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PLAINS PETROLEUM: EXTRAORDINARY ONE-TIME CHARGES AND CREDIT FOR FIRST QUARTER 1993

 LAKEWOOD, Colo., March 25 /PRNewswire/ -- Plains Petroleum Company (NYSE: PLP) today mailed out its annual report for 1992 which discusses the impact on its first quarter 1993 of two mandated accounting changes plus an anticipated write-down of certain oil properties. The properties are located in the Permian Basin in west Texas and southeast New Mexico.
 A one-time cumulative credit of $2 million for deferred income taxes will be recorded to reflect Statement No. 109 issued by the Financial Accounting Standards Board (FAS109). This tax credit will be reduced by a one-time charge of $800,000 (pretax) to recognize accumulated retiree benefits for Plains as required by FAS106.
 The write-down of its investment in some of its Permian Basin oil properties was prompted by downward revisions in Plains' proved oil reserves at yearend 1992. The amount of the write-down has not yet been determined, but is not expected to exceed $3.5 million (pretax). Once taken, future depletion charges to earnings will be lower due to reduced basis in the properties.
 Plains produces, develops and explores for oil and gas in the Midcontinent, Permian Basin, Gulf Coast and Rocky Mountain regions of the United States. The company is Colorado-based with additional offices in Midland, Texas; Lakin, Kan.; and Gillette, Wyo.
 -0- 3/25/93
 /CONTACT: Darrel Reed of Plains Petroleum Company, 303-969-9325, or Jim Fingeroth or Tracey Stearns of Kekst and Company, 212-593-2655, for Plains Petroleum Company/
 (PLP)


CO: Plains Petroleum Company ST: Colorado IN: OIL SU:

TS-OS -- NY037 -- 9535 03/25/93 11:19 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:255
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