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GLOBAL NATURAL RESOURCES ANNOUNCES SIX MONTH EARNINGS

    HOUSTON, Aug. 5 /PRNewswire/ -- Global Natural Resources Inc. (NYSE: GNR) today reported net income of $2.5 million or $.09 per share on revenues of $32.3 million for the six months ended June 30, 1993. This compares to a net income of $.9 million or $.04 per share on revenues of $24.0 million for the first six months in 1992.
    For the three months ended June 30, 1993, total revenues were $17.6 million compared with revenues of $11.4 million for the same quarter in 1992.  Net income was $.3 million or $.01 per share compared with a net income of $.5 million or $.02 per share for the same period in 1992. This reflects, among other things, a non-cash loss of $.8 million on the sale of the company's acreage in Argentina, in which it retained a royalty interest.  During the second quarter of 1993, the company recorded a $1.3 million liquidating distribution from Investment Properties International, Limited.
    Cash provided by operating activities was $5.4 million for the six months ended June 30, 1993, compared to $3.1 million for the same period in 1992.  Working capital at June 30, 1993 was $48.2 million compared to $37.7 million at June 30, 1992.
    Global Natural Resources is engaged in worldwide oil and gas exploration and production and in natural gas gathering, processing and marketing.  The company has operations and interests in North America, Tatarstan - Russia, Indonesia, Malaysia and the Ivory Coast.
                     GLOBAL NATURAL RESOURCES INC.
                           Operating Results
       (Unaudited, dollars in thousands except per share amounts)
                               Three Months                 Six Months
    Periods ended June 30     1993       1992            1993      1992
    Total revenues           $17,556    $11,360        $32,314   $24,033
    Income from operations   $   901    $ 1,206        $ 3,114   $ 2,534
    Income before income
      taxes                  $ 1,584    $ 1,886        $ 5,876   $ 3,831
    Net income               $   267    $   455        $ 2,497   $   859
    Net income per share     $   .01    $   .02        $   .09   $   .04
    Weighted average
      shares outstanding  29,865,524 23,657,575    26,761,631 23,645,075
                       GLOBAL NATURAL RESOURCES INC.
                   Condensed Consolidated Balance Sheets
                     (Amounts in Thousands, unaudited)
                                             6/30/93       12/31/92
    Assets
    Cash and cash equivalents               $15,085        $19,486
    Short term liquid investments            31,646         21,784
    Other current assets                     13,957         14,395
    Total current assets                     60,688         55,665
    Properties and equipment, net            56,351         59,669
    Other assets                             13,961         15,527
    Total                                  $131,000       $130,861
    Liabilities and Shareholders' Equity
    Current liabilities                     $12,445        $15,296
    Long-term debt                               --             55
    Deferred credits                            629            657
    Common stock subject to put                   2            200
    Shareholders' equity                    117,924        114,653
    Total                                  $131,000       $130,861
    -0-             08/05/93
    CONTACT:  Robert F. Vagt or Eric Lynn Hill of Global Natural Resources Inc., 713-880-5464
    (GNR) CO:  GLOBAL NATURAL RESOURCES INC. IN:  OIL SU:  ERN ST:  TX


-- NY105 -- X443 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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