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RED EAGLE RESOURCES CORPORATION REPORTS EARNINGS

 OKLAHOMA CITY, March 31 /PRNewswire/ -- Red Eagle Resources Corporation (NASDAQ: REDX) today reported a net income of $883,000 or $.18 per share on total revenues of $24,436,000 for the year ended Dec. 31, 1992, compared to a net loss of $493,000 or $.10 per share on total revenue of $29,629,000 for the year ended Dec. 31, 1991. The weighted average common shares outstanding at Dec. 31, 1992 and 1991, were 4,839,000 and 4,849,000, respectively.
 The increase in net income in 1992 is primarily due to gains on the sale of oil and gas properties and to gains on the disposition of drilling and oilfield services equipment. The gains were partially offset by expenses related to the disposition and expenses incurred for international operations in Yemen.
 The company's annual meeting is set for April 22, 1993, in Long Beach, Calif.
 -0- 3/31/93
 /CONTACT: Kathryn Avery of Red Eagle Resources, 405-843-8066/
 (REDX)


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

GK -- NY039 -- 1478 03/31/93 11:58 EST
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Publication:PR Newswire
Date:Mar 31, 1993
Words:182
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