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PARTNERS OIL COMPANY ANNOUNCES THIRD QUARTER EARNINGS

 OKLAHOMA CITY, Nov. 12 /PRNewswire/ -- Partners Oil Company announced today third quarter earnings of $176,000 or $.08 per share and earnings of $584,000 or $.26 per share for the nine months ended Sept. 30, 1993. The table below compares 1993 results to 1992.
 PARTNERS OIL COMPANY
 Third quarter ended Sept. 30 1993 1992
 Revenues: $1,121,000 $1,330,000
 Net income 177,000 165,000
 Average shares (primary) 2,215,270 2,215,270
 Share earnings (primary):
 Net income $.08 $.07
 Nine months ended Sept. 30 1993 1992
 Revenues: $3,945,000 $3,691,000
 Net income 584,000 (489,000)
 Average shares (primary) 2,215,270 2,215,270
 Share earnings (primary):
 Net income $.26 $(.22)
 Last 12 months earnings per share was $.39
 Figures in parenthesis are losses
 The earnings results for the third quarter were down compared to projected third quarter earnings of $.10 due to declines in the rate of production and the price of natural gas. Management is currently evaluating the decline in the rate of production.
 The company also announced the drilling of its developmental B-7 well, on its operated North Padre Island Block 956 and the recompletion work in the existing operated A-2 well on Block 968 are on schedule for completion in the fourth quarter.
 Declines in the rate of production and the price of natural gas will reduce projected future earnings. The company's earnings depend, however, in large measure on the success of the company's current drilling program.
 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- 11/12/93
 /CONTACT: Michael J. McGrath, executive vice president of Partners Oil Company, 405-848-6016/


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

CK -- NY061 -- 3741 11/12/93 14:00 EST
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Publication:PR Newswire
Date:Nov 12, 1993
Words:310
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