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CASPEN OIL REPORTS RESULTS

 LAKEWOOD, Colo., March 19 /PRNewswire/ -- Caspen Oil Inc. (AMEX: CNO) reported oil and gas sales of $972,846 for the first six months of fiscal 1993, as compared to $1,112,674 for the like period in the prior year. Total revenues for the six months ended Jan. 31, 1993, were $1,051,675 as compared to total revenues for the first six months of fiscal 1992 of $1,184,970. Caspen's net loss for the period was $(469,816) compared to a net loss of $(247,066) for the like period in fiscal 1992.
 A significant portion of the net loss for the first six months of fiscal year 1993 is attributable to two significant production enhancement projects operating simultaneously. The Nukern property , a California heavy oil non-operated lease in which the company owns a 36 percent working interest (plus 17 percent of additional farm-in and non-consent interest), is currently undergoing cyclic steam operation on 11 wells. Production on the lease rose from 16 barrels of oil per day in October 1992 to approximately 137 barrels of oil per day at January 1993.
 Concurrently with the Nukern lease activity, the company recently began a substantial workover on the Vermilion Bay B-2 well in the Boston Bayou lease in Louisiana. The project costs on this well workover will carry over into the third quarter of fiscal 1993. To date, preliminary results of the recompletion effort on the Vermilion Bay B-2 indicate the company has increased its production by approximately 200 barrels of oil and 800 mcf of gas per day.
 After preferred dividend requirements, the company recorded loss applicable to the common stock for the six months ended Jan. 31, 1993, of $(822,892) or (5 cents) per share; compared to a loss applicable to the common stock in the prior year of $(600,142), or (4 cents) per share.
 Oil and gas sales for the three months ended Jan. 31, 1993, were $470,137, as compared to $637,261 for the like period in the prior fiscal year. Total revenues for the three months ended Jan. 31, 1993, were $513,463, as compared to total revenues for the like period in fiscal 1992 of $658,341. Caspen's net loss for the three months was $(237,252) and $(102,572) for the like period last year.
 The company recorded loss applicable to the common stock after preferred dividend requirements of $(413,790) or (2 cents) per share for the three months ended Jan. 31, 1993; compared to a recorded loss of $(279,110), or (2 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 Jan. 31, 1993, the company had 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.
 Jan. 31, 1993 July 31, 1992
 Total assets $6,789,822 $6,924,781
 Total shareholders' equity $3,911,243 $4,120,970
 Long-term debt --- ---
 Current portion of
 long-term debt $2,000,000 $2,000,000
 Three Months Ended Six Months Ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Oil and gas sales $470,137 $637,261 $972,846 $1,112,674
 Total revenues $513,463 $658,341 $1,051,675 $1,184,970
 Production and
 operating expenses
 -- oil and gas $260,374 $312,700 $528,187 $554,695
 Total expenses $750,715 $760,913 $1,521,491 $1,432,036
 Net income (loss)
 from operations $209,763 $324,561 $444,659 $557,979
 Net income (loss) $(237,252) $(102,572) $(469,816) $(247,066)
 Dividend
 requirements
 on preferred
 stock $176,538 $176,538 $353,076 $353,076
 Income (loss)
 applicable to
 common stock $(413,790) $(279,110) $(822,892) $(600,142)
 Common shares
 issued and
 outstanding 17,823,449 14,860,202 17,823,449 14,860,202
 Income (loss)
 per common share $(.02) $(.02) $(.05) $(.04)
 Net cash provided
 by (used in)
 operating
 activities --- --- $(345,844) $(122,980)
 -0- 3/19/93
 /CONTACT: Gary N. Davis of Caspen Oil, 303-987-0925/
 (CNO)


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

MC -- DV003 -- 7885 03/19/93 12:02 EST
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Publication:PR Newswire
Date:Mar 19, 1993
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