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RIGEL ENERGY CORP. ANNOUNCES RESULTS FOR THE SIX MONTHS AND SECOND QUARTER ENDED JUNE 30, 1993

 CALGARY, Alberta, July 27 /PRNewswire/ -- Rigel Energy Corp. (AMEX: RJL; Toronto, Montreal; RJL) announces results for the six months and second quarter ended June 30, 1993.
 Revenue after royalties for the first half of 1993 was $47.9 million compared to $38.4 million reported in the first half of 1992. The increase in revenue is attributable to higher average prices received for natural gas and natural gas liquids as well as increased crude oil production.
 For the six-month period, Funds Generated from Operations were $34.2 million or $0.97 per share, a 49 percent increase from $23.0 million or $0.65 per share in the first six months of 1992.
 Net income increased to $11.8 million or $0.33 per share compared to $4.1 million or $0.12 per share for the same six-month period in 1992.
 Revenue after royalties for the second quarter ended June 30, 1993, was $24.6 million, an increase of 27 percent over the $19.3 million reported for the second quarter of 1992. Funds Generated from Operations were $17.8 million or $0.50 per share, up from $11.9 million or $0.34 per share reported for the three months ended June 30, 1992.
 Net Income for the second quarter of 1993 was $6.4 million or $0.18 per share, up from the $2.2 million or $0.06 per share recorded during the same quarter of 1992.
 Crude oil and condensate production averaged 8,114 barrels per day for the first six months of 1993, compared to 6,763 barrels per day in 1992. Daily production for the second quarter ended June 30, 1993, increased to 8,341 barrels per day, up 1,616 barrels per day from 6,725 barrels per day in 1992. The average price received for crude oil and condensate for 1993 was $20.90 compared to $20.22 in 1992. Second quarter 1993 prices averaged $21.10 compared to $21.83 in the same period of 1992.
 Production of natural gas liquids averaged 2,359 barrels per day during the first half of 1993 compared to 2,052 barrels per day in 1992. Second quarter production was 2,940 barrels per day in 1993 compared to 2,335 barrels per day in 1992. The average price received for the six- month period was $10.19 per barrel, up 33 percent from $7.68 per barrel in 1992. Second quarter prices averaged $9.90 per barrel vs. $7.12 a year earlier.
 Sales of natural gas during the first six months of 1993 were 66.9 million cubic feet per day compared to 64.5 million cubic feet per day for the same period of 1992. Second quarter production in 1993 reached 62.1 million cubic feet per day, up slightly from the 60.9 million cubic feet per day reported in 1992. The average price received to June 30, 1993 was $1.72 per thousand cubic feet compared to $1.48 per thousand cubic feet in 1992. Second quarter prices were $1.74 and $1.37 per thousand cubic feet respectively.
 Capital expenditures were $28.7 million for the first half of the year compared to $16.8 million in 1992, reflecting a more aggressive exploration and drilling program. To June 30, 1993, the corporation had drilled or participated in 68 gross wells vs. 19 in the first six months of 1992. Capital expenditures in the second quarter ended June 30 climbed to $15.4 million in 1993 up from $7.3 million in 1992.
 Commenting on the second quarter results, Don West, president and chief executive officer, said:
 "While the current weakness in crude oil price is of concern to us, it will not immediately affect our increased level of exploration and development. Expected increases in our liquids production will offset any reduction in cash flow that we might experience."
 Rigel Energy Corp. is a publicly traded corporation trading on the Toronto, Montreal and American stock exchanges under the stock symbol "RJL."
 RIGEL ENERGY CORP.
 Financial Highlights
 Six Months Ended June 30,
 (Millions except per share data)
 Percent
 1993 1992 Change
 Revenue net of royalties $47.9 $38.4 + 25
 Funds generated from operations $34.2 $23.0 + 49
 - per share $0.97 $0.65 + 49
 Net income $11.8 $4.1 +188
 - per share $0.33 $0.12 +188
 Weighted average number of
 common shares outstanding 35.4 35.3
 Three Months Ended June 30,
 (Millions except per share data)
 Percent
 1993 1992 Change
 Revenue net of royalties $24.6 $19.3 + 27
 Funds generated from operations $17.8 $11.9 + 50
 - per share $0.50 $0.34 + 50
 Net income $6.4 $2.2 +191
 - per share $0.18 $0.06 +191
 -0- 7/27/93
 /CONTACT: Richard C. Mitchell, of Rigel Energy, 403-267-3000/
 (RJL)


CO: Rigel Energy Corp. ST: Alberta IN: OIL SU: ERN

EH -- LA023 -- 6148 07/27/93 10:34 EDT
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Date:Jul 27, 1993
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