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BEARD OIL COMPANY REPORTS PROGRESS ON ITS NEGOTIATIONS WITH SENIOR LENDERS; ANNOUNCES THIRD QUARTER RESULTS

 OKLAHOMA CITY, Nov. 16 ~PRNewswire~ -- Beard Oil Company (AMEX: BOC) today reported on the status of negotiations with the holders (the "Senior Lenders") of its $85 million of Shared Appreciation Debentures due June 30, 1994 (the "Debentures"). As previously reported, the company did not make a required $4.25 million interest payment due on June 30, 1992 and is now in default on the Debentures. On Aug. 3 the company made a $2 million partial interest payment and the Senior Lenders delivered into escrow releases of the mortgages previously delivered to them covering the company's principal oil and gas properties. As part of such agreement the parties effectively created a standstill arrangement until Nov. 30, 1992 to give themselves ample time to conclude negotiations for a long-term restructuring of the company's indebtedness.
 Herb Mee Jr., president, stated: "Since Aug. 3 the Senior Lenders have completed an in-depth review of the company's financial and operational strategy and of its financial projections. Now that this has been completed, the company and the Senior Lenders will resume the restructuring negotiations this week, which will include negotiations regarding an extension of the Nov. 30 deadline."
 The company reported a 28 percent decrease in revenues for the 1992 third quarter, to $11.59 million compared to revenues of $16.04 million for the same quarter of 1991. Revenues for the first nine months of 1992 decreased 33 percent to $33.23 million from $49.62 million a year ago.
 The current quarter produced a net loss of $5.78 million, or 97 cents per share, compared to a net loss of $6.48 million, or $1.11 per share, for the same period last year. The nine months loss for 1992 totaled $17.00 million, or $2.85 per share, vs. a net loss of $12.92 million, or $2.21 per share last year.
 "Most of the decrease in revenues," Mee added, "was attributable to the phase out, beginning in 1991 and effectively concluded during the second quarter of 1992, of operations by the company's major oilfield service and supply subsidiary. Such phase out accounted for $4.54 million, or 102 percent, of the decrease in revenues for the current quarter and $14.94 million, or 91 percent, of the decrease for the current nine months. As a result of the third quarter loss, the company reported that its shareholders' equity as of Sept. 30, 1992 amounted to a deficit of $12.25 million."
 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 oilfield services 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's common stock is traded on the American Stock Exchange under the symbol: BOC.
 BEARD OIL COMPANY
 Statements of Operations
 (unaudited)
 Periods ended Three months Nine months
 Sept. 30, 1992 1991 1992 1991
 Revenues $11,590,000 $16,037,000 $33,232,000 $49,622,000
 Expenses 14,270,000 20,267,000 41,481,000 55,894,000
 Operating
 loss (2,680,000) (4,230,000) (8,249,000) (6,272,000)
 Other income
 (expense) (3,100,000) (2,246,000) (8,754,000) (6,645,000)
 Loss before
 income taxes (5,780,000) (6,476,000) (17,003,000) (12,917,000)
 Income taxes - - - -
 Net loss (5,780,000) (6,476,000) (17,003,000) (12,917,000)
 Net loss per
 common share $ (0.97) $ (1.11) $ (2.85) $ (2.21)
 Wtd. avg. no. of
 shares outstg. 5,968,000 5,839,000 5,968,000 5,838,000
 -0- 11~16~92
 ~CONTACT: Herb Mee Jr., president of Beard Oil Company, 405-842-2333, or Cheryl M. Hudak, president of Cheryl Mayfield Hudak Communications, 405-848-3520, for Beard Oil Company~
 (BOC)


CO: Beard Oil Company ST: Oklahoma IN: OIL SU: ERN

SH -- NY083 -- 1345 11~16~92 13:49 EST
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Publication:PR Newswire
Date:Nov 16, 1992
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