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BROCK EXPLORATION CONTINUES TO REPORT POSITIVE EARNINGS

 BROCK EXPLORATION CONTINUES TO REPORT POSITIVE EARNINGS
 NEW ORLEANS, June 30 /PRNewswire/ -- Brock Exploration Corporation (PSE: BKE), headquartered in New Orleans, reported net income of $243,000 or $.06 per share on revenues of $9.9 million for the fiscal year ended March 31.
 These results compare with net income of $1.4 million or $.34 per share on revenues of $11.9 million for the fiscal year ended March 31, 1991.
 During the past 18 months the company has acquired an interest in eight waterflood projects. Four are located in the Permian Basin, three are located in West Central Texas and one is located in Canadian County, Oklahoma.
 Of the eight secondary recovery projects, six have been fully developed and all six have responded to water injection. The other floods are currently being developed. Initial development should be completed in three to four months.
 The acquisition and development costs on these waterflood projects should be approximately $6.5 million, of which $4.3 million has been spent. As a result of the actual plus future expenditures, the company expects to add approximately 1.75 million barrels of oil reserve equating to a finding cost of $3.71 per barrel.
 Year ended March 31 1992 1991
 Proved Reserve Quantities:
 Oil - bbls 1,982,000 1,491,000
 Gas - mcf 12,193,000 13,589,000
 Equivalent bbls 4,014,000 3,756,000
 Purchases, Discoveries and Extensions
 of reserves as a percent of
 production and sales of
 minerals-in-place 127 pct. 112 pct.
 The company made capital expenditures for oil and gas exploration and development activities and acquisitions (including its secondary recovery projects) of $3.649 million compared to $3.347 million for fiscal years ended March 31, 1992 and 1991, respectively, while increasing debt by only $1.380 million from $5.895 million to $7.275 million for the comparative periods. All waterfloods are capital intensive and the increased total debt is expected to be reduced as the increased oil production occurs from each flood.
 Year ended March 31 1992 1991
 Oil and gas revenues $ 8,035,000 $ 9,693,000
 Total revenues $ 9,852,000 $11,916,000
 Net earnings $ 243,000 $ 1,352,000
 Average shares 4,007,440 3,996,213
 Earnings per share $ .06 $ .34
 Oil and gas sales reported for the fiscal year ended 1992 were $8.035 million, which compares to the $9.693 million reported for the fiscal year ended March 31, 1991. The reduction in the price of oil and gas resulted in a reduction of oil and gas revenues of $1.2 million based on current fiscal year production volumes.
 Production prices declined 18.1 percent for oil and 6.3 percent for gas for the fiscal year ended 1992 over fiscal 1991. Gas volumes produced declined 12.2 percent while oil production increased 6.7 percent for the comparable periods. Revenue for the current fiscal year contains a $62,000 non-recoupable take-or-pay settlement, while the 1991 period has a similar settlement representing $584,000.
 Year ended March 31 1992 1991
 Production
 Oil (Bbls) 238,633 223,320
 Gas (Mcf) 2,238,786 2,549,432
 Average sales price
 Per Bbl $19.35 $23.62
 Per Mcf $ 1.33 $ 1.42
 For a copy of the annual report or any quarterly reports, please contact the Stockholder Relations Department, Brock Exploration Corporation, 225 Baronne St., Suite 700, New Orleans, LA 70112-1707.
 -0- 6/30/92
 /CONTACT: Brock Exploration Investor Relations, 504-586-1815/
 (BKE) CO: Brock Exploration Corporation ST: Louisiana IN: OIL SU: ERN


EA-CF -- AT007 -- 5218 06/30/92 13:37 EDT
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Date:Jun 30, 1992
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