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MSR EXPLORATION LTD. ANNOUNCES QUARTERLY REPORT

 CUT BANK, Mont., May 14 /PRNewswire/ -- MSR Exploration Ltd. (AMEX: MSR), an Alberta public oil and gas exploration company, with headquarters in Cut Bank, today announced positive net income and cash flows for the first quarter ending March 31, 1993. These figures include one-time gains experienced from the reorganization under Chapter 11 representing some $645,000.
 The company's restated First Amended Joint Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the District of Montana on March 2, 1993. The company said that after some 13 months of operating as Debtor in Possession, and battling some 72 alleged creditors who filed frivolous and malicious claims, it is encouraged to know that era is past, and now, once again, it is running an oil and gas exploration and production company instead of a "legal foundation."
 The company announced that a significant acquisition is being reviewed at this moment and a new multimillion dollar financing is also being studied. All in all, the company is now back doing what it does best and that is operating an aggressive exploration and production company.
 MSR EXPLORATION LTD.
 Quarterly Report for March 31, 1993 and 1992,
 Financial Condition
 (U.S. Dollars - Unaudited)
 1993 1992
 3 Months 3 Months
 Revenues $1,084,000 $1,063,000
 Net income (loss) (a) 269,000 (499,000)
 Cash flow from operations 190,000 121,000
 Per share net income (loss) 0.030 (0.056)
 Per share cash flow from operations 0.021 0.013
 (a) 1993 information includes one-time gains from reorganization of $645,000.
 -0- 5/14/93
 /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

JB-JL -- LA026 -- 8756 05/14/93 15:59 EDT
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Publication:PR Newswire
Date:May 14, 1993
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