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KEY REPORTS 1992 EARNINGS

 DENVER, March 15 /PRNewswire/ -- Key Production Company Inc. (NASDAQ: KPCI) today announced fourth quarter earnings of $299,000, which reversed the cumulative deficit for the year and resulted in net income of $267,000, or 3 cents on a per-share basis, for all of 1992. Annual earnings for 1991 were $2.4 million or 22 cents per share, which included 8 cents from a non-recurring contract settlement.
 Production for the year totaled 6.2 billion cubic feet of natural gas and 351,517 barrels of oil, down 29 and 10 percent, respectively, from the 1991 levels. The year-over-year decrease was due primarily to natural declines in production and the sale of producing properties.
 In the face of considerable volatility that saw spot market natural gas prices swing from a 13-year low to a seven-year high, Key's average realized natural gas price increased 21 cents to $1.83 per thousand cubic feet for the year. The company's average oil price fell to $17.18 per barrel, off $2.23 from 1991 prices.
 Cash from operating activities during 1992 totaled $7.7 million versus $11.9 million in 1991. Key used cash from operating activities to reduce debt to $3 million, a $2.9 million reduction from last year end, to fund dividends totaling $1.6 million and to repurchase 528,929 shares of its common stock.
 Key Production Company is an independent natural gas and oil exploration and production company. The company's common stock trades on The Nasdaq Stock Market under the symbol KPCI.
 KEY PRODUCTION COMPANY INC.
 SUMMARY FINANCIAL INFORMATION
 For the Quarter Twelve Months
 Ended Dec. 31, Ended Dec. 31,
 1992 1991 1992 1991
 FINANCIAL DATA
 (In thousands, except
 per share data)
 Revenues $ 4,536 $ 5,378 $17,641 $23,444
 Net Income $ 299 $ 523 $ 267 $ 2,437
 Income per Common Share $ .03 $ .05 $ .03 $ .22
 Weighted Average Common
 Shares Outstanding 10,249 10,804 10,427 11,201
 PRODUCTION AND PRICING DATA
 Natural Gas Production
 (Million cubic feet) 1,403 1,878 6,224 8,760
 Average Price
 (Per thousand cubic feet) $ 2.20 $ 1.90 $ 1.83 $ 1.62
 Oil and Condensate Production
 (Thousand barrels) 80 88 352 391
 Average Price per Barrel $ 17.73 $ 19.22 $ 17.18 $ 19.41
 -0- 3/15/93
 /CONTACT: Monty Robertson of Key Production Company, 303-837-0779/
 (KPCI)


CO: Key Production Company Inc. ST: Colorado IN: OIL SU: ERN

MC -- DV010 -- 6265 03/15/93 17:40 EST
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Publication:PR Newswire
Date:Mar 15, 1993
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