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PLAINS PETROLEUM REPORTS HIGHER PROFITS

 PLAINS PETROLEUM REPORTS HIGHER PROFITS
 LAKEWOOD, Colo., Oct. 27 /PRNewswire/ -- Plains Petroleum Company


(NYSE: PLP) today reported an increase in earnings for the third quarter due to higher natural gas revenues generated by increased volumes sold plus improved prices. Plains' earnings for the quarter were $2.5 million or 25 cents per share, up 17 percent from last year's results of $2.1 million (22 cents per share). Gas production was 5.9 billion cubic feet (Bcf) for the period, which was 20 percent higher than 1991's third quarter.
 Revenues for the quarter increased 20 percent to $14.7 million, and cash flow of $6.5 million was up 10 percent from the prior year.
 For the nine months, 1992 earnings were down 45 percent to $6.4 million or 65 cents per share versus $11.7 million ($1.20 per share) last year. Revenues of $40.5 million declined 3 percent form 1991's like period and cash flow of $16.8 million was 20 percent lower.
 Plain 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.
 PLAINS PETROLEUM COMPANY
 Digest of Earnings
 Third quarter ended Sept. 30: 1992 1991
 Oil and gas revenues $14,746,000 $12,330,000
 Net earnings 2,477,000 2,109,000
 Earnings per share $.25 $.22
 Shares outstanding 9,799,000 9,775,000
 Nine months ended Sept. 30: 1992 1991
 Oil and gas revenues $40,531,000 $41,575,000
 Net earnings 6,409,000 11,734,000
 Earnings per share $.65 $1.20
 Shares outstanding 9,799,000 9,775,000
 -0- 10/27/92
 /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: ERN


SH-TS -- NY020 -- 5212 10/27/92 09:14 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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