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MSR EXPLORATION LTD. ANNOUNCES REVENUES

 MSR EXPLORATION LTD. ANNOUNCES REVENUES
 CUT BANK, Mont., Dec. 5 /PRNewswire/ -- MSR Exploration Ltd.,


(AMEX, Toronto: MSR) an Alberta Public Energy Co. with head offices at Cut Bank, today announced revenues, operating income and net income for the third quarter ended Sept. 30, 1991:
 Quarterly Financial Highlights
 U.S. Dollars - Unaudited
 1991 1990
 3 Months 9 Months 3 Months 9 Months
 (Restated)
 Revenues $1,575,000 5,176,000 2,322,000 5,345,000
 Net income (loss) (447,000) (2,827,000) 403,000 590,000
 Cash flow
 from operations 126,000 (1,157,000) 1,116,000 2,152,000
 Share net income
 (loss) (0.051) (0.320) 0.050 0.073
 Share cash flow 0.014 (0.131) 0.138 0.268
 During this period production revenues have taken a noticeable decrease because the company has been unable to drill any development wells during the past 10 months. All available funds are being paid to Manufacturers Hanover Trust Co., pursuant to the terms of an interim memorandum agreed upon. Under the original revolving credit agreement, no principal payments were due until May 1992, but MHT accelerated principal payments as certain loan covenants were not adhered to while the unauthorized individuals were managing the company's affairs. A long term restructuring program will be negotiated after the annual shareholders meeting.
 During this past quarter the interim board determined numerous irregularities that existed when the Houston Petroleum Co. acquisition was made by the former unauthorized group. Accordingly, the HPC acquisition has been terminated and the 1,333,333 shares of restricted stock have been cancelled, thereby exterminating the voting block of stock that was created for the use of the Cooper/Wachtell/Farber group. Determination as to how to recover the almost $3 million advanced to HPC, will be decided after the annual general shareholders meeting.
 This past quarter the interim board also reinstated the National Trust Co. in Canada, and the Mellon Securities Trust Co. in the United States, as registrar and transfer agents, thereby complying with the regulatory rules and regulations calling for transfer facilities being available to Canadian shareholders. Accordingly, the American Stock Transfer and Trust Co., who was installed by the unauthorized individuals, was terminated.
 The annual general meeting will be held Monday, Dec. 16, 1991, 10 a.m. (MST) at the Westin Hotel, Edmonton, Alberta, at which time all of the above will be reviewed.
 -0- 12/5/91
 /CONTACT: Patrick M. Montalban of MSR Exploration Ltd., 406-873-2235/
 (MSR.) CO: MSR Exploration Ltd. ST: Montana IN: OIL SU: ERN


AL -- LA036 -- 9917 12/05/91 18:50 EST
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Date:Dec 5, 1991
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