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THE PHOENIX RESOURCE COMPANIES REPORTS RESULTS

 THE PHOENIX RESOURCE COMPANIES REPORTS RESULTS
 OKLAHOMA CITY, Okla., April 28 /PRNewswire/ -- The Phoenix Resource


Companies, Inc. (PSE: PHN; NASDAQ: PHNI) reported today net income of $2.3 million, or $0.05 per share, for the quarter ended March 31, 1992 on revenues of $5.5 million, compared to net income of $0.4 million, or $0.02 per share, for the quarter ended March 31, 1991 on revenues of $5.3 million. The increase in net income is attributable to decreased interest expense as a result of significant debt retirement and production cost credits relating to certain prior-year charges.
 The Phoenix Resource Companies, Inc. is an oil and gas exploration and production company headquartered in Oklahoma City, Okla. with its primary producing properties in the Western Desert of Egypt.
 Three Months
 Ended March 31,
 1992 1991
 (Unaudited)
 Revenues $5,473,000 $5,346,000
 Income before extrd item 1,557,000 289,000
 Extraordinary item (A) 766,000 105,000
 Net income 2,323,000 394,000
 Average shares 42,388,000 17,498,000
 Share earnings:
 Income before extrd item $0.04 $0.01
 Net income $0.05 $0.02
 (A) Tax benefit from tax-loss carryforwards.
 -0- 4/28/92
 /CONTACT: Debora Bingham of the Phoenix Resource Companies, 405-728-5100/
 (PHNI) CO: The Phoenix Resource Companies, Inc. ST: Oklahoma IN: OIL SU: ERN


KD-PS -- NY151 -- 4097 04/28/92 18:23 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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