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THE PHOENIX RESOURCE COMPANIES, INC. REPORTS RESULTS

 THE PHOENIX RESOURCE COMPANIES, INC. REPORTS RESULTS
 OKLAHOMA CITY, Nov. 4 /PRNewswire/ -- The Phoenix Resource


Companies, Inc. (AMEX and Pacific Stock Exchange: PHN) reported today earnings of $2.7 million, or $0.65 per common share, for the quarter ended Sept. 30, 1992 on revenues of $5.6 million. For the same period in 1991 the Company reported a loss of $0.3 million, or $(0.08) per common share, on revenues of $8.2 million.
 For the nine months ended Sept. 30, 1992 income of $11.1 million, or $2.60 per common share, on revenues of $20.7 million was reported, compared to a loss of $2.4 million, or $(0.95) per common share, on revenues of $16.5 million for the same period in 1991.
 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.
 THE PHOENIX RESOURCE COMPANIES, INC.
 (Unaudited)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $ 5,573,000 $ 8,232,000(A) $ 20,713,000 $ 16,504,000(A)
 Costs and
 Expenses $ 2,752,000 $ 5,062,000 $ 9,427,000 $ 14,498,000
 Net tax
 expense $ 77,000 $ 153,000 $ 236,000 $ 255,000
 Early
 extinguishment
 of debt $ -- $(3,283,000) $ -- $ (4,113,000)
 Net Income
 (Loss) $ 2,744,000 $ (266,000) $ 11,050,000 $ (2,362,000)
 Net Income
 (Loss) Per
 Share(B) $ 0.65 $ (0.08) $ 2.60 $ (0.95)
 (A) Includes one $4 million supplemental purchase price payment which was reversed fourth quarter 1991.
 (B) Per share amounts of prior periods have been restated to reflect the one-for-ten reverse split effected in May 1992.
 -0- 11/4/92
 /CONTACT: Debora Bingham of The Phoenix Resource Companies, Inc., 405-728-5100/
 (PHN) CO: Phoenix Resource Companies, Inc. ST: Oklahoma IN: OIL SU: ERN


LR -- NY051 -- 2537 11/04/92 13:35 EST
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Date:Nov 4, 1992
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