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PLAINS RESOURCES REPORTS 1991 RESULTS

 PLAINS RESOURCES REPORTS 1991 RESULTS
 HOUSTON, March 27 /PRNewswire/ -- Plains Resources (AMEX: PLX) today


reported a net loss for 1991 of approximately 12.9 million, or $1.39 per share, on total revenue of $79.5 million, compared to net loss of $2.2 million, or $.35 per share, on total revenue of $44.1 million in 1990.
 The company said the loss was principally the result of an $11 million nonrecurring, non-cash write-down of the recorded carrying cost of its oil and gas properties in the second quarter of 1991. The write-down was a function of record low natural gas prices at June 30, 1991.
 The average price received by the company for oil and natural gas liquids during 1991 decreased about 2 percent to $20.67 per barrel from $21.01 per barrel in 1990. The average price received per Mcf of natural gas decreased nearly 11 percent to $1.73 per Mcf in 1991 from $1.94 per Mcf in 1990.
 Oil and natural gas liquids production increased to approximately 401,000 barrels, up over 17 percent from 342, 000 barrels produced in 1990. Natural gas production declined during the year by about 14 percent to 3.8 billion cubic feet from 4.4 billion cubic feet produced in 1990 as a result of the sale of the company's Mid-Continent properties in April of 1991. The Mid-Continent properties had contributed about 79 percent of the company's natural gas production in 1990, the company said.
 Plains Resources is an independent oil and gas exploration and production company headquartered in Houston, Texas. During 1991, it was ranked by The Oil and Gas Journal as 113th among the largest publicly traded oil and gas companies in the United States.
 PLAINS RESOURCES INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 Year Ended Dec. 31 1991 1990 1989
 Revenue
 Oil and natural gas sales $ 14,872,000 $15,704,000 $13,196,000
 Marketing and transportation 64,434,000 28,059,000 3,814,000
 Interest and other income 189,000 383,000 2,662,000
 TOTAL 79,495,000 44,146,000 19,672,000
 Expenses Production expenses:
 Lifting costs 2,054,000 2,686,000 2,763,000
 Production and ad valorem
 taxes 1,412,000 1,608,000 1,053,000
 Purchases and transportation 63,200,000 27,843,000 3,583,000
 General and administrative 3,825,000 2,929,000 2,422,000
 Depreciation, depletion and
 amortization 18,581,000 7,913,000 5,931,000
 Interest 3,251,000 3,341,000 3,471,000
 TOTAL 92,323,000 46,320,000 19,223,000
 Income (loss) before income
 taxes and extraordinary item (12,828,000) (2,174,000) 449,000
 Provision for income taxes 45,000 -- 214,000
 Income (Loss) Before
 Extraordinary Item (12,873,000) (2,174,000) 235,000
 Extraordinary Item
 Gain on extinguishment of
 debt, net -- -- 221,000
 Net Income (Loss) $(12,873,000) $(2,174,000) $ 456,000
 Net income (loss) per common
 and common equivalent share:
 Primary:
 Before extraordinary item $ (1.59) $ (.36) $ (.12)
 Extraordinary item, net -- -- .06
 $ (1.59) $ (.36) $(.06)
 Assuming full dilution:
 Before extraordinary item $ (1.39) $ (.35) $.02
 Extraordinary item, net -- -- .05
 $ (1.39) $ (.35) $ .07
 Weighted average number of
 common and common equivalent
 shares:
 Primary 8,142,360 6,356,956 4,226,009
 Assuming full dilution 8,959,697 6,385,141 4,874,623
 -0- 3/27/92
 /CONTACT: Nancy J. Kerby, director-investor relations of Plains Resources, 713-654-1414/
 (PLX) CO: Plains Resources ST: Texas IN: OIL SU: ERN


TQ -- NY027 -- 2328 03/27/92 11:40 EST
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Date:Mar 27, 1992
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