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MAGELLAN REPORTS FISCAL YEAR 1992 RESULTS

 MAGELLAN REPORTS FISCAL YEAR 1992 RESULTS
 HARTFORD, Conn., Sept. 28 /PRNewswire/ -- Magellan Petroleum


Corporation (NASDAQ: MPET) said it had a consolidated net loss of $916,000, or $.04 a share, on gross revenues of $14.8 million in its fiscal 1992, ended June 30.
 In the prior year, there was a loss of $387,000 ($.02 a share) on gross revenues of $14.6 million, the company said.
 Magellan, which reports on a consolidated basis with its 51-percent- owned subsidiary, Magellan Petroleum Australia Limited, said this year's loss is due largely to substantially increased depletion expense, which was triggered by a large write-down of U.S. reserves. Also cited was a $119,000 drop in parent company interest income, a consequence of severely reduced interest rates.
 Comparative, consolidated results for fiscal 1992 and the two prior years are shown in the following condensed income statement:
 MAGELLAN PETROLEUM CORPORATION
 Consolidated Statement of Operations
 Fiscal Year June 30 1992 1991 1990
 Revenues:
 Oil sales $ 6,108,472 $ 6,534,721 $ 3,886,961
 Gas sales 7,850,632 7,340,058 6,770,587
 Interest/other 803,191 712,295 870,362
 14,762,295 14,587,074 11,527,910
 Costs and expenses:
 Production costs 3,268,666 3,267,060 2,757,197
 Interest 37,584 321,036 597,229
 Depletion, depreciation,
 and amortization 5,225,190 3,283,599 2,774,736
 Administrative 2,920,635 2,616,458 2,330,181
 Abandonments and
 write-offs 537,453 2,041,864 189,432
 Other 1,415,286 1,265,597 1,136,863
 13,404,814 12,795,614 9,785,638
 Increase before minority
 interests and taxes 1,357,481 1,791,460 1,742,272
 Minority interest in MPAL 1,166,443 1,327,174 1,278,946
 Pre-tax income 191,038 464,286 463,326
 Income tax provision 1,106,635 851,176 696,436
 Net loss (915,597) (386,890) (233,110)
 Average number of
 shares outstanding 24,381,890 24,381,890 24,381,890
 Net loss per share (.04) (.02) (.01)
 -0- 9/28/92
 /CONTACT: Arthur B. O'Donnell of Magellan Petroleum Corporation, 203-525-1202/
 (MPET) CO: Magellan Petroleum Corporation ST: Connecticut IN: OIL SU: ERN


PS-OS -- NY043 -- 3974 09/28/92 12:40 EDT
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Publication:PR Newswire
Date:Sep 28, 1992
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