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Sharon Energy Announces Second Quarter Results

ENGLEWOOD, Colo., Nov. 26 /PRNewswire/ -- Sharon Energy Ltd. today reported results for second quarter of fiscal year 1997 ended September 30, 1996. For the second quarter Sharon had a loss of ($55,131), or ($0.02) per share, on revenues of $226,930 compared with a loss of ($171,823), or ($0.05) per share, on revenues of $48,266 for the prior year period. For the first six months of fiscal year 1997 the Company experienced a loss of ($172,215), or ($0.05) per share, on revenues of $313,638 compared with a loss of ($281,595), or ($0.08) per share, on revenues of $119,277 the previous year.

Oil and gas sales for the latest six month period were $151,937 compared to $75,120 in the previous year period, a 102% increase. Higher net oil production and increased oil and gas prices contributed to the increase. The higher oil and gas revenues were not sufficient to offset costs associated with the Company's oil and gas exploration activities in its northern Sacramento Basin gas exploration program. During the period, the Company incurred geologic, geophysical and delay rental costs of $49,425 as well as general and administrative expense associated with the exploration activity. Commenting on the latest financial results, Jack Steinhauser, President of Sharon Energy stated: "Over the past nine months we have incurred a great deal of expense for land and seismic to establish drilling locations in our California gas drilling program. Drilling on the first of these locations is scheduled to commence next month. Success in this drilling is the next step towards achieving profitability."

Sharon Energy Ltd. is an oil and gas exploration and production firm headquartered in Englewood, Colorado, with properties in California, Colorado, Michigan and Wyoming. Sharon specializes in the application of high- resolution 2-D and 3-D seismic to reduce exploration risk and enhance development opportunity. Sharon trades on the Boston Stock Exchange ("SHA") and the Vancouver Stock Exchange ("SHY").

SOURCE Sharon Energy Ltd.
 -0- 11/26/96

/CONTACT: Jack S. Steinhauser, 303-694-4920 ext. 38/


CO: Sharon Energy Ltd. ST: Colorado IN: OIL SU: ERN

SK-TT -- LATU034 -- 6077 11/26/96 12:30 EST
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Publication:PR Newswire
Date:Nov 26, 1996
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