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BARRETT RESOURCES REPORTS THIRD QUARTER PROFIT

 BARRETT RESOURCES REPORTS THIRD QUARTER PROFIT
 DENVER, Aug. 18 /PRNewswire/ -- Barrett Resources Corporation


(NASDAQ-NMS: BARC) reported net income of $211,000, or $.02 per share, on revenues of $4,781,000 for the third quarter ended June 30, 1992. This compares with net income of $377,000, or $.04 per share, on revenues of $2,973,000 for the third quarter of 1991. For the nine- month period ended June 30, 1992, the company earned $329,000, or $.03 per share, on revenues of $18,183,000, compared to net income of $1,531,000, or $.15 per share, on revenues of $9,823,000 in the comparable 1991 period. The decrease in net income for the quarter resulted primarily from decreases in interest income. For the nine month period, the decrease is primarily due to the $960,000 reduction in the carrying value of the company's oil and gas properties and to decreased interest income. Revenues increased over last year primarily due to the company's expanded gas trading activities.
 Cash flow from operations before working capital changes for the nine months was $3,750,000 or $.38 per share, an increase of three percent over the nine month period ended March 31, 1991.
 The company's oil and gas production averaged 1,636 barrels of oil equivalent per day for the nine months ended June 30, 1992, and 1,538 barrels of oil equivalent per day for the quarter ended June 30, 1992, increases of 11 and 26 percent from the respective prior year periods.
 Gas trading revenues were $3.2 million for the quarter ended June 30, 1992, and $12.9 million for the nine months ended June 30, 1992. Gross profits from gas trading were $268,000 for the quarter and $869,000 for the nine months ended June 30, 1992. During the comparable prior year periods, gas trading revenues were $1.3 million for the quarter and $3.9 million for the nine months, while quarterly and nine month gross profits were $176,000 and $426,000, respectively. The increase in revenues and profits are due to the company continuing to build upon gas trading activities.
 William J. Barrett, president, stated that the company has signed a letter of intent with an industry partner covering a proposed multi-well development drilling program to develop acreage in the Arkoma Basin of Oklahoma.
 Barrett Resources Corporation is a Denver-based independent oil and gas exploration company that is also involved in gas gathering systems and gas trading activities. The company's stock is traded on the NASDAQ National Market System with the symbol BARC.
 BARRETT RESOURCES CORPORATION
 Consolidated Condensed Statements of Income
 (Unaudited)
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues:
 Oil and gas production $1,415 $1,155 $4,590 $4,475
 Gas trading 3,171 1,333 12,871 3,924
 Revenue from gas gathering 64 177 206 452
 Interest income 132 307 492 957
 Other income (1) 1 24 15
 -- 4,781 2,973 18,183 9,823
 Operating expenses:
 Oil and gas production costs 356 309 977 1,122
 Depreciation, depletion
 and amortization 719 565 2,268 2,003
 Reduction in carrying
 value of oil and gas
 properties -- -- 960 --
 Cost of gas trading 2,903 1,157 12,002 3,498
 General and
 administrative, net 561 524 1,566 1,516
 Interest expense 8 9 23 24
 -- 4,547 2,564 17,796 8,163
 Income for the period
 before income taxes 234 409 387 1,660
 Provision for income taxes 23 32 58 129
 Net income for the period $211 $377 $329 $1,531
 Net income per common
 share and common share
 equivalent $.02 $.04 $.03 $.15
 Weighted average common
 shares outstanding 9,654,437 9,896,037 9,758,840 9,885,773
 -0- 8/18/92
 /CONTACT: Donald H. Stevens or Carolyn Norland, 303-297-3900, both for Barrett Resources/
 (BARC) CO: Barrett Resources Corporation ST: Colorado IN: OIL SU: ERN


KH -- DV004 -- 0989 08/18/92 13:17 EDT
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Publication:PR Newswire
Date:Aug 18, 1992
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