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SEAGULL ENERGY CORPORATION ANNOUNCES RESULTS

 HOUSTON, Feb. 1 /PRNewswire/ -- In an amendment being filed today to its pending registration statement, Seagull Energy Corporation (NYSE: SGO) estimated that its earnings applicable to common stock for the year ended Dec. 31, 1992 will total about $6.7 million, or 52 cents per share. In 1991, the company had earnings applicable to common stock of $5.1 million, or 45 cents per share.
 Earnings for 1992 include the cumulative effect of two changes in accounting principles aggregating $2.3 million, or 18 cents per share. Furthermore, the company recognized a $1.5 million, or 12 cents per share, after-tax charge in the fourth quarter of 1992 resulting from the expensing of $2.3 million in unamortized loan acquisition costs relating to the repayment of the company's then-existing revolving credit line.
 Here is the company's estimate of certain income statement data for the three months and 12 months ended Dec. 31, 1992:
 SEAGULL ENERGY CORPORATION
 (In millions of dollars, except for per share amounts)
 Periods ended Three months Twelve months
 Dec. 31 1992 1991 1992 1991
 Revenues 73.2 72.2 238.8 248.5
 Depreciation,
 depletion and
 amortization 17.3 18.5 63.2 52.9
 Operating profit 15.6 11.0 29.9 30.2
 Earnings applicable
 to common stock 3.5 3.5 6.7 5.1
 Primary earnings
 per share 0.27 0.30 0.52 0.45
 The company has not yet completed preparation of its financial statements for the fourth quarter of 1992, or for the full year, nor has the audit for the full year been completed. Thus the foregoing estimates are based upon preliminary work that has been performed to date.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the shares of common stock under the securities laws of any such state.
 Houston-based Seagull is engaged in natural gas exploration and production; the transportation, distribution and marketing of natural gas, liquids products and petrochemicals, and natural gas processing.
 -0- 2/1/93
 /CONTACT: Alan Payne of Seagull Energy Corporation, 713-951-4700/
 (SGO)


CO: Seagull Energy Corporation ST: Texas IN: OIL SU: ERN

TS -- NY042 -- 1289 02/01/93 10:50 EST
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Date:Feb 1, 1993
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