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DRECO ENERGY SERVICES ANNOUNCES RESULTS

 EDMONTON, Alberta, Nov. 23 ~PRNewswire~ -- Dreco Energy Services Ltd., (NASDAQ: DREAF; Toronto: DRE.A) of Edmonton, announced today the results of its operations for the fourth quarter and the year ended Aug. 31, 1992.
 (All values are expressed in United States dollars).
 Revenues for the fourth quarter were $17,105,000 and net income was $1,442,000 ($0.23 per share) vs. revenues of $19,765,000 and net income of $1,962,000 ($0.32 per share) in the corresponding quarter of the prior fiscal year.
 Revenues for the year were $66,397,000 and net income was $6,452,000 ($1.05 per share) vs. prior year revenues of $77,653,000 and net income of $7,402,000 ($1.31 per share).
 DRECO ENERGY SERVICES LTD.
 (In thousands except earnings per share)
 Three months ended 12 months ended
 Aug. 31, Aug. 31,
 1992 1991 1992 1991
 Revenues:
 Drilling and well
 servicing equipment $13,080 $15,515 $52,216 $59,897
 Downhole products $4,025 $4,250 $14,181 $17,756
 Total $17,105 $19,765 $66,397 $77,653
 Net Income $1,442 $1,962 $6,452 $7,402
 Earnings per share $0.23 $0.32 $1.05 $1.31
 Weighted average shares
 outstanding 6,159 6,084 6,156 5,645
 Cash flow from operations for the year was $8,674,000 before working capital, investing and financing requirements as compared to $10,635,000 in the previous year.
 Backlog as at Oct. 31, 1992 was $29,883,000 as compared to $23,626,000 as at Oct. 31, 1991.
 The company's class "A" common shares trade on the NASDAQ National Market System under the ticker symbol DREAF and on the Toronto Stock Exchange under the ticker symbol DRE.A.
 Dreco Energy Services Ltd. designs, manufactures, markets and leases drilling equipment, machinery, and drilling tools used in the drilling and servicing of oil and gas wells, worldwide.
 -0- 11~23~92
 ~CONTACT: Daryl W. Ferko, VP-finance, Dreco Energy Services Ltd., 403-463-2065 or; Jack Kehoe, Kehoe, White, Savage & Co., 212-888-1616, for Dreco~
 (DRE.A. DREAF)


CO: Dreco Energy Services Ltd. ST: Alberta IN: OIL SU: ERN

EH -- LA017 -- 0580 11~23~92 13:20 EST
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Date:Nov 23, 1992
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