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RED EAGLE RESOURCES CORPORATION ANNOUNCES SUCCESSFUL COMPLETION OF WELLS DRILLED DURING FIRST QUARTER OF 1993

 OKLAHOMA CITY, June 4 /PRNewswire/ -- Red Eagle Resources Corporation (NASDAQ: REDX) announced today that its year-end 92-A drilling partnership has successfully completed 13 of 14 wells drilled during the first quarter of 1993. The 13 successful wells have tested a total of 13.700 million cubic feet of gas and 425 barrels of oil per day.
 According to Warren Johnson, executive vice president, the ever increasing tax burden imposed by federal and state governments is expected to rekindle interest in the tax write off for domestic drilling. "Intangible drilling costs are still deductible against earned income, and that coupled with the lowest drilling costs in my lifetime should cause a significant increase in investor participation this year," Johnson said. Red Eagle expects to close the first of three 1993 drilling partnerships on June 30. The 1993 programs mark the 18th consecutive year that Red Eagle has offered drilling partnership units to investors.
 The common stock of Red Eagle is traded on NASDAQ under the symbol REDX.
 -0- 6/4/93
 /CONTACT: Investor Services Department of Red Eagle Resources Corporation, 405-843-8066/
 (REDX)


CO: Red Eagle Resources Corporation ST: Oklahoma IN: OIL SU:

CK -- NY024 -- 5381 06/04/93 10:53 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
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