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THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES RESULTS

 THE PHOENIX RESOURCE COMPANIES, INC. ANNOUNCES RESULTS
 OKLAHOMA CITY, March 24 /PRNewswire/ -- The Phoenix Resource


Companies, Inc. (NASDAQ: PHNI) reported today a loss of $19.5 million, or ($0.69) per share, for the year ended Dec. 31, 1991 on revenues of $18.1 million, compared to income of $7 million, or $0.30 per share, for the year ended Dec. 31, 1990 on revenues of $27.4 million. The 1991 loss contained a loss of $17.7 million reported in connection with the early extinguishment of indebtedness which contained substantial unamortized discount. Both revenues and income for 1991 were adversely affected by the company's delivery of presold crude oil to complete an obligation incurred in 1985.
 The company reported a loss of $17.1 million, or ($0.45) per share, for the fourth quarter ended Dec. 31, 1991 on revenues of $1.6 million, compared to income of $4.5 million, or $0.26 per share, for the fourth quarter ended Dec. 31, 1990 on revenues of $10.1 million. The fourth quarter 1991 loss contained a loss of $13.6 million reported in connection with the early extinguishment of indebtedness which contained substantial unamortized discount. Both revenues and income for the fourth quarter of 1991 were adversely affected by the reversal of a $4 million supplemental payment receivable in connection with a 1989 property sale. This receivable, previously recorded in the third quarter of 1991, was reversed due to uncertainty about the outcome of a pending international arbitration process challenging whether the payment to the company is due.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City with its primary producing properties in the Western Desert of Egypt.
 THE PHOENIX RESOURCE COMPANIES
 Financial Statement
 Period ended Three Months Twelve Months
 Dec. 31 1991 1990 1991 1990
 Revenues $1,607,000 $10,101,000 18,111,000 $27,415,000
 Income (loss) (3,563,000) 2,635,000 (1,812,000) 4,673,000
 Extrd. items (13,585,000)A 1,847,000B (17,698,000)A 2,297,000B
 Net income (loss)(17,148,000) 4,482,000 (19,510,000) 6,970,000
 Avg. shares 38,162,000 17,058,000 28,271,000 17,269,000
 Share earns.:
 Income (loss) ($0.09) $0.15 ($0.06) $0.20
 Net income (loss) ($0.45) $0.26 ($0.69) $0.30
 A-Loss from early extinguishment of indebtedness.
 B-Tax benefit from tax-loss carryforwards. Figures in parentheses are losses.
 -0- 3/24/92
 /CONTACT: Debora Bingham of Phoenix Resource Companies, Inc., 405-728-5100/
 (PHNI) CO: Phoenix Resource Companies, Inc. ST: Oklahoma IN: OIL SU: ERN


AH -- NY067 -- 1306 03/24/92 18:07 EST
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Date:Mar 24, 1992
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