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PLAINS PETROLEUM REPORTS LOWER PROFITS

 PLAINS PETROLEUM REPORTS LOWER PROFITS
 LAKEWOOD, Colo., July 28 /PRNewswire/ -- Plains Petroleum


(NYSE: PLP) today reported a decrease in earnings for the second quarter due to a reduction in demand for natural gas, lower oil prices and increased expenses in connection with oil production. Plains' earnings for the quarter were $1.5 million or 15 cents per share, down 53 percent from last year's results of $3.2 million (33 cents per share). Gas production was 4.3 billion cubic feet (Bcf) for the period, which was 14 percent lower than 1991's second quarter.
 Revenues for the quarter decreased 5 percent to $11.6 million, and cash flow of $4.3 million was down 23 percent from the prior year.
 The importance of oil to Plains continued to be reflected in its second quarter results. Production averaged 2,606 barrels oil per day (BOPD) for the period compared with 2,408 BOPD for the full year 1991.
 For the first half, 1992 earnings were down 59 percent to $3.9 million or 40 cents per share vs. $9.6 million (99 cents per share) last year. Revenues of $25.8 million declined 12 percent from 1991's first half and cash flow of $10.3 million was 32 percent lower.
 Plains reported that its previously announced $12 million Powder River Basin property acquisition was on schedule to close on Sept. 30, subject to completion of title and environmental reviews. The company stated that production from the acquired properties, at more than 900 barrels of oil per day, is expected to increase Plains' average daily oil production by about one third, thereby providing Plains with an important source of new cash flow for the fourth quarter of 1992 and beyond.
 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.
 PLAINS PETROLEUM COMPANY
 DIGEST OF EARNINGS
 Second Quarter Ended
 June 30,
 1992 1991
 Oil and gas revenues $11,632,000 $12,197,000
 Net earnings 1,497,000 3,206,000
 Earnings per share $.15 $.33
 Shares outstanding 9,798,000 9,765,000
 First Half Ended
 June 30,
 1992 1991
 Oil and gas revenues $25,785,000 $29,245,000
 Net earnings 3,932,000 9,625,000
 Earnings per share $.40 $.99
 Shares outstanding 9,798,000 9,765,000
 -0- 7/28/92
 /CONTACT: Darrel Reed of Plains Petroleum, 303-969-9325; or Jim Fingeroth or Tracey Stearns both of Kekst and Co., 212-593-2655, for Plains Petroleum/
 (PLP) CO: Plains Petroleum Co. ST: Colorado, Texas, Kansas IN: OIL SU: ERN


MC -- DV004 -- 3987 07/28/92 10:41 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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