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SAMSON ENERGY CO. REPORTS 1991 FINANCIAL RESULTS, RESERVE LEVELS

 SAMSON ENERGY CO. REPORTS 1991 FINANCIAL RESULTS, RESERVE LEVELS
 TULSA, Okla., March 27 /PRNewswire/ -- Samson Energy Co. Limited Partnership (AMEX: SAM) announced today its financial results for calendar year 1991 and the quarter ended Dec. 31, 1991. It also announced oil and gas reserve estimates as of Dec. 31, 1991. 1991 Results
 Revenues for 1991 increased to a record-high level of $26,404,000, compared to $18,232,000 in 1990. This is a 45 percent increase in revenues. Net cash flow from operating activities totaled $15,154,000 ($3.36 per unit), compared to $13,422,000 ($3.00 per unit) for 1990. In 1991, revenues and cash flow included $7,797,000 in proceeds from a gas contract compromise settlement. For the year ended Dec. 31, 1991, the company recorded a net loss of $8,827,000 (loss of $1.96 per unit) compared to net income of $637,000 ($.14 per unit) for 1990. The loss in 1991 is attributable to a fourth quarter $12,183,000 reduction in the carrying value of oil and gas properties based on March 1992 prices. Without this non-cash writedown, net income for 1991 would have been $3,356,000, or $.75 per unit.
 Natural gas prices declined 38 percent in the first quarter of 1992 compared to year-end prices. As a result, the company elected to reduce the carrying value of its properties at the year-end, rather than at the end of the first quarter of 1992. Such non-cash writedowns are required by the Securities and Exchange Commission regulations for full-cost accounting method companies when the carrying value of oil and gas properties exceeds the full cost ceiling.
 Natural gas production for 1991 increased by 35 percent to 9.2 billion cubic feet compared to 6.8 billion cubic feet in 1990. Natural gas prices averaged $1.39 per thousand cubic feet in 1991, a 26 percent decline compared to average prices in 1990. Oil production increased by 16 percent to 288,000 barrels compared to 1990 production of 248,000 barrels. Oil prices averaged $20.06 per barrel in 1991, a 10 percent decline compared to average prices in 1990.
 For 1991, cash distributions equaled $7,065,000 or $1.60 per unit, with the remaining net cash flow from operating activities of $8,089,000 invested in oil and gas reserve replacement and expansion. 1991 Fourth Quarter Results
 Revenues for the fourth quarter of 1991 were $6,032,000, compared to $5,634,000 for the same period in 1990. Net cash flow from operating activities was $2,457,000 ($.54 per unit) compared to $3,078,000 ($.69 per unit) for the three months ended Dec. 31, 1990. The 1991 fourth quarter net loss was $11,846,000 ($2.62 loss per unit), compared to net income of $780,000 ($.17 per unit) in the fourth quarter of 1990. The net loss in the 1991 fourth quarter is attributable to the reduction in carrying value of oil and gas properties described above. Year End Reserves Increase
 In 1991, the company added approximately 14.9 billion cubic feet of gas and 323,000 barrels of oil to its reserves by participating in drilling 30 wells and acquiring interests in 299 producing wells. This represented an investment of approximately $21,500,000 from cash flow and bank financing. Such reserve additions (excluding revisions) represent 154 percent of the 1991 production on an energy equivalent basis. At year-end 1991, Samson Energy reported proved reserves of 50.0 billion cubic feet of gas and 1,402,000 barrels of oil, a 1 percent increase over 1990 year-end reserves on an energy equivalent basis.
 Samson Energy Co. is a publicly traded master limited partnership whose principal business activities include the development and operation of oil and gas properties and the acquisition of producing properties.
 Samson Energy Company Limited Partnership
 Statements of Operations
 (In thousands, except per Unit data)
 (Unaudited)
 For the Year Ended Three Months Ended
 Dec. 31 Dec. 31 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Revenues
 Oil & Gas Sales $18,607 $18,232 $5,014 $ 5,634
 Other Income 7,797 - 1,018 -
 Total Revenues $26,404 $18,232 $6,032 $ 5,634
 Expenses
 Oil and gas
 production 7,863 6,375 2,255 2,195
 Settlement of a
 contract pricing
 dispute - 752 - -
 General and
 administrative 1,188 1,048 317 231
 Depreciation,
 depletion, and
 amortization of oil
 and gas properties 12,957 8,585 2,747 2,187
 Provision to reduce
 carrying value of oil
 and gas properties 12,183 - 12,183 -
 Amortization of
 organization and
 software costs 37 61 - 15
 Interest 1,003 774 376 226
 Total Expenses $35,231 $17,595 $17,878 $ 4,854
 Net income (loss) ($ 8,827) $ 637 ($11,846) $ 780
 Net income (loss) per
 equivalent Unit ($ 1.96) $ .14 ($ 2.62) $ .17
 Weighted average Units
 Outstanding 4,416 4,384 4,429 4,394
 -0- 3/27/92
 /CONTACT: Dennis R. Neill of Samson Properties Inc., 918-583-1791/
 (SAM) CO: Samson Energy Co. ST: Oklahoma IN: OIL SU: ERN


DG -- SF014 -- 2581 03/27/92 18:39 EST
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Publication:PR Newswire
Date:Mar 27, 1992
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