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GOLD KING PETROLEUM COMPLETES WELL WORKOVERS

 IRVING, Texas, Dec. 7 /PRNewswire/ -- Gold King Consolidated, Inc. announced today that its wholly owned subsidiary, Gold King Petroleum Corporation, recently completed well workovers in Colorado and Illinois that have resulted in production improvements of 1,200 gross barrels per month. Management believes that on-going field work should result in similar improvements on other wells that the company operates and that these improvements should off-set the effect of recent oil prices declines.
 Gold King Petroleum Corporation is negotiating a farm-out or operating agreement for several new oil and gas leases in Indiana that it expects will add to its revenue. While an agreement has not yet been finalized, an agreement is expected to be in place by year-end.
 Gold King Consolidated, Inc. has settled all its accounts with Saba Energy Ltd. related to the sale of Saba Mining, Inc. The Company sold its Canadian oil and gas subsidiary to finance improvements in domestic operations.
 The Company's wholly owned subsidiary, Patient Application Solution, Inc. ("PAS"), has completed a software license agreement with a major medical group. The additional revenue generated has made PAS a separate profit center earlier than projected.
 Management is negotiating a private placement of common stock to raise up to $500,000 to fund additional property acquisitions and improvements and reduce company obligations. The Company anticipates details of the transaction will be finalized by mid-December.
 Notwithstanding these project developments, the Company's financial and legal problems continue to exist. For further details please refer to the Company's most recent Form 10-QSB.
 -0- 12/7/93
 /CONTACT: David A. Taylor, president of Gold King Consolidated, 214-714-0555, or telefax, 214-580-2899; or William R. Wilson, president of Gold King Mines Corporation, and chairman of Gold King Consolidated, 303-820-2840, or telefax, 303-595-8183/


CO: Gold King Consolidated, Inc.; Gold King Petroleum Corporation;
 Patient Application Solution, Inc. ST: Colorado, Texas IN: OIL SU:


LG-MP -- NY082 -- 1400 12/07/93 15:44 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:317
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