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MCFARLAND ENERGY ACHIEVES IMPROVED OPERATING PROFIT IN FIRST QUARTER

 SANTA FE SPRINGS, Calif., May 11 /PRNewswire/ -- McFarland Energy Inc. (NASDAQ-NMS: MCFE) posted net income of $528,000, or 10 cents per share, in the first quarter of 1993, compared to last year's loss, J.C. "Mac" McFarland, chairman and chief executive officer, announced today.
 For the three months ended March 31, 1993, revenues totaled $3,271,000, compared to $3,464,000 in the same period a year ago. Included in the current quarterly results was a gain of $450,000 attributable to the cumulative effect of a change in accounting for income taxes. Net income, before the change in accounting, was $78,000, or 1 cent per share, compared to a loss of $231,000, or 4 cents per share, in the prior year.
 McFarland commented: "Higher prices for both crude oil and natural gas, combined with lower production and exploration costs, were principally responsible for the improved operating profit in the first quarter. The decline in revenues was attributable to lower oil and gas production, primarily due to the company's sale of marginally economic properties in late 1992.
 "We are continuing to pursue our exploration program in the Northern San Joaquin Valley and plan to drill several wells in 1993. We have had very encouraging preliminary results in the area. Last year four discovery wells combined to yield estimated proved developed natural gas reserves of 3.1 billion cubic feet, net to the company."
 McFarland concluded: "Thus far in the second quarter, we have seen a further strengthening in crude oil and natural gas prices, and we are continuing to benefit from our lower cost structure established in 1992.
 "The Public Utility Commission's ruling on gas storage in the first quarter allows the company's Ten Section field to compete fairly with utility storage. This enables the company to focus its efforts on marketing the project to prospective customers and joint venture partners.
 "McFarland Energy is on track for continued profitable growth this year, and is building a solid base for future growth."
 McFarland Energy Inc. is an independent oil and gas exploration and production company headquartered in Santa Fe Springs. Its stock is listed on NASDAQ's National Market System.
 MCFARLAND ENERGY INC.
 Financial Results
 (Unaudited)
 First Quarter Ended March 31,
 1993 1992
 Revenues $3,271,000 $3,464,000
 Income (loss) before
 accounting change $78,000 ($231,000)
 Cumulative effect of
 accounting change(a) $450,000 $0
 Net income (loss) $528,000 ($231,000)
 Income (loss) per share $.01 ($.04)
 Cumulative effect of
 accounting change(a) $.09 $0
 Net income (loss) per share $.10 ($.04)
 Average shares 5,199,359 5,199,359
 (a) Effective Jan. 1, 1993, the company implemented Statement of Financial Accounting Standard (SFAS) No. 109, "Accounting for Income Taxes." The amount reflects the cumulative effect of the accounting change on prior periods.
 -0- 5/11/93
 /CONTACT: J.C. "Mac" McFarland, chairman and CEO, or Ron Yoshihara of McFarland Energy, 310-944-0181/
 (MCFE)


CO: McFarland Energy Inc. ST: California IN: OIL SU: ERN

JB-JL -- LA006 -- 6854 05/11/93 08:31 EDT
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Date:May 11, 1993
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