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RANGER OIL REPORTS 1991 YEAR END RESULTS AND COMMON SHARE DIVIDEND

RANGER OIL REPORTS 1991 YEAR END RESULTS AND COMMON SHARE DIVIDEND
 CALGARY, Alberta, Feb. 28 /PRNewswire/ -- The following is being issued by F.J. Dyment, president and chief operating officer of Ranger Oil Limited:
 Ranger Oil Limited (NYSE: RGO, Toronto, Montreal: RGO) today announced its financial and operating results for the year ended December 1991.
 Funds generated from operations were U.S. $80.0 million (U.S. $0.82 per share) compared to u.s. $94.5 million (U.S. $1.07 per share) in 1990. This decline was mainly attributable to lower revenues in 1991 compared to 1990.
 Total revenues for 1991 were U.S. $120.7 million compared to U.S. $160.3 million in 1990. Decreased revenues in 1991 were due mainly to lower oil prices of U.S. $19.92 per barrel compared to U.S. $22.53 per barrel in 1990 and lower daily oil production of 12,763 barrels in 1991 vs, 16,864 barrels in 1990. The reduction in oil production was primarily due to the Ninian Field being shut in for a 22-day period (equivalent to 222,000 barrels of oil production net to ranger) for the planned installation of emergency sub-sea shut-off valves; the natural decline of Ninian Field production; and the sale of Ranger's one-half percent interest in the Forties Field in the third quarter of 1990, which averaged 1,020 barrels of oil per day until its sale in July of 1990. Daily natural gas production increased 26 percent to 58.3 million cubic feet from 46.2 million cubic feet in 1990.
 Earnings for 1991 were U.S. $5.8 million (U.S. $0.06 per share) compared to U.S. $42.4 million (U.S. $0.46 per share) in 1990. In addition to lower revenues, earnings in 1991 were reduced by U.S. $10.5 million as a result of the estate of J.M. Pierce exercising its 2.8 million stock options at an average price of U.S. $8.56 per share and electing to receive stock appreciation rights in the form of common shares resulting in 1.22 million common shares being issued to the estate.
 The company's capital expenditure program in 1991 was the largest in its history. Capital expenditures increased to U.S. $156.6 million in 1991 from U.S. $89.5 million in 1990, primarily as a result of development of the U.K. North Sea fields, Anglia and Staffa. Working capital at Dec. 31, 1991 declined to U.S. $48.6 million compared to U.S. $150.5 million at Dec. 31, 1990 as a result of capital expenditures of U.S. $156.6 million and other financing activities of U.S. $25.3 million offset by funds generated from operations of U.S. $80.0 million. Cash and short-term investments declined to U.S. $58.2 million at Dec. 31, 1991 compared to U.S. $162.4 million at Dec. 31, 1990.
 The board of directors of Ranger Oil limited has declared an annual dividend for the year 1992 of U.S. $0.08 per common share on its outstanding common shares payable April 15, 1992 to common shareholders of record at the close of business on March 27, 1992.
 RANGER OIL LIMITED
 CONSOLIDATED RESULTS FOR THE YEAR ENDED
 DECEMBER 31, 1991
 FINANCIAL
 1991 1990
 (Thousand of U.S. Dollars,
 except per share amounts)
 Revenues $120,666 $160,289
 Earnings $ 5,794 $ 42,445
 Per common share $ 0.06 $ 0.46
 Funds generated from operations $ 80,047 $ 94,452
 Per common share $ 0.82 $ 1.07
 Capital Expenditures - Oil and Gas $154,547 $ 85,377
 Working Capital $ 48,646 $150,512
 Total Assets $589,903 $588,797
 Long-term Debt $ 3,108 $ 6,324
 Shareholders' Equity $432,063 $423,218
 Common Shares Outstanding (thousands) 98,461 97,118
 DAILY PRODUCTION, BEFORE ROYALTIES
 Crude Oil and Natural Gas Liquids (barrels)
 United Kingdom 10,108 14,138
 North America 2,655 2,726
 Total 12,763 16,864
 Natural Gas (thousands of cubic feet)
 United Kingdom 1,699 132
 North America 56,585 46,064
 Total 58,284 46,196
 PRICES
 Oil and NGLs (U.S.$ per barrel)
 United Kingdom $20.59 $22.41
 North America 19.17 23.06
 Natural Gas (U.S.$ per mcf)
 United Kingdom 3.12 1.79
 North America 1.18 1.30
 -0- 2/28/92
 /CONTACT: J.G. Faulds, VP of Ranger Oil, 403-263-1500/
 (RGO) CO: Ranger Oil Limited ST: Alberta IN: OIL SU: ERN


CH -- LA011 -- 3632 02/28/92 10:12 EST
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Date:Feb 28, 1992
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