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SERVICE FRACTURING COMPANY ANNOUNCES RESULTS

 SERVICE FRACTURING COMPANY ANNOUNCES RESULTS
 PAMPA, Texas, July 30 /PRNewswire/ -- Jerry H. Guinn, chairman of


the board of directors and president, reported Service Fracturing Company's (NASDAQ-NMS: SERF) well servicing revenue for the quarter ended June 30, 1992 was $2,690,510, a 29 percent decrease from $3,772,464 for the comparable quarter in 1991. Oil and gas revenue for the quarter ended June 30, 1992 was $721,523, a 5 percent decrease from $762,139 for the comparable quarter in 1991.
 Well servicing cost of operations, including operating expense, for the quarter ended June 30, 1992 was $2,929,808, a 21 percent decrease from $3,695,310 for the comparable quarter in 1991. Oil and gas cost of operations, including operating expense, for the quarter ended June 30, 1992 was $717,509, a 26 percent decrease from $968,574 for the comparable quarter in 1991.
 For the quarter ended June 30, 1992, the company's loss amounted to $499,286, or 9 cents per share, as compared to a loss of $539,869, or 9 cents per share, for the quarter ended June 30, 1991.
 At June 30, 1992, the company's current ratio was 5.06 to 1 compared to 5.14 to 1 at March 31, 1992. Current assets of $8,234,899 included $4,114,515 of cash and cash equivalents at June 30, 1992.
 The average active rig count in the company's operating districts decreased from 251 for the quarter ended June 30, 1991 to 203 for the quarter ended June 30, 1992.
 SERVICE FRACTURING COMPANY
 Consolidated Financial Results
 Three months ended June 30: 1992 1991
 Revenue:
 Well servicing $2,690,510 3,772,464
 Oil and gas 721,523 762,139
 Cost of operations:
 Well servicing 2,929,808 3,695,310
 Oil and gas 717,509 968,574
 Selling, general and admin. exp. 383,664 508,543
 Loss from operations (618,948) (637,824)
 Interest income 43,616 85,697
 Interest expense (8,442) (13,102)
 Other income (expense), net 84,488 25,360
 Loss before income taxes $(499,286) (539,869)
 Income tax expense -- --
 Net loss (499,286) (539,869)
 Net loss per share $ (.09) (.09)
 Weighted average common shares
 outstanding 5,432,452 5,753,142
 -0- 7/30/92
 /CONTACT: Jerry H. Guinn of Service Fracturing Company, 806-665-7221/
 (SERF) CO: Service Fracturing Company ST: Texas IN: OIL SU: ERN


SH -- NY050 -- 5075 07/30/92 11:58 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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