05/17/93 13:03 EDT
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Publication:PR Newswire
Date:May 17, 1993
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