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BETA WELL SERVICE INC. ANNOUNCES THIRD QUARTER FY 1993 RESULTS

 LEDUC, Alberta, Aug. 9 /PRNewswire/ -- Beta Well Service Inc. (AMEX: BWS) reported today reflected in U.S. dollars third quarter FY 1993 revenue of $10.2 million, compared to revenue for the June 30, 1992, third quarter of $3.6 million. Net income for the June 30, 1993, quarter increased to $3.7 million or $.52 per share on 7,162,000 common shares outstanding, compared with 1992 third quarter net income of $452,000 or $.10 per share on 4,725,000 shares outstanding. The shares outstanding reflect a 3-for-2 stock split effective June 22, 1993.
 Nine Months Revenue Increases to $25.8 Million -- Profits Reach $8.6 Million
 For the nine months ended June 30, 1993, revenue reached $25.8 million, an increase over nine-month 1992 revenue of $9.2 million. Net income for the current nine months reached $8.6 million or $1.43 per share on 6,059,000 shares outstanding, compared with a loss for the 1992 nine months of ($407,000) or ($.09) per share on 4,725,000 shares outstanding. These results reflect increased domestic utilization as well as a large increase in equipment utilization in the international sector.
 As of July 31, 1993, all stock purchase warrants previously outstanding were exercised, which added $3.4 million in additional capital to the company. The company intends to use a portion of this capital to pay down long-term debt, and the balance for working capital and corporate development purposes.
 Beta Well Service provides well servicing, workovers and completion services to both major and independent oil companies in Canada and for the past 16 months provides similar services within the Republic of Russia through a 75 percent owned subsidiary.
 BETA WELL SERVICE INC.
 Condensed Consolidated Statements of Operations
 Three Months Ended June 30,
 1992 1993 1993
 (Can. $) (Can. $) (U.S. $)
 Revenue $4,640,000 $13,061,000 $10,188,000
 Income from operations 1,736,000 6,391,000 4,985,000
 Net income $579,000 $4,712,000 $3,675,000
 Net income per share $0.12 $0.66 $0.52
 Weighted average
 number of shares
 outstanding: 4,725,000 7,162,000 7,162,000
 Nine Months Ended June 30,
 1992 1993 1993
 (Can. $) (Can. $) (U.S. $)
 Revenue $11,786,000 $33,144,000 $25,853,000
 Income from operations 1,608,000 14,661,000 11,436,000
 Net income (loss) ($522,000) $11,068,000 $8,633,000
 Net income (loss)
 per share ($0.11) $1.83 $1.43
 Weighted average
 number of shares
 outstanding: 4,725,000 6,059,000 6,059,000
 -0- 8/9/93
 /CONTACT: William J. Gordica of Beta Well Service, 403-290-0585; or William F. Coffin of Coffin Communications Group, 818-578-0500, for Beta Well Service/
 (BWS)


CO: Beta Well Service Group ST: Alberta IN: OIL SU: ERN

MF-LS -- LA012 -- 0602 08/09/93 08:30 EDT
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Publication:PR Newswire
Date:Aug 9, 1993
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