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PLAINS RESOURCES REPORTS FIRST QUARTER RESULTS

 PLAINS RESOURCES REPORTS FIRST QUARTER RESULTS
 HOUSTON, May 15 /PRNewswire/ -- Plains Resources (AMEX: PLX) today


reported a net loss for the quarter ended March 31, 1992, of $785,000, or $.08 per share, on total revenue of $24,014,000, compared with a loss of $408,000, or $.06 per share, on total revenue of $13,435,000 for the first quarter of 1991. The company said the loss was largely due to substantially lower oil and natural gas prices and curtailed natural gas volumes during the quarter.
 The company's average crude oil price decreased about 24 percent to $18 per barrel from $23.62 per barrel during the corresponding period of 1991. Plains' average natural gas price fell 12 percent during the quarter to $1.56 per million cubic feet from $1.78 per million cubic feet in the first quarter of 1991.
 Plains Resources is an independent oil and gas exploration and production company headquartered in Houston. 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
 Condensed Consolidated Statements of Operations
 (unaudited)
 Three Months Ended
 March 31,
 1992 1991
 REVENUE
 Oil and natural gas sales $ 3,318,000 $ 4,982,000
 Marketing and transportation 20,674,000 8,371,000
 Interest and other income 22,000 82,000
 $24,014,000 $13,435,000
 EXPENSES
 Production expenses:
 Lifting costs 546,000 765,000
 Production and ad valorem taxes 314,000 443,000
 Purchases and transportation 20,234,000 8,008,000
 General and administrative 1,286,000 769,000
 Depreciation, depletion and
 amortization 1,934,000 2,817,000
 Interest 485,000 1,041,000
 $24,799,000 $13,843,000
 NET LOSS $ (785,000) $ (408,000)
 Net loss per common and common
 equivalent share $ (.08) $ (.06)
 Weighted average number of common
 and common equivalent shares 9,764,466 7,463,145
 -0- 5/15/92
 /CONTACT: Nancy J. Kerby of Plains Resources, 713-654-1414/
 (PLX) CO: Plains Resources Inc. ST: Texas IN: OIL SU: ERN


SH -- NY093 -- 0895 05/15/92 15:56 EDT
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Publication:PR Newswire
Date:May 15, 1992
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