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SAMSON ENERGY REPORTS RECORD OIL & GAS SALES AND NET INCOME FOR 1992

 TULSA, Okla., March 30 /PRNewswire/ -- Samson Energy Co. Ltd. Partnership (AMEX: SAM) announced today its financial results for calendar year 1992, and the quarter ended Dec. 31, 1992. It also announced oil and gas reserve estimates as of Dec. 31, 1992.
 1992 Results
 Results in 1992 reflect the improved prices received for natural gas in the last two quarters of the year and lower rates for depreciation, depletion and amortization. Oil and gas sales for 1992 increased to a record-high level of $19,172,000, compared to $18,607,000 in 1991. Other income from a gas contract compromise settlement totaled $4,072,000 in 1992, compared to $7,797,000 in 1991. Net cash flow from operating activities was $11,600,000 ($2.56 per unit), compared to $15,154,000 ($3.36 per unit) for 1991. For the year ended Dec. 31, 1992, the company recorded record net income of $3,188,000 (70 cents per unit) compared to a net loss of $8,827,000 (loss of $1.96 per unit) for 1991. 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.
 Natural gas prices averaged $1.51 per thousand cubic feet in 1992, an 8.6-percent increase compared to average prices in 1991. Natural gas production for 1992 decreased by 3.4 percent to 8.9 billion cubic feet compared to 9.2 billion cubic feet in 1991. Oil production increased by 4.7 percent to 302,000 barrels compared to 1991 production of 288,000 barrels. Oil prices averaged $18.83 per barrel in 1992, a 6.1-percent decline compared to average prices in 1991.
 For 1992, cash distributions equaled $4,448,000 or $1.00 per unit, with the remaining net cash flow from operating activities of $7,152,000 used for debt reduction and development drilling.
 1992 Fourth Quarter Results
 Revenues for the fourth quarter of 1992 were $6,554,000, compared to $6,032,000 for the same period in 1991. Net cash flow from operating activities was $3,426,000 (75 cents per unit) compared to $2,457,000 (54 cents per unit) for the three months ended Dec. 31, 1991. The 1992 fourth quarter net income was $1,904,000 (43 cents per unit) compared to a net loss of $11,846,000 ($2.62 loss per unit) in the fourth quarter of 1991. 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
 As of Dec. 31, 1992, the company reported proved reserves of 1,446,000 barrels of oil and 42.6 billion cubic feet of gas compared to 1,402,000 barrels of oil and 50.0 billion cubic feet of gas as of Dec. 31, 1991. The decline in gas reserves is attributable to the decision to retire $6.6 million in debt in lieu of a more aggressive drilling and acquisition program to replace 1992 production.
 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,
 1992 1991 1992 1991
 Revenues
 Oil & Gas Sales $19,172 $18,607 $ 5,536 $ 5,014
 Other Income 4,072 7,797 1,018 1,018
 Total Revenues $23,244 $26,404 $ 6,554 $ 6,032
 Expenses
 Oil and gas
 production 7,663 7,863 2,015 2,255
 Settlement of a contract pricing
 dispute --- --- --- ---
 General and
 administrative 1,097 1,188 235 317
 Depreciation, depletion, and
 amortization of oil and gas
 properties 10,230 12,957 2,195 2,747
 Provision to reduce carrying
 value of oil and gas
 properties --- 12,183 --- 12,183
 Amortization of organization
 and software costs --- 37 --- ---
 Interest 1,066 1,003 205 376
 Total Expenses $20,056 $35,231 $ 4,650 $17,878
 Net income (loss) $ 3,188 ($ 8,827) $ 1,904 ($11,846)
 Net income (loss) per equivalent
 Unit $ 0.70 ($ 1.96) $ 0.43 ($ 2.62)
 Weighted average Units
 outstanding 4,448 4,416 4,457 4,429
 -0- 3/30/93
 /CONTACT: Dennis R. Neill, senior vice president of Samson Properties, 918-583-1791/
 (SAM)


CO: Samson Energy Co. Ltd. Partnership ST: Oklahoma IN: OIL SU: ERN

GT -- SF013 -- 1248 03/30/93 17:39 EST
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Publication:PR Newswire
Date:Mar 30, 1993
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