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CASPEN OIL REPORTS FINANCIALS FOR THE YEAR ENDED JULY 31, 1991

    CASPEN OIL REPORTS FINANCIALS FOR THE YEAR ENDED JULY 31, 1991
    LAKEWOOD, Colo., Nov. 11 /PRNewswire/ -- Caspen Oil Inc. (AMEX: CNO) reported oil and gas sales of $3,459,650 for the fiscal year ended July 31, 1991, as compared to $5,171,454 for the same period in the prior year.  Total revenues for the year ended July 31, 1991 were $5,496,090 as compared to total revenues for the 12 months ended in fiscal 1990 of $5,497,631.  Caspen's net loss for the year was $(215,491) compared to a net loss of $(4,884,571) for the same period in fiscal 1990.
    After preferred dividend requirements, the company recorded a loss applicable to the common stock of $(921,642), or $(.06) per share; compared to a loss in the prior year of $(5,590,722), or $(0.37) 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 July 31, 1991, the company had 14,921,045 common shares issued and outstanding owned by approximately 5,000 shareholders.  Caspen's common and preferred stock trade on the American Stock Exchange under the symbols "CNO" and "CNOP", respectively.
                            CASPEN OIL INC.
                                        7/31/91            7/31/90
    Total Assets                      $6,031,302 (A)      $11,529,116
    Total Shareholders' Equity        $3,247,607 (A)      $ 3,035,098
    Long-term Debt, net               $2,000,000 (A)          ---
    Current Portion of Long-term Debt $  ---     (A)      $ 7,200,000
                          Twelve Months            Three Months
                          Ended July 31,           Ended July 31,
                        1991        1990          1991       1990
    Revenues From
     Operations    $ 3,780,083  $ 5,497,631  $ 1,150,456  $ 1,213,741
    Gain on sale of
     oil and gas
      properties   $ 1,716,007      ---      $  (286,285)     ---
    Expenses       $ 5,711,581  $10,382,202  $ 2,013,308  $ 4,606,986
    Net Loss from
     Operations    $(1,931,498) $(4,884,571) $  (862,852) $(3,393,245)
    Net Loss       $  (215,491) $(4,884,571) $(1,149,137) $(3,393,245)
    Dividend
     Requirements
      on Preferred
       Stock       $   706,151  $   706,151  $   176,537  $   176,537
    Loss applicable
     to Common
      Stock        $  (921,642) $(5,590,722) $(1,325,674) $(3,569,782)
    Common Shares
     Issued and
      Outstanding  $14,921,045  $14,921,045  $14,921,045  $14,921,045
    Loss Per
     Common Shares $      (.06) $      (.37) $      (.09) $      (.24)
    Net Cash Provided
     by (used in)
      Operating
       Activities  $   435,085  $  (276,775)       ---          ---
    (A) - The above referenced categories reflect significant changes due to the sale of various oil and gas properties as detailed in the Dec. 14, 1990, press release.
    -0-                     11/11/91
    /CONTACT:  Gary N. Davis of Caspen Oil, 303-987-0925/
    (CNO) CO:  Caspen Oil Inc. ST:  Colorado IN:  OIl SU:  ERN SG -- DV001 -- 3020 11/11/91 12:03 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 11, 1991
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