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SERVICE FRACTURING COMPANY REPORTS WELL SERVICING REVENUE

 SERVICE FRACTURING COMPANY REPORTS WELL SERVICING REVENUE
 AMARILLO, Texas, May 28 /PRNewswire/ -- Jerry H. Guinn, chairman of


the board of directors and president, reported Service Fracturing Company's (NASDAQ: SERF) well servicing revenue for the year ended March 31, 1992, was $13,883,065, a 21 percent decrease from $17,476,385 for the year ended March 31, 1991.
 Oil and gas revenue for the year ended March 31, 1992, was $3,098,593, a decrease of less than 1 percent from $3,107,925 for the year ended March 31, 1991.
 Well servicing cost of operations, including operating expense, for the year ended March 31, 1992, was $13,728,808, an 8 percent decrease from $14,947,822 for the year ended March 31, 1991.
 Oil and gas cost of operations for the year ended March 31, 1992, was $3,292,831, an 18 percent decrease from $4,020,665 for the year ended March 31, 1991.
 For the year ended March 31, 1992, the company's net loss amounted to $1,459,825, or 26 cents per share, as compared to net earnings of $381,407, or 7 cents per share, for the year ended March 31, 1991.
 At March 31, 1992, the company's current ratio was 5.14 to 1 compared to 4.10 to 1 at March 31, 1991. Current assets of $8,733,762 included $4,103,537 of cash and cash equivalents at March 31, 1992.
 SERVICE FRACTURING COMPANY
 Consolidated Financial Results
 12 months ended March 31 1992 1991
 Revenue:
 Well servicing $13,883,065 $17,476,385
 Oil and gas 3,098,593 3,107,925
 Cost of operations:
 Well servicing 13,728,808 14,947,822
 Oil and gas 3,292,831 4,020,665
 Selling, general and admin. exp. 1,808,963 1,964,449
 Loss from operations (1,848,944) (348,626)
 Interest income 266,793 541,509
 Interest expense (45,667) (21,646)
 Other income, net 167,883 210,170
 Earnings (loss) before income taxes
 and extraordinary item (1,459,825) 381,407
 Income taxes -- 139,000
 Earnings (loss) before extraordinary
 item (1,459,825) 242,407
 Extraordinary item - utilization
 of net operating loss carryforward -- 139,000
 Net earnings (loss) $(1,459,825) $ 381,407
 Earnings (loss) per share before
 extraordinary item $(.26) $ .05
 Net earnings (loss) per share $(.26) $ .07
 Weighted average common shares
 outstanding 5,643,368 5,226,793
 Three months ended March 31 1992 1991
 Revenue:
 Well servicing $ 3,184,414 $ 4,869,984
 Oil and gas 734,941 727,094
 Cost of operations:
 Well servicing 3,120,714 4,435,951
 Oil and gas 770,745 869,603
 Selling, general and admin. exp. 425,153 593,644
 Loss from operations (397,257) (302,120)
 Interest income 46,282 110,065
 Interest expense (9,649) (14,194)
 Other income, net 37,276 115,696
 Loss before income taxes
 and extraordinary charge (323,348) (90,553)
 Income taxes benefit -- (21,000)
 Loss before extraordinary charge (323,348) (69,553)
 Extraordinary charge - reduction
 of previously recognized benefit
 from net operating loss carryforward -- (21,000)
 Net loss $ (323,348) $ (90,553)
 Loss per share before extraordinary
 charge $(.06) $(.01)
 Net loss per share $(.06) $(.02)
 Weighted average common shares
 outstanding 5,411,876 5,758,784
 -0- 5/28/92
 /CONTACT: Jerry H. Guinn, chairman and president of Service Fracturing, 806-665-7221/
 (SERF) CO: Service Fracturing Company ST: Texas IN: OIL SU:


GK -- NY070 -- 4848 05/28/92 15:04 EDT
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Publication:PR Newswire
Date:May 28, 1992
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