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MSR EXPLORATION, LTD. NEGOTIATES SIX MONTHS CASH COLLATERAL

 MSR EXPLORATION, LTD. NEGOTIATES SIX MONTHS CASH COLLATERAL
 CUT BANK, Mont., April 16 /PRNewswire/ -- MSR Exploration Ltd. (AMEX: MSR; Toronto, Vancouver: MSR), today announced a successful conclusion in negotiating a six months cash collateral agreement with its major secured creditor, Manufacturers Hanover Trust Co. This will enhance the company's ability to continue operating under the Petitions filed for Chapter 11 Reorganization as Debtor in Possession on Feb. 7, 1992.
 Included in the cash collateral budget will be funds for reworking wells in addition to the drilling of several new development wells. Inasmuch as the company has been unable to conduct its usual drilling program during the past year, this new development scheduled for later this summer will help replace the reserves which were produced during 1991.
 MSR Exploration Ltd. is an Alberta independent oil and gas exploration and production company operating in Western Canada and in the Northern Rockies and Texas, through its wholly owned U.S. subsidiaries.
 Head offices are in Cut Bank. MSR Exploration Ltd. is listed on the American Stock Exchange under the symbol "MSR."
 -0- 4/16/92
 /CONTACT: Joseph V. Montalban, chairman of the board, or Patrick M. Montalban, executive VP and COO of MSR Exploration, 406-873-2235/
 (MSR) CO: MSR Exploration Ltd. ST: Montana IN: OIL SU:


AL-JL -- LA037 -- 9532 04/16/92 17:11 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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