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BROCK EXPLORATION CORPORATION ANNOUNCES INCREASE IN FIRST QUARTER RESULTS

 NEW ORLEANS, Aug. 17 /PRNewswire/ -- Brock Exploration Corporation (AMEX: BKE), headquartered in New Orleans, reported unaudited net income of $436,000 or $.11 per share on revenues of $2.9 million for the quarter ended June 30.
 These results compare with net income of $171,000 or $.04 per share on revenues of $2.7 million for the quarter ended June 30, 1992. Included in the 1993 quarter is a $186,000 benefit from the cumulative effect of a change in method of accounting for income taxes. The change is the result of the adoption of Statement of Financial Accounting Standards No. 109 (Accounting for Income Taxes). Earnings before the effect of this change were $250,000 or $.06 per share, a 46 percent increase over 1992 first quarter results.
 Oil and gas sales increased by 36 percent to $2.7 million from $1.9 million on production gains of 27 percent for oil and 6 percent for gas. Gas prices jumped 53 percent while oil prices decreased slightly by 7 percent. Oil production was 75,856 barrels compared to 59,710 barrels and gas production was 618,516 mcf compared to 586,192 mcf for the quarters ended June 30, 1993 and 1992, respectively. For the same periods, gas prices per mcf were $2.11 vs. $1.38 and oil prices were $17.71 vs. $19.06 per barrel.
 The company's major waterflood property, the Calumet Unit in Oklahoma, is currently producing 230 barrels of oil per day (BOPD) net to the company. This compares to 26 BOPD at the commencement of the unit. Phase II development in the unit began in August and the company anticipates spending approximately $350,000 within the next six months to complete this phase. In Phase II, production facilities will be consolidated and expanded to accommodate the increased production which is estimated to peak at 520 BOPD net to Brock in mid-1994.
 The company continues to purchase units of limited partnership interest in the partnerships for which it is the managing general partner in accordance with the offer of April 1993. To date the company has spent $1.6 million to acquire approximately 2.063 billion cubic feet of gas and 46,000 barrels of oil. These reserves generate approximately $65,000 a month of net operating revenues.
 3 mos. ended 6/30/93 6/30/92 Pct.
 (Unaudited)
 Oil and gas revenues $2,649,000 $1,946,000 36
 Total revenues $2,853,000 $2,663,000 7
 Net earnings before cumulative
 effect of accounting change $ 250,000 $ 171,000 46
 Cumulative effect of change
 in accounting method $ 186,000 $ --- ---
 Net earnings $ 436,000 $ 171,000 155
 Earnigns per common share:
 Before cumulative effect
 of accounting change $ 0.06 $ 0.04 50
 Cumulative effect of
 accounting change $ 0.05 $ --- ---
 Net earnings per share $ 0.11 $ 0.04 175
 Average shares outstanding 3,859,065 3,919,031 ---
 3 mos. ended
 6/30/93 6/30/92 Pct.
 (unaudited)
 Production
 Oil (Bbls) 75,856 59,710 27
 Gas (Mcf) 618,516 586,192 6
 Average sales price
 Per Bbl $17.71 $19.06 (7)
 Per Mcf $ 2.11 $ 1.38 53
 For a copy of the annual report or any quarterly reports, please contact the Stockholder Relations Department, Brock Exploration Corporation, 255 Baronne St., New Orleans, LA 70112-1707.
 -0- 8/17/93
 /CONTACT: Robin A. Seibert, controller and chief financial officer of Brock Exploration, 504-586-1815/
 (BKE)


CO: Brock Exploration Corporation ST: Louisiana IN: OIL SU: ERN

RA-TG -- AT005 -- 3512 08/17/93 11:42 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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