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MAYNARD OIL COMPANY REPORTS FINANCIAL RESULTS

 DALLAS, Nov. 15 /PRNewswire/ -- Maynard Oil Company (NASDAQ: MOIL) reported third quarter earnings of $22,694, or 1 cent per share, on revenues of $3,851,595 compared with net income of $794,347, or 16 cents per share, on revenues of $4,502,116 for the same period in 1992. Results for the current quarter were unfavorably impacted by reduced revenues, resulting from volume and pricing reductions, and increased seismic costs within the company's 3-D venture. The 1992 quarter also included a gain from the sale of producing oil and gas property in the amount of $354,859 while the 1993 quarter included a gain from the sale of property of only $3,770.
 For the nine months ended Sept. 30, 1993, the company earned $2,205,298 or 45 cents per share, on revenues of $11,506,224, compared with a net loss of $25,528, or negative one cent per share, on revenues of $12,867,844 through the first nine months of last year. The current period was favorably impacted in the amount $1,386,844 by the adoption of Statement of Financial Standards No. 109 (SFAS 109), Accounting for Income Taxes, while the prior nine months included a loss of $1,561,658 resulting from the decision to discontinue operations at the contract drilling subsidiary in May of 1992.
 Maynard Oil Company is engaged in exploration, development and production of oil and natural gas in the United States. The company's common stock is traded over the counter under the NASDAQ symbol MOIL.
 MAYNARD OIL COMPANY
 Periods ended Sept. 30
 Third Quarter Ended
 1993 1992
 Continuing operations
 Revenues $ 3,851,595 $ 4,502,116
 Net income (loss) 22,694 976,084
 Earnings (loss) per share $ .01 $ .20
 Discontinued operations
 Net loss -- (181,737)
 Net loss per share -- $ (.04)
 Weighted average shares
 outstanding 4,892,360 4,913,097
 Periods ended Sept. 30
 Nine Months Ended
 1993 1992
 Revenues $11,506,224 $ 12,867,844
 Net income from continuing
 operations 818,454 1,536,130
 Net (loss) from discontinued
 operations -- (1,561,658)
 Accounting adjustment (A) 1,386,844 --
 Net income (loss) 2,205,298 (25,528)
 Continuing operations $ .17 $ .31
 Discontinued operations -- (.32)
 Accounting adjustment .28 --
 Net income (loss) $ .45 $ (.01)
 Weighted average shares
 outstanding 4,895,864 4,946,480
 NOTE: (A) Cumulative effect of a change in method of accounting for income taxes.
 -0- 11/15/93
 /CONTACT: Glenn R. Moore, president of Maynard Oil Company, 214-891-8880/
 (MOIL)


CO: Maynard Oil Company ST: Dallas IN: OIL SU: ERN

TM -- NY151 -- 4770 11/15/93 19:09 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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