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BEARD OIL COMPANY REPORTS FIRST QUARTER RESULTS

 BEARD OIL COMPANY REPORTS FIRST QUARTER RESULTS
 OKLAHOMA CITY, May 15 /PRNewswire/ -- Beard Oil Company (AMEX: BOC)


today announced revenues of $10,941,000 for the first quarter ended March 31, 1992, vs. revenues of $18,046,000 for the same quarter of 1991. The company incurred a net loss of $6,826,000, or $1.14 per share, in the first quarter of 1992 compared to a net loss of $2,033,000, or 35 cents per share, for the same period last year.
 Herb Mee Jr., president, stated: "There has been a continued deterioration in the company's operating results during the first quarter. The loss of $6,826,000 was due in part to a loss provision totaling $1,700,000 which has been established in connection with the company's decision to discontinue most of the operations of its major oilfield supply subsidiary. Without this unusual provision, the first quarter loss would have been $5,126,000--by itself a very disappointing number."
 As a result of the loss, the company reported that its shareholders' equity as of March 31, 1992, amounted to a deficit of $2,076,000. Such a deficit does not constitute an event of default under the financial covenants governing its $85 million of shared appreciation debentures due June 30, 1994 (the debentures). As of Dec. 31, 1991 and March 31, 1992 the company was not in compliance with certain of such covenants. The requisite number of institutional lenders (the senior lenders) holding the debentures have waived compliance with such covenants through March 31, 1993, in exchange for a mortgage on most of the company's developed and partially developed oil and gas properties and certain restrictive covenants on its oil and gas operations, subject to the completion of certain documentation requirements and the payment of certain related fees and costs by June 15, 1992. As a result of such waivers, the company believes it is in compliance with the terms of the Debentures as of March 31, 1992, and accordingly the principal amount of the Debentures plus the accrued and deferred interest have been classified as noncurrent liabilities on the company's balance sheet.
 The company also stated that it has informed the senior lenders that it does not intend to make the June 30, 1992, interest payment of $4,250,000. If such interest payment is not made, the entire principal amount of the Debentures plus the accrued and deferred interest would become callable at the option of any one of the senior lenders on or after July 11, 1992. In such event the company would be unable to pay the principal and interest due on the debentures. Accordingly, the company intends to vigorously pursue negotiations with the senior lenders regarding a restructuring of the debentures.
 Beard Oil Company is a diversified natural resource development company headquartered in Oklahoma City. Its principal business is oil and gas exploration and production, with an emphasis on secondary recovery. The company is also involved in the oilfield service and supply business, and is the third largest manufacturer of dry ice and one of the leading independent producers of carbon dioxide (CO2) in the country. It also has other operations, including alternative fuels research and development activities and real estate construction and development.
 BEARD OIL COMPANY
 Statements of Operations
 (unaudited)
 For the Three Months Ended
 March 31, March 31,
 1992 1991
 Revenues $10,941,000 $18,046,000
 Expenses 15,037,000 18,917,000
 Operating loss (4,096,000) (871,000)
 Other income (expense) (2,730,000) (1,162,000)
 Loss before income taxes (6,826,000) (2,033,000)
 Income taxes - -
 Net loss (6,826,000) (2,033,000)
 Net loss per common share (1.14) (0.35)
 Weighted average number of
 common shares outstanding 5,968,000 5,838,000
 -0- 5/15/92
 /CONTACT: Herb Mee Jr., president of Beard Oil, 405-842-2333, or Cheryl M. Hudak, president of Cheryl Mayfield Hudak Communications, 405-848-3520, for Beard Oil/
 (BOC) CO: Beard Oil Company ST: Oklahoma IN: OIL SU: ERN


KD -- NY109 -- 1015 05/15/92 18:05 EDT
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Publication:PR Newswire
Date:May 15, 1992
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