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BARRETT RESOURCES REPORTS FIRST QUARTER RESULTS

 DENVER, Feb. 22 /PRNewswire/ -- Barrett Resources Corp. (NASDAQ-NMS: BARC) reported earnings before taxes of $620,000, or 6 cents per share, during the first quarter of fiscal 1993 as compared to $445,000 or 4 cents per share, during the first quarter of fiscal 1992. Both figures are before income taxes and prior to adjustment for the cumulative effect of a change in method of accounting for income taxes. Net income for the first quarter of fiscal 1993 was $1,333,000, or 14 cents per share, as compared to $1,020,000, or 10 cents per share, for the first quarter of the prior fiscal year. The fiscal 1993 first quarter results include a net benefit from income taxes of $713,000, and the fiscal 1992 first quarter results include $583,000 for the cumulative effect of a change in the method of accounting for income taxes. The company adopted Statement of Financial Accounting Standards No. 109 during fiscal 1992.
 The increase in pre-tax earnings for the first quarter of fiscal 1993 over the prior year period was primarily attributable to an increase in the company's natural gas production together with increases in natural gas prices. Gas and oil production revenue increased 87 percent, from $1.5 million to $2.8 million, due to an 84 percent increase in gas sales volume and a 52 percent increase in oil sales volume. During the first quarter of fiscal 1993, the company sold an average of 2,682 barrels of oil equivalent (BOE), or 16,092 thousand cubic feet of gas (Mcfe), per day as compared to 1,476 BOE, or 8,856 Mcfe, per day for the first quarter of fiscal 1992. The production increases are primarily due to increased gas production as a result of drilling in the Arkoma Basin and Washakie-Red Desert Basin. The average gas sales price was $1.82 per Mcf for the first quarter of fiscal 1993 as compared to $1.69 per Mcf for the first quarter of fiscal 1992. The average oil sales price was $19.70 per barrel for the first quarter of fiscal 1993 as compared to $21.49 per barrel for the first quarter of fiscal 1992.
 The company generated $1.2 million of cash flow from operations during the quarter compared to $1.1 million of cash flow in the comparable fiscal 1992 quarter.
 Total revenues for the first quarter of fiscal 1993 were $11.6 million as compared to $5.9 million for the first quarter of fiscal 1992 and operating expenses were $11.0 million compared to $5.5 million for the first quarter of fiscal 1992. The largest portion of these increases in both revenues and expenses is due to gas trading activities, for which gross revenues were $8.5 million compared to $4.1 million in fiscal 1992. The costs of trading increased to $8.5 million from $4.0 million.
 Since Sept. 30, 1992, the company's estimated proved gas reserves increased approximately 12 percent to 53,030 MMcf and its estimated proved oil reserves increased approximately 25 percent to 548,300 barrels, with gas reserves comprising approximately 94 percent of the total estimated proved reserves. At Dec. 31, 1992, the present value of the company's estimated future net oil and gas revenues, before income taxes, discounted at 10 percent, was approximately $45.7 million as compared to approximately $36.5 million at Sept. 30, 1992. Approximately 40 percent of this increase is attributable solely to changes in gas prices from Sept. 30, 1992 to Dec. 31, 1992.
 Barrett Resources is a Denver based independent oil and gas exploration company that also owns gas gathering systems and is involved in gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 BARRETT RESOURCES CORP.
 CONSOLIDATED CONDENSED STATEMENTS OF INCOME
 (UNAUDITED)
 Three Months Ended
 Dec. 31,
 1992 1991
 Revenues:
 Oil and gas production $2,818,000 $1,480,000
 Trading revenues 8,463,000 4,137,000
 Revenue from gas gathering 105,000 82,000
 Gas processing revenues 190,000 ---
 Interest income 72,000 211,000
 Other income (1,000) 24,000
 11,647,000 5,934,000
 Operating expenses:
 Lease operating expense 613,000 333,000
 Cost of trading 8,472,000 3,964,000
 Gas processing costs and
 expenses 211,000 ---
 Depreciation, depletion and
 amortization 1,218,000 686,000
 General and administrative 512,000 498,000
 Interest expense 1,000 8,000
 11,027,000 5,489,000
 Income before income taxes and
 cumulative effect of change
 in method of accounting
 for income taxes 620,000 445,000
 Provision for (benefit from)
 income taxes (713,000) 8,000
 Income before cumulative effect
 of change in method of accounting
 for income taxes 1,333,000 437,000
 Cumulative effect of change in
 method of accounting for
 income taxes --- 583,000
 Net income $1,333,000 $1,020,000
 Net income per common share
 and common share equivalent
 before change in method of
 accounting for income taxes $.14 $.04
 Net income per common share and
 common share equivalent -
 cumulative effect --- $.06
 Net income per common share
 and common share equivalent $.14 $.10
 Weighted average common shares
 outstanding 9,655,696 9,901,316
 -0- 2/22/93
 /CONTACT: Donald H. Stevens or Carolyn Norland of Barrett Resources, 303-297-3900/
 (BARC)


CO: Barrett Resources Corp. ST: Colorado IN: OIL SU: ERN

BB -- DV004 -- 0048 02/22/93 13:41 EST
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Date:Feb 22, 1993
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