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MALLON RESOURCES ANNOUNCES EARNINGS ESTIMATES

 DENVER, Oct. 6 /PRNewswire/ -- Mallon Resources Corporation (NASDAQ-NMS: MLRC) today announced it estimates cumulative earnings for the first three quarters of 1993 of approximately $900,000 ($0.18 per share). For the same period in 1992, Mallon had reported a loss of $429,032 ($0.09 per share). The significant improvement is attributable to the company's recent acquisition of $21.4 million of producing oil and gas properties from Pennzoil Exploration and Production Company, which was effective as of Jan. 1, 1993. Mallon anticipates that earnings for calendar 1993 will approach $1,200,000, a gain of approximately $1,500,000 over 1992's $300,000 loss.
 The Pennzoil acquisition also significantly improved the company's cash flow. For calendar 1993, the company expects to report cash from operations of approximately $3 million (or $.42 per share). George Mallon, chairman, said, "These enhanced revenues will enable the company to develop the Pennzoil properties we acquired, and to accelerate the development of our other assets significantly."
 Mallon Resources Corporation owns, operates, and develops domestic oil and gas properties and international gold and silver properties. Its oil and gas operations, located primarily in the western United States, are conducted by its wholly owned subsidiary, Mallon Oil Company. Through its subsidiary, Mallon Minerals Corporation, the company controls 46,000 acres of gold and silver concessions acreage in Costa Rica. Mallon Resources Corporation, located in Denver, was organized in 1988 as the result of the roll-up of 19 oil and gas limited partnerships.
 -0- 10/6/93
 /CONTACT: Anne Doremus of Catalyst Communications, 510-838-7127/
 (MLRC)


CO: Mallon Resources Corporation ST: Colorado IN: OIL SU: ERP

GK-PS -- NY005 -- 9185 10/06/93 08:31 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
Words:278
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