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RANGER OIL REPORTS RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1993

 CALGARY, Alberta, Nov. 10 /PRNewswire/ -- Ranger Oil Ltd. announced its financial and operating results for the nine months ended Sept. 30, 1993.
 Oil and gas revenues before royalties in the first nine months of 1993 were U.S.$113.3 million compared to U.S.$108.9 million during the same period in 1992. The increase is primarily due to higher oil and gas production in North America and higher gas production in the North Sea offset by lower average oil prices.
 Natural gas production increased 35 percent to 114.4 million cubic feet in the first nine months of 1993 from 84.5 million cubic feet during the same period in 1992. During the same period, North American gas production increased to 84.9 million cubic feet per day from 63.9 million cubic feet per day. This increase 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. ("MLC"). North Sea natural gas production increased to 29.5 million cubic feet per day during the first nine months of 1993 compared to 20.6 million cubic feet during the same period 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. Daily oil production remained essentially the same between the first nine months of 1993 and 1992 at approximately 13,900 barrels per day. North American oil production increased by 48 percent in 1993 to 4,913 barrels per day while oil production from the North Sea declined to 8,980 barrels per day from 10,616 barrels per day in 1992. The reduced North Sea production was primarily due to a pipeline obstruction which caused production from the Staffa field to be shut-in from June 10, 1993. The blocked section of pipeline has been replaced and production re-commenced on Oct. 31, 1993.
 Funds generated before current tax and related interest thereon increased from U.S.$61.9 million in the first nine months of 1992 to U.S.$68.9 million in the first nine months of 1993. This increase is due to higher oil and gas revenues and lower operating expenses in 1993. Funds generated from operations after tax for the first nine months of 1993 were U.S.$66.9 million. For the comparable period in 1992, funds generated from operations were U.S.$92.1 million, including net current tax recoveries and related interest thereon of U.S.$30.2 million. The reduction in current tax recoveries in 1993 is primarily due to reduced United Kingdom Petroleum Revenue Tax refunds resulting from lower 1993 North Sea exploration expenditures.
 Earnings before taxes for the nine-month period increased to U.S.$14.0 million from U.S.$10.1 million in 1992 as a result of higher oil and gas revenues together with lower operating expenses. Earnings after taxes were U.S.$14.6 million (U.S.$0.15 per share) for the first nine months of 1993 compared to U.S.$16.8 million (U.S.$0.17 per share) for the corresponding period in 1992.
 Capital expenditures in the first nine months of 1993 were U.S.$84.1 million compared to U.S.$162.9 million in 1992. This reduction is due to significantly lower exploration expenditures in the North Sea (U.S.$7.4 million in 1993 compared to U.S.$50.3 million in 1992) offset by increased exploration and development in North America and International exploration expenditures. North American exploration and development expenditures increased from U.S.$11.0 million for the first nine months of 1992 to U.S.$22.4 million for the corresponding period in 1993 while International exploration expenditures increased from U.S.$3.4 million to U.S.$11.1 million. Property acquisition costs were U.S.$6.8 million during the first nine months of 1993 compared to the U.S.$57.2 million acquisition of the oil and gas interests of MLC in 1992.
 On Sept. 30, 1993, the company issued U.S.$50.0 million in Senior Unsecured Notes, due Sept. 30, 2003, with an interest rate of 6.95 percent. Working capital at Sept. 30, 1993, was U.S.$27.5 million compared to U.S.$27.8 million at Dec. 31, 1992, and the company's cash position was U.S.$34.4 million at Sept. 30, 1993.
 Issued by: F. J. Dyment, President and Chief Executive Officer.
 RANGER OIL LTD.
 Summary
 (in thousands of U.S. dollars,
 except per share amounts and prices)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Financial - unaudited
 Revenues $31,952 $40,552 $113,319 $112,686
 Funds generated from
 operations $17,535 $29,052 $66,912 $92,136
 Earnings $2,814 $1,876 $14,585 $16,770
 Per common share
 Funds generated from
 operations $0.18 $0.29 $0.68 $0.93
 Earnings $0.03 $0.02 $0.15 $0.17
 Dividends --- --- $0.08 $0.08
 Capital additions $31,903 $93,367 $84,058 $162,878
 Average Prices
 Crude oil and natural gas liquids (per barrel)
 North Sea $15.84 $20.27 $17.67 $19.97
 North America 13.68 17.40 14.41 16.55
 Weighted Average $15.03 $19.45 $16.52 $18.88
 Natural gas (per thousand cubic feet)
 North Sea $2.62 $3.25 $2.64 $3.11
 North America 1.29 0.96 1.27 1.10
 Weighted Average $1.59 $1.53 $1.62 $1.59
 Daily Production, Before Royalties
 Crude oil and natural gas liquids (barrels)
 North Sea 8,179 11,618 8,980 10,616
 North America 4,782 4,687 4,913 3,318
 Total 12,961 16,305 13,893 13,934
 Natural gas (millions of cubic feet)
 North Sea 21.7 21.6 29.5 20.6
 North America 76.5 66.2 84.9 63.9
 Total 98.2 87.8 114.4 84.5
 Sept. 30, Dec. 31,
 1993 1992
 Balance Sheet
 Current assets $58,345 $56,550
 Current liabilities 30,864 28,712
 Working capital 27,481 27,838
 Property, plant, equipment
 and other assets 609,197 584,777
 Long-term debt 50,000 33,000
 Future site restoration costs 48,242 45,327
 Deferred taxes 83,900 86,458
 Shareholders' equity $454,536 $447,830
 Common shares outstanding
 (thousands) 98,486 98,486
 -0- 11/10/93
 /CONTACT: J.M. D'Aguiar, Vice President, Finance, or J.G. Faulds, Vice President, Investor Relations, 403-232-5200/
 (RGO.)


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

LS-EH -- LA032 -- 2952 11/10/93 17:24 EST
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Publication:PR Newswire
Date:Nov 10, 1993
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