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ENERGY BIOSYSTEMS FIRST QUARTER EARNINGS REPORT

 THE WOODLANDS, Texas, May 17 /PRNewswire/ -- Energy BioSystems Corporation (NASDAQ: ENBC) today reported a first quarter loss of $1,046,603 (14 cents per share) on increased revenues of $370,500. The increased loss over first quarter 1992 is due to the company's expansion of research and development activities during the last three quarters. These results are consistent with company expectations for 1993.
 "The first quarter saw continued growth in our commercialization activities and the successful completion of our initial public offering," said John H. Webb, president and CEO of Energy BioSystems. "Progress toward our 1993 milestones has been strong to date and the outlook for the rest of the year is very positive."
 Energy BioSystems closed its initial public offering on March 19, 1993, raising $12.9 million (net) to be used primarily for development activities. The underwriters exercised the over-allotment option in full on April 6, which raised an additional $2.0 million (net). The stock was priced at $6.00 per share and an aggregate 2.76 million shares were sold. Alex, Brown & Sons, Inc. and Oppenheimer & Co. were co- managers of the offering.
 Energy BioSystems Corporation is commercializing biotechnology-based processes for the refining and oil production industries. The company's focus to date has been on developing biocatalytic desulfurization, a proprietary process involving the use of bacteria to remove sulfur from the range of fossil fuels. This process will help refiners worldwide meet environmental regulations in a more cost effective manner and has the potential to open access to vast high-sulfur fossil fuel reserves.
 ENERGY BIOSYSTEMS CORPORATION
 Statement of Operations (Unaudited)
 Quarters ended March 31 1993 1992
 Revenues $370,500 $25,382
 Net loss (1,046,603) (701,888)
 Loss per share $(0.14) $(0.10)
 -0- 5/17/93
 /CONTACT: John H. Webb, president and CEO of Energy BioSystems Corporation, 713-364-6100/
 (ENBC)


CO: Energy BioSystems Corporation ST: Texas IN: OIL SU: ERN

CK -- NY069 -- 9188 05/17/93 12:12 EDT
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Publication:PR Newswire
Date:May 17, 1993
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