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CASPEN OIL ANNOUNCES EARNINGS

 LAKEWOOD, Colo., Dec. 16 /PRNewswire/ -- Caspen Oil Inc. (AMEX: CNO) reported oil and gas sales of $502,709 for the first three months of fiscal 1993, as compared to $475,413 for the like period in the prior year. Total revenues for the three months ended Oct. 31, 1992, were $538,212 as compared to total revenues for the first three months of fiscal 1992 of $526,629. Caspen's net loss from operations for the period was $(232,564) compared to a net loss of $(144,494) for the like period in fiscal 1992.
 After preferred dividend requirements, the company recorded loss applicable to the common stock of $(409,102), or (2 cents) per share; compared to a loss in the prior year of $(321,032), or (2 cents) per share.
 Caspen Oil is an American Stock Exchange listed company engaged in oil and gas exploration, production and acquisitions primarily in the Southwestern United States. On Oct. 31, 1992, the company has 17,823,449 common shares issued and outstanding owned by approximately 4,500 shareholders. Caspen's common and preferred stock trade on the American Stock Exchange under the symbols "CNO" and "CNOP," respectively.
 CASPEN OIL INC.
 Oct. 31, 1992 July 31, 1992
 Total Assets $6,957,840 $6,924,781
 Total shareholders' equity $4,143,406 $4,120,970
 Long-term debt --- ---
 Current portion of
 long-term debt $2,000,000 $2,000,000
 Three Months Ended
 Oct. 31,
 1992 1991
 Oil and gas sales $502,709 $475,413
 Revenues from operations $538,212 $526,629
 Expenses $770,776 $671,123
 Net loss from operations $(232,564) $(144,494)
 Net loss $(232,564) $(144,494)
 Dividend requirements on
 preferred stock $176,538 $176,538
 Loss applicable to common stock $(409,102) $(321,032)
 Common shares issued and
 outstanding 17,823,449 14,921,045
 Loss per common share $(.02) $(.02)
 Net cash used in operating
 activities $(132,919) $(120,903)
 -0- 12/16/92
 /CONTACT: Gary N. Davis of Caspen Oil, 303-987-0925/
 (CNO)


CO: Caspen Oil Inc. ST: Colorado IN: OIL SU: ERN

MC -- DV003 -- 7717 12/16/92 12:42 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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