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PARTNERS OIL COMPANY ANNOUNCES RESULTS

 OKLAHOMA CITY, April 2 /PRNewswire/ -- Partners Oil Company (NASDAQ: PAROA) announced net earnings of $282,000 and 13 cents per common share for the quarter ended Dec. 31, 1992 compared to a net loss of $544,000 and 26 cents per common share for the same quarter ended Dec. 31, 1991. The following table illustrates the positive earnings trend the company has experienced since the management change on April 30, 1992:
 PARTNERS OIL COMPANY
 Quarter ended 3/30/92 6/30/92 9/30/92 12/31/92
 Revenues $1,156,000 $1,312,000 $1,337,000 $1,707,000
 Expenses 1,489,000 1,634,000 1,172,000 1,425,000
 Net income
 (loss) $ (333,000) $ (322,000) $ 163,000 $ 282,000
 Average shares
 outstanding 2,215,270 2,215,270 2,215,270 2,215,270
 Earnings per
 share $ (.15) $ (.19) $ .07 $ .13
 The company experienced a loss of $208,000 for the year ended Dec. 31, 1992, however, in view of the significant improvement over the prior year loss of $1,520,000 and the positive earnings direction of the last two quarters of 1992, the company is well positioned for a very positive year heading into 1993.
 Partners Oil Company is a publicly owned Oklahoma City-based exploration and production company with primary operations Offshore Texas whose common stock is traded on NASDAQ.
 -0- 4/2/93
 /CONTACT: Michael J. McGrath, executive vice president of Partners Oil Company, 405-848-6016/
 (PAROA)


CO: Partners Oil Company ST: Oklahoma IN: OIL SU: ERN

TS -- NY067 -- 2642 04/02/93 16:15 EST
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Publication:PR Newswire
Date:Apr 2, 1993
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