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RED EAGLE RESOURCES REPORTS FINANCIAL RESULTS

 OKLAHOMA CITY, May 13 /PRNewswire/ -- Red Eagle Resources Corporation (NASDAQ: REDX) today reported net income of $.07 per share for the quarter ended March 31, 1993, compared to a net loss of $.09 per share (excluding a gain on the sale of oil and gas properties) for the quarter ended March 31, 1992. The company reported a net income of $324,000 on total revenue of $4,077,000 for the 1993 quarter compared to a net loss of $1,452,000 on revenue of $7,227,000 for the 1992 quarter for comparable operations.
 Total revenue, net income, and net income per share for the first quarter 1992, including the $2,500,000 sale of oil and gas properties, totaled $11,250,000, $1,059,000, and $0.22, respectively. The company's improvement in operations is primarily due to the disposition of unprofitable third party contract drilling and oilfield service operations in the third quarter 1992.
 -0- 5/13/93
 /CONTACT: Kathryn Avery, financial accounting manager of Red Eagle Resources Corporation, 405-843-8066/
 (REDX)


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

TS -- NY083 -- 8275 05/13/93 16:06 EDT
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Publication:PR Newswire
Date:May 13, 1993
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