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THE PHOENIX RESOURCE COMPANIES, INC. REPORTS EARNINGS

 OKLAHOMA CITY, Aug. 3 /PRNewswire/ -- The Phoenix Resource Companies, Inc. (AMEX: PHN) reported today earnings of $6.8 million, or $1.60 per common share, for the quarter ended June 30, 1993 on revenues of $13 million. For the same period in 1992 the Company reported earnings of $6 million, or $1.41 per common share, on revenues of $12.2 million.
 For the six months ended June 30, 1993 income of $9.5 million, or $2.24 per common share, on revenues of $21.3 million was reported, compared to income of $8.3 million, or $1.96 per common share, on revenues of $20 million for the same period in 1992.
 The reported revenue of the Company for second quarter of 1993 and 1992 each included a $4 million supplemental payment in respect of a 1989 sales agreement. The 1993 supplemental payment is due to be received by the Company in mid-August.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma, with its principal assets located in the Arab Republic of Egypt.
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (Unaudited)
 Revenues (A) $13,066,000 $12,200,000 $21,293,000 $19,914,000
 Costs and
 expenses 3,050,000 3,568,000 5,994,000 6,675,000
 Provision for
 Income Taxes(A) 3,044,000 2,649,000 5,613,000 4,933,000
 Income Before
 Extraordinary
 Loss 6,972,000 5,983,000 9,686,000 8,306,000
 Extraordinary Loss:
 Early
 Extinguishment
 of Debt (174,000) -- (174,000) --
 Net Income $ 6,798,000 $ 5,983,000 $ 9,512,000 $ 8,306,000
 Per Share:
 Income Before
 Extraordinary
 Loss 1.64 1.41 2.28 1.96
 Net Income $ 1.60 $ 1.41 $ 2.24 $ 1.96


(A) 1992 data was restated in the fourth quarter of 1992 to reflect the adoption of Statement of Financial Accounting Standards No. 109.
 -0- 8/3/93
 /CONTACT: Debora Bingham, The Phoenix Resource Companies, 405-728-5100/
 (PHN)


CO: The Phoenix Resource Companies, Inc. ST: Oklahoma IN: OIL SU: ERN

LG -- NY040 -- 8838 08/03/93 11:04 EDT
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Publication:PR Newswire
Date:Aug 3, 1993
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