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CASPEN OIL REPORTS RESULTS

 CASPEN OIL REPORTS RESULTS
 LAKEWOOD, Colo., June 17 /PRNewswire/ -- Caspen Oil Inc.


(AMEX: CNO) reported oil and gas sales of $1,801,769 for the first nine months of fiscal 1992, as compared to $2,829,039 for the like period in the prior year. Total revenues for the nine months ended April 30, 1992 were $1,904,316 as compared to total revenues for the first nine months of fiscal 1991 of $4,885,011, due largely to a $1,716,007 gain on sale of oil and gas property during fiscal 1991. Caspen's net loss for the period was $(461,598) compared to a net income of $933,646 for the like period in fiscal 1991.
 After preferred dividend requirements, the company recorded loss applicable to the common stock of $(991,212), or (7 cents) per share; compared to income in the prior year of $404,032, or 3 cents per share.
 Oil and gas sales for the three months ended April 30, 1992, were $689,095, as compared to $768,499 for the like period in the prior fiscal year. Total revenues for the three months ended April 30, 1992, were $719,346 as compared to total revenues for the like period in fiscal 1991 of $798,000. Caspen's net loss for the three months was $(3,947) and $(277,522) for the like period last year.
 The company recorded loss applicable to the common stock, after preferred dividend requirements of $(180,485) or (1 cent) per share for the three months ended April 30, 1992; compared to a recorded loss of $(454,060), or (3 cents) per share for the like period in the prior year.
 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 April 30, 1992, the company had 14,906,249 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.
 April 30, July 31,
 1992 1991
 Total assets $5,441,462 $6,031,302
 Total shareholders' equity $2,779,713 $3,247,607
 Long-term debt $2,000,000 $2,000,000
 Current portion of
 long-term debt --- ---
 Three Months Ended
 April 30,
 1992 1991
 Oil and gas sales $689,095 $768,499
 Revenues from operations $719,346 $798,000
 Gain on sale of oil and
 gas prop. --- ---
 Expenses $723,293 $1,075,522
 Net income (loss)
 from operations $(3,947) $(277,522)
 Net income (loss) $(3,947) $(277,522)
 Dividend requirements on
 preferred stock $176,538 $176,538
 Income (loss) applicable to
 common stock $(180,485) $(454,060)
 Common shares issued and
 outstanding 14,906,249 14,921,045
 Income (loss) per common share $(.01) $(.03)
 Net cash provided by (used in)
 operating activities --- ---
 Nine Months Ended
 April 30,
 1992 1991
 Oil and gas sales $1,801,769 $2,829,039
 Revenues from operations $1,904,316(a) $3,169,004
 Gain on sale of oil and
 gas prop. --- $1,716,007
 Expenses $2,365,914(a) $3,951,365
 Net income (loss)
 from operations $(461,598) $(782,361)
 Net income (loss) $(461,598)(a) $933,646
 Dividend requirements on
 preferred stock $529,614 $529,614
 Income (loss) applicable to
 common stock $(991,212)(a) $404,032
 Common shares issued and
 outstanding 14,906,249 14,921,045
 Income (loss) per common share $(.07) $.03
 Net cash provided by (used in)
 operating activities $(74,588)(a) $754,820
 (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- 6/17/92
 /CONTACT: Gary N. Davis of Caspen Oil, 303-987-0925/
 (CNO) CO: Caspen Oil Inc. ST: Colorado IN: OIL SU: ERN


MC-BB -- DV002 -- 0977 06/17/92 10:01 EDT
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Date:Jun 17, 1992
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