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PATRICK PETROLEUM COMPANY ANNOUNCES FIRST-QUARTER RESULTS; REPORTS SUCCESSFUL WELL IN TEXAS

 PATRICK PETROLEUM COMPANY ANNOUNCES FIRST-QUARTER RESULTS;
 REPORTS SUCCESSFUL WELL IN TEXAS
 JACKSON, Mich., May 8 /PRNewswire/ -- Patrick Petroleum Company (NYSE: PPC) today reported net earnings for the first quarter of 1992 of $31,778, or less than 1 cent a share, compared to 1991 first-quarter net earnings of $104,228, or 1 cent a share. The 1992 results include a net loss of $41,118 from the company's June 1991 equity investment in Marcum Natural Gas Services, Inc.
 "The first-quarter results reflect the depressed conditions in the energy industry," President U.E. (Pat) Patrick stated. "Near term, natural gas prices will determine our ability to remain profitable as we continue to build reserves and production through exploration and acquisitions. Higher production levels from recent and anticipated exploration successes should begin to impact our financials later this year."
 Revenues for the first quarter of 1992 were $3,208,843 vs. $3,188,063 for the comparable 1991 period. The 1992 revenues include a dividend of $478,115 received from the company's investment in Penske Corporation and Penske Transportation Inc. Net cash flow provided by operating activities was $835,176 during 1992's first quarter compared to $466,116 in the comparable period of 1991.
 Oil and gas revenues were $2,672,005 during the current quarter compared to $3,010,473 the prior year. This reflects a decrease of $390,572 as a direct result of lower prices and $208,148 due to oil production declines. These decreases were offset by gains of $354,740 during the current quarter from the company's crude oil and natural gas hedging activities compared to $117,735 during 1991. The company also had increased revenues from plant products of $23,247.
 First-quarter 1992 oil production was 56,557 barrels compared to 70,618 barrels in the first quarter of 1991. Oil prices exclusive of hedging activities averaged $17.75 per barrel during the 1992 period, down 11 percent from the prior-year average of $20.01 per barrel.
 Natural gas production was 833,218 Mcf (thousand cubic feet) in the 1992 quarter vs. 792,316 Mcf in the same period of 1991. Gas prices exclusive of hedging activities averaged $1.47 per Mcf in the current quarter, down 18 percent from the average price of $1.79 received in the same period of 1991.
 The company also reported that it has a 25-percent working interest in the Burkhart No. 1 well located in Borden County, Texas. "Initial results from the drill stem test (DST) on April 28, 1992, were very encouraging," Mr. Patrick said. "The well started flowing oil to the surface as soon as we opened the DST tool. We expect to have final test results next week. This well supports the technical merit of our West Texas exploration program, which is based upon the utilization of three dimensional seismic. With continued success in this project area, we could participate in another 10-12 wells before year end."
 Patrick Petroleum Company is an independent exploration and production company listed on the New York Stock Exchange since 1976. The company has interests in producing properties and undeveloped acreage in 13 states, including various interests in approximately 444 oil and gas wells located primarily in Michigan, North Dakota, Texas, Oklahoma and Louisiana.
 PATRICK PETROLEUM COMPANY AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF NET EARNINGS
 (Unaudited)
 Three Months Ended
 March 31,
 1992 1991
 REVENUES:
 Oil and gas sales....................... $2,672,005 $3,010,473
 Interest and dividend income............ 506,467 148,840
 Gain (loss) on sale of investments...... 1,585 595
 Other income............................ 28,786 28,155
 $3,208,843 $3,188,063
 EXPENSES:
 Production taxes........................ $ 153,230 $ 198,107
 Lease operating costs................... 434,324 325,610
 Depletion, depreciation
 and amortization....................... 1,299,225 1,242,139
 General and administrative.............. 492,675 495,720
 Interest................................ 756,493 822,259
 $3,135,947 $3,083,835
 EARNINGS BEFORE EQUITY
 IN LOSS OF AFFILIATE..................... $ 72,896 $ 104,228
 Equity in loss of affiliate.............. (41,118)
 NET EARNINGS.............................. $ 31,778 $ 104,228
 NET EARNINGS PER COMMON SHARE............. --- $ .01
 AVERAGE SHARES OUTSTANDING
 AS ADJUSTED.............................. 12,291,145 12,212,125
 -0- 5/8/92
 /CONTACT: Phillip J. McAndrews of Patrick Petroleum Company, 517-787-6633; or Woody Wallace of The Investor Relations Company, 708-564-5610, for Patrick Petroleum Company/
 (PPC) CO: Patrick Petroleum Company ST: Michigan IN: OIL SU: ERN


JG -- DE015 -- 8054 05/08/92 11:32 EDT
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Date:May 8, 1992
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