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RANGER OIL LTD. REPORTS RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 1993

 CALGARY, Alberta, Aug. 9 /PRNewswire/ -- Ranger Oil Ltd. announced its financial operating results for the six months ended June 30, 1993.
 Oil and gas revenues before royalties increased 20 percent to $81.0 million in the first six months of 1993 from $67.3 million during the same period in 1992. This increase in revenue of $13.7 million is primarily because of higher oil and gas production in North America and higher gas production in the North Sea partially offset by lower average oil prices.
 Daily oil and natural gas production increased to 14,365 barrels and 122.7 million cubic feet in the first half of 1993 compared to 12,735 barrels and 82.8 million cubic feet in the corresponding period in 1992. North Sea natural gas production increased to 33.5 million cubic feet per day in the first six months of 1993 compared to 20.0 million cubic feet in 1992 as a result of production from the Markham field which commenced in November 1992 and incremental short- term gas sales from the Anglia field during the first four months of 1993. Oil production from the North Sea declined to 9,387 barrels per day in the first half of 1993 from 10,109 barrels per day in 1992 as a result of development and maintenance work on the Ninian field and a pipeline obstruction which has caused production from the Staffa field to be shut in since June 10, 1993. North American daily oil and gas production has increased in the first half of 1993 by 2,352 barrels and 26.4 million cubic feet to 4,978 barrels and 89.2 million cubic feet, respectively. This increase in production is from new discoveries, increased natural gas demand and production from the July 1, 1992, acquisition of the oil and gas properties of MLC Oil and Gas Ltd.
 Funds generated before current tax and related interest thereon increased by 29 percent to $51.2 million in the first six months of 1993 from $39.6 million in the same period in 1992. This increase is because of higher oil and gas revenues. Funds generated from operations for the first half of 1993 were $49.4 million which included current tax expense of $1.8 million. For the first half of 1992, funds generated from operations, including net current tax recoveries and interest thereon of $23.5 million were $63.1 million. The reduction in current tax recoveries in 1993 is primarily because of a decrease in United Kingdom ("U.K.") Petroleum Revenue Tax refunds resulting from lower 1993 North Sea exploration expenditures which in turn are partly because of the recent changes in U.K. oil taxation.
 Earnings before taxes for the six months ended June 30, 1993, increased to $12.9 million from $10.8 million in 1992 as a result of higher oil and gas revenues. The effect of the increased revenues was partially offset by higher depletion and depreciation expense because of higher production volumes. Earnings after taxes were $11.8 million ($0.12 per share) for the first half of 1993 compared to $14.9 million ($0.15 per share) for the corresponding period in 1992.
 Capital expenditures in the first half of 1993 were $52.2 million compared to $69.5 million in 1992. This reduction is because of lower exploration in the North Sea ($3.0 million in 1993 compared to $34.2 million in 1992) offset by increased exploration and development in North America from $6.1 million to $14.3 million and International exploration expenditures of $7.0 million in 1993.
 Working capital at June 30, 1993, was $13.1 million compared to $27.8 million at Dec. 31, 1992. At June 30, 1993, the company's cash position was $14.8 million and long-term debt was $26.4 million.
 RANGER OIL LTD.
 Financial Summary


(In thousands of U.S. dollars, except per share amounts and prices)
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Financial:
 Revenues $38,030 $37,957 $81,367 $72,134
 Funds generated from
 operations $21,415 $31,854 $49,377 $63,084
 Earnings before taxes $4,453 $7,172 $12,921 $10,817
 Earnings $4,662 $7,395 $11,771 $14,894
 Per common share
 Funds generated from
 operations $0.22 $0.32 $0.50 $0.64
 Earnings $0.05 $0.07 $0.12 $0.15
 Dividends --- --- $0.08 $0.08
 Capital expenditures $32,219 $33,327 $52,155 $69,511
 Average Prices:
 Crude Oil and Natural
 Gas Liquids (per barrel)
 North Sea $18.48 $20.07 $18.48 $19.22
 North America 15.15 16.14 14.78 15.79
 Weighted Average $17.22 $19.32 $17.20 $18.52
 Natural Gas (per
 thousand cubic feet)
 North Sea $2.58 $3.05 $2.64 $3.03
 North America 1.26 1.18 1.26 1.17
 Weighted Average $1.63 $1.61 $1.63 $1.62
 Daily production, Before Royalties:
 Crude Oil and Natural
 Gas Liquids (barrels)
 North Sea 8,405 11,156 9,387 10,109
 North America 5,097 2,599 4,978 2,626
 Total 13,502 13,755 14,365 12,735
 Natural Gas (millions
 of cubic feet)
 North Sea 32.5 17.2 33.5 20.0
 North America 83.3 57.2 89.2 62.8
 Total 115,8 74.4 122.7 82.8
 June 30, Dec. 31,
 1993 1992
 Balance Sheet:
 Current assets $43,359 $56,550
 Current liabilities 30,240 28,712
 Working capital 13,119 27,838
 Property, plant, equipment and
 other assets 598,222 584,777
 Long-term debt 26,400 33,000
 Future site restoration costs 47,475 45,327
 Deferred taxes 85,744 86,458
 Shareholders' equity $451,722 $447,830
 Common shares
 outstanding (thousands) 98,486 98,486
 -0- 8/9/93
 /CONTACT: J.M. D'Aguiar, VP-Finance, or J.G. Faulds, VP-investor relations, of Ranger Oil Ltd., 403-232-5200/
 (RGO.)


CO: Ranger Oil Ltd. ST: Alberta IN: OIL SU: ERN

LM-LS -- LA031 -- 0937 08/09/93 17:44 EDT
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Date:Aug 9, 1993
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