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PRAIRIE OIL ANNOUNCES CONTINUED STRONG PERFORMANCE

 PRAIRIE OIL ANNOUNCES CONTINUED STRONG PERFORMANCE
 CALGARY, Alberta, Nov. 4 /PRNewswire/ -- Prairie Oil Royalties


Co. Ltd. (AMEX: POY, Toronto: POY) today announced that for the third quarter of 1992, cash generated from operations totaled $5.27 million, an increase of 12 percent, compared to $4.71 million in the corresponding period a year earlier. Net earnings were $1.02 million or 13 cents per share, up from $0.45 million or 5 cents per share. The improvements in both cash flow and earnings reflected further strong production gains for both oil and gas.
 Crude oil and natural gas liquids production in the quarter averaged 4,852 barrels per day, up 18 percent from 4,103 barrels per day a year ago. The major factor contributing to the improvement was a 600 barrels per day increase in production from Enchant in southern Alberta.
 The company's natural gas production in the third quarter averaged 11.5 million cubic feet per day, 13 percent higher than the 10.2 million cubic feet per day produced in the same quarter of 1991.
 The average price realized by Prairie Oil for its oil and gas liquids production in the third quarter was $20.14 per barrel, up from $19.30 per barrel a year earlier. The average price received for natural gas was $1.11 per thousand cubic feet, compared to $1.15 per thousand cubic feet a year ago.
 For the first nine months of 1992, cash generated from operations amounted to $15.0 million, 11 percent higher than the $13.56 million generated in the same period of 1991. Net earnings were $2.60 million, or 33 cents per share, up 31 percent from $1.99 million or 25 cents per share.
 Capital expenditures in the first nine months of 1992 amounted to $13.61 million, with the focus primarily on crude oil development activity. The spending programs, together with revisions to previous reserves estimates, resulted in the addition of 4.2 million barrels of oil and gas liquids and 1.0 billion cubic feet of natural gas to Prairie Oil's established reserves over the nine-month period. After allowing for volumes produced, oil and gas liquids reserves at the end of the period amounted to 16.0 million barrels, for a net gain of 22 percent. Natural gas reserves, at 76.7 billion cubic feet, were down 3 percent.
 PRAIRIE OIL ROYALTIES CO. LTD.
 Highlights
 (Millions of dollars, except per share amounts)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Financial
 Sales and other revenues $8.38 $6.70 $23.86 $20.89
 Cash generated from
 operations $5.27 $4.71 $15.00 $13.56
 -- per share $0.67 $0.60 $1.91 $1.73
 Net earnings $1.02 $0.45 $2.60 $1.99
 -- per share $0.13 $0.05 $0.33 $0.25
 Capital expenditures $6.56 $6.39 $13.61 $18.89
 Operating
 Production of oil and gas
 liquids (thousands of
 barrels per day) 4,852 4,103 4,980 4,230
 Production of natural gas
 (millions of cubic feet
 per day) 11.5 10.2 12.1 11.3
 Average prices received
 Oil and gas liquids
 (per barrel) $20.14 $19.30 $18.46 $18.79
 Natural gas (per
 thousand cubic feet) $1.11 $1.15 $1.15 $1.29
 -0- 11/4/92
 /CONTACT: Ron Burrows, manager of investor relations of Prairie Oil Royalties, 403-231-0107/
 (POY) CO: Prairie Oil Royalties Co. Ltd. ST: Alberta IN: OIL SU: ERN


BP -- LA043 -- 2730 11/04/92 18:08 EST
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