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CAIRN ENERGY USA, INC. REPORTS RESULTS

 DALLAS, Nov. 9 /PRNewswire/ -- Cairn Energy USA, Inc. (NASDAQ-NMS: CEUS) today reported net income for the three months ended Sept. 30, 1993, of $557,691 or $0.05 per share, compared with $267,114 or $0.03 per share, for the same period last year. The company reported net income for the nine months ended Sept. 30, 1993, of $1,153,546 or $0.11 per share compared to a net loss of $1,175,414 or $(0.15) per share, for the same period last year. The company's net income resulted primarily from decreased depletion expense as a result of increased proved reserves from the company's previously disclosed interest in a natural gas and condensate discovery located offshore Louisiana.
 For the three months ended Sept. 30, 1993, the company's total revenues were $3,527,367 compared to $3,647,094 for the same period last year. For the nine months ended Sept. 30, 1993, the company's revenues were $10,234,925 compared to $9,845,965 for the same period in 1992. The company's decrease in revenues for the third quarter resulted primarily from decreased oil and gas production coupled with decreased oil prices, partially offset by increased gas prices.
 The company explores for, develops and produces natural gas and oil reserves, principally on the Outer Continental shelf of the Gulf of Mexico (OCS). In the third quarter, the company participated, with a 30 percent working interest, in a well on Matagorda 710 (offshore Texas) which tested 8.5 million cubic feet of gas per day and 44 barrels of condensate per day. Development of this discovery is planned for early 1994. In addition, successful implementation of the current development schedule for East Cameron 331/332 will allow first production from the field late in the third quarter of 1994 or approximately eight months ahead of the original schedule.
 The company has also entered into an exploration venture with Union Pacific Resources which allows for both data sharing and drilling participation in the Texas offshore areas of the OCS. The company also has interests in properties in Pennsylvania, Texas and other onshore areas.
 -0- 11/9/93
 /CONTACT: Michael R. Gilbert of Cairn Energy USA, Inc., 214-369-0316/
 (CEUS)


CO: Cairn Energy USA, Inc. ST: Texas IN: OIL SU: ERN

JS -- NY126 -- 2471 11/09/93 17:27 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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