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PLAINS RESOURCES REPORTS THIRD QUARTER RESULTS

 PLAINS RESOURCES REPORTS THIRD QUARTER RESULTS
 HOUSTON, Nov. 9 /PRNewswire/ -- Plains Resources (AMEX: PLX) today


reported net income of $1.1 million, or $.09 per share, on total revenue of $32.7 million for the quarter ended Sept. 30, 1992, compared with net income of $74,000, or $.02 per share, on total revenue of $21.7 million for the quarter ended Sept. 30, 1991. Earnings before depreciation, interest and taxes increased during the period to $5.4 million from $1.6 million a year ago.
 Oil production increased over eightfold to 688,000 barrels during the third quarter of 1992 from about 81,000 barrels in the corresponding quarter of 1991. Natural gas production increased by about 27 percent to 855 million cubic feet from the 673 million cubic feet produced during the third quarter of 1991.
 For the nine months ended Sept. 30, 1992, Plains' net income was $128,000, or $.01 per share, on total revenue of $86.2 million, contrasted with a net loss of $12.3 million, or $1.34 per share, on total revenue of $53.8 million for the same period in 1991. Earnings before depreciation, interest and taxes were $9.8 million for the current year period compared with $6.9 million for the prior year nine month period.
 Plains Resources is an independent oil and gas exploration and production company headquartered in Houston. During 1992, it was ranked by The Oil and Gas Journal as 106th 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 Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenue
 Oil and natural
 gas sales $12,279,000 $ 2,789,000 $24,980,000 $10,711,000
 Marketing and
 transportation 20,354,000 18,851,000 61,088,000 42,911,000
 Interest and
 other income 114,000 25,000 169,000 131,000
 Total 32,747,000 21,665,000 86,237,000 53,753,000
 Expenses
 Production expenses:
 Lifting costs 5,248,000 421,000 10,581,000 1,574,000
 Production and ad
 valorem taxes 520,000 287,000 1,337,000 1,049,000
 Purchases and
 transportation 19,922,000 18,582,000 59,875,000 41,928,000
 General and
 administrative 1,699,000 741,000 4,661,000 2,327,000
 Depreciation,
 depletion and
 amortization 3,585,000 830,000 8,003,000 16,502,000
 Interest 703,000 730,000 1,652,000 2,561,000
 Total 31,677,000 21,591,000 86,109,000 65,941,000
 Net income
 (loss) before
 income taxes 1,070,000 74,000 128,000 (12,188,000)
 Provision for
 income taxes -- -- -- 75,000
 Net income
 (loss) 1,070,000 $ 74,000 $ 128,000 $(12,263,000)
 Net income (loss)
 per common and
 common equivalent
 share $ .09 $ .01 $ .01 $ (1.57)
 Weighted average
 number of common
 and common equivalent
 shares 11,591,259 9,153,482 11,130,227 7,846,257
 Net income (loss)
 per common and
 common equivalent
 share assuming full
 dilution $ .09 $ .02 $ .01 $ (1.34)
 Weighted average
 number of common
 and common
 equivalent shares
 assuming full
 dilution 11,603,023 9,946,431 11,121,581 8,847,880
 -0- 11/09/92
 /CONTACT: Nancy J. Kerby, director-investor relations of Plains Resources, 713-654-1414/
 (PLX) CO: Plains Resources Inc. ST: Texas IN: OIL SU: ERN


AH -- NY080 -- 8757 11/09/92 13:51 EST
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Date:Nov 9, 1992
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