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EQUITY OIL ANNOUNCES ADOPTION OF STOCK REPURCHASE PROGRAM

 SALT LAKE CITY, March 2 /PRNewswire/ -- Equity Oil Company (NASDAQ: EQTY) today reported that its board of directors has authorized the repurchase of up to 500,000 shares of its common stock. The purchase will be made from time to time in open market transactions as market conditions and discretionary cash warrant. Fred. H. Evans, president of Equity Oil Company, stated, "Shares repurchased will be retired to treasury shares for appropriate corporate purposes, including providing for future exercise of employee stock options, to minimize any potential dilutive effect to shareholders." Mr. Evans further stated that, "In the company's opinion, the present market prices of the shares do not reflect the company's inherent value, reserve position and future prospects. We believe the purchase will present the company with an excellent investment opportunity for discretionary cash flow."
 Equity Oil, headquartered in Salt Lake City,is an independent oil and gas exploration and development company that operates and explores in nine western states, Canada and Russia. Equity currently has 12,238,760 common shares outstanding.
 -0- 3/2/93
 /CONTACT: Fred H. Evans or Paul M. Dougan of Equity Oil Company, 801-521-3515, Marisa A. Heine or Jennifer R. Wall of D.F. King & Co., 212-269-5550, for Equity Oil Company/
 (EQTY)


CO: Equity Oil Company ST: Utah IN: OIL SU:

SH-TS -- NY030 -- 1829 03/02/93 09:52 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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