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GENERAL ATLANTIC RESOURCES REPORTS STRONG THIRD QUARTER RESULTS

 DENVER, Nov. 15 /PRNewswire/ -- General Atlantic Resources Inc. (NASDAQ: GARI) ("GARI") today reported strong increases in financial and operating results for the quarter ended Sept. 30, 1993. Net income increased by 277 percent to $1,943,000 on revenues of $10,452,000, compared to $515,000 on revenues of $5,790,000 for the prior-year period. Pro forma earnings per share were $.19 for the 1993 quarter after giving effect to an increase in the average number of shares outstanding as a result of the company's initial public offering of 3,350,000 shares of common stock in July 1993. Cash flow from operations more than doubled to $5,885,000, compared to $2,533,000 in the 1992 quarter. Pro forma cash flow per share was $.57 in the 1993 period, after giving effect to the larger number of shares outstanding.
 Production volumes increased by 93 percent on a BOE basis compared to the prior-year quarter, primarily as a result of several production acquisitions in late 1992 and early 1993 and two Gulf of Mexico exploratory discoveries that began producing in December 1992 and January 1993. Production for the 1993 quarter was 264,000 barrels of oil and 3.28 BCF of gas, or 811,000 BOE. A third Gulf of Mexico exploratory discovery, Eugene Island 243, was brought on production late in the quarter. The company realized $1.74 per MCF of gas sold and $14.77 per barrel of oil sold in the 1993 quarter, after allowing for the effect of hedging transactions, compared to prices of $1.21 and $20.06, respectively, for the 1992 quarter.
 Acquisitions, discoveries and 1992 workovers all contributed to a decrease in expenses on a BOE basis relative to the prior-year quarter. Lease operating expenses, DD&A and G&A per barrel of oil equivalent decreased in the 1993 quarter by 19 percent, 2 percent and 61 percent, respectively, to $2.77, $4.24 and $.90 per BOE.
 General Atlantic Resources is a Denver-based independent oil and gas operating company that acquires, develops and exploits producing oil and gas properties and explores for oil and gas reserves. The company's oil and gas properties and prospects are located in major producing basins in the western United Sates, offshore in the Gulf of Mexico, and in western Canada. The company's stock trades on NASDAQ under the symbol GARI.
 GENERAL ATLANTIC RESOURCES INC.
 Consolidated Statements of Operations
 (In thousands, except per share amounts and operational data)
 (Unaudited)
 Three months ended Nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Revenues
 Oil and gas sales $9,598 $5,555 $25,621 $15,454
 Interest and other 854 235 1,389 729
 Total 10,452 5,790 27,010 16,183
 Costs and expenses
 Production taxes 632 373 1,733 1,086
 Lease operating 2,250 1,443 5,674 4,274
 Depreciation, depletion
 and amortization 3,437 1,811 8,774 5,488
 General and
 administrative 730 973 2,041 2,638
 Loss on foreign
 currency exchanges 78 115 86 226
 Interest and other 365 351 1,549 1,253
 Total 7,492 5,066 19,857 14,965
 Income before income
 taxes and cumulative
 effect of change in
 accounting principle 2,960 724 7,153 1,218
 Provision for
 income taxes (1,017) (209) (2,535) (357)
 Income before
 cumulative effect
 of change in
 accounting principle --- --- 4,618 861
 Cumulative effect
 of change in
 accounting principle --- --- --- 1,726
 Net income $1,943 $515 $4,618 $2,587
 Pro forma net income
 per common and
 common equivalent share $.19 $.52
 Pro forma weighted
 average common and
 common equivalent
 shares outstanding 10,286 8,869
 Operational Data
 Production
 Oil (MBbls) 264 196 722 569
 Gas (MMcf) 3,281 1,342 8,209 4,050
 Average price
 Oil (per Bbl) $14.77 $20.06 $15.98 $18.83
 Gas (per Mcf) $1.74 $1.21 $1.72 $1.17
 Selected expenses
 (per Bbl of oil equiv.)
 Lease operating $2.77 $3.44 $2.71 $3.44
 Depreciation,
 depletion and
 amortization $4.24 $4.32 $4.20 $4.41
 General and
 administrative $.90 $2.32 $.98 $2.12
 -0- 11/15/93
 /CONTACT: Michael P. Dowling or Neil L. Stenbuck of General Atlantic Resources, 303-573-5100/
 (GARI)


CO: General Atlantic Resources Inc. ST: Colorado IN: OIL SU: ERN

JL-LM -- LA011 -- 4234 11/15/93 09:04 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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