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PETROL INDUSTRIES, INC., REPORTS RESULTS OF OPERATIONS FOR THIRD QUARTER AND NINE MONTHS OF 1992

 PETROL INDUSTRIES, INC., REPORTS RESULTS OF OPERATIONS
 FOR THIRD QUARTER AND NINE MONTHS OF 1992
 SHREVEPORT, La., Nov. 12 /PRNewswire/ -- Petrol Industries, Inc. (OTC: PTRL) today reported that it had lost $67,022, equal to $.04 per share, during the quarter ended Sept. 30, on revenue of $300,826, compared to a loss of $61,057, also equal to $.04 per share, on revenue of $335,065, in the third quarter of 1991.
 The company lost $67,710 from operations in the third quarter of 1992, on operating revenue of $300,138, compared to a loss of $51,939 from operations for the 1991 period on operating revenue of $327,534.
 For the nine months ended Sept. 30, the company lost $199,637, equal to $.12 per share, on revenue of $882,694, compared to a loss of $206,268, equal to $.12 per share, on revenue of $913,241. The company sustained an operating loss of $202,983, on operating revenue of $879,348 in the nine months ended Sept. 30, compared to an operating loss of $202,278 on operating revenue of $885,582 in the first nine months of 1991.
 Oil prices averaged $20.15 ($19.84 including the barrel equivalent for gas sold by the company) in the third quarter of 1992, compared to an average of $20.11 per barrel in the third quarter of 1991 ($19.54 including the barrel equivalent for gas sold by the company). For the nine month period, oil prices averaged $19.12 ($18.86 including gas sales) in the 1992 period, compared to $19.82 ($19.29 including gas sales) in the 1991 period.
 Continuing losses have resulted in a deteriorated cash position. In addition to strengthening existing cost control efforts, the company's president has agreed to defer payment of his salary and reimbursement of certain expenses to help the company conserve cash.
 PETROL INDUSTRIES, INC. AND SUBSIDIARIES
 Operating Highlights
 (Unaudited)
 For the quarter ended Sept. 30 1992 1991
 Oil and gas sales $296,333 $323,439
 Other operating income 3,805 4,095
 Gross revenues 300,826 335,065
 Net loss (67,022) (61,057)
 Net loss per share ($.04) ($.04)
 Weighted average shares used to calculate
 earnings per share 1,597,258 1,681,988
 For the nine months ended Sept. 30 1992 1991
 Oil and gas sales $867,815 $874,087
 Other operating income 11,533 11,495
 Gross revenues 882,694 913,241
 Net loss (199,637) (206,268)
 Net loss per share ($.12) ($.12)
 Weighted average shares used to calculate
 earnings per share 1,597,258 1,700,647
 -0- 11/12/92
 /CONTACT: Howard E. Chase, corporate secretary, or David Lerner, counsel, of Petrol Industries, 212-735-8600/
 (PTRL) CO: Petrol Industries, Inc. ST: Louisiana IN: OIL SU: ERN


EA-BN -- AT012 -- 0200 11/12/92 12:58 EST
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Publication:PR Newswire
Date:Nov 12, 1992
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