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MSR EXPLORATION ANNOUNCES INCOME

 MSR EXPLORATION ANNOUNCES INCOME
 CUT BANK, Mont., Aug. 17 /PRNewswire/ -- MSR Exploration Ltd.


(AMEX: MSR; Toronto: MSR), an Alberta public energy company operating out of Cut Bank, today announced a positive operating income and net income before depletion, depreciation and amortization for the second quarter ended June 30, 1992.
 These increases in operating income and net income are directly attributed to the total elimination of the excessive general and administrative costs incurred by the company's previous directors and officers, and closing of the Beverly Hills, Calif., Houston and New York offices, as well as the elimination of their excessive operating costs.
 The decreased revenues are attributed to lower prices of crude oil and natural and diminished production, which is due to the lack of drilling activity during the preceding 12 months. The net loss for the six months ended June 30, 1992, was primarily due to the poor first quarter that occurred prior to filing for protection under Chapter 11 of the bankruptcy code. Negotiating with the creditors has been successful to date and the company plans to file a reorganization plan with the court next quarter.
 Two wells will be drilled during the third quarter of 1992. This coupled with the ongoing workover program in Montana and Texas leaves management confident that the revenues will increase and the company will return to being a profitable oil and gas exploration and production company.
 MSR EXPLORATION LTD.
 Quarterly and six months June 30, 1992
 Financial Highlights
 U.S. Dollars - Unaudited
 1992 1991
 Three Months Six Months Three Months Six Months
 Oil & Gas
 Revenues 1,251,000 2,314,000 1,714,000 3,657,000
 Operating
 income 68,000 (267,000) (1,690,000) (1,800,000)
 Net income
 (loss) (47,000) (546,000) (1,892,000) (2,067,000)
 Funds from
 operation 344,000 465,000 (145,000) (1,269,000)
 Share net
 income (loss) (0.005) (0.062) (0.190) (0.208)
 Per share funds
 from
 operations 0.038 0.052 (0.016) (0.143)
 -0- 8/17/92
 /CONTACT: Joseph V. Montalban, president and CEO or Patrick M. Montalban, executive VP and COO of MSR Exploration, 406-873-2235/
 (MSR) CO: MSR Exploration Ltd. ST: Montana IN: OIL SU: ERN


EH -- LA013 -- 0479 08/17/92 11:44 EDT
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Date:Aug 17, 1992
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