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WAINOCO FILES FORM EIGHT AND PRO FORMA ACQUISITION RESULTS

 WAINOCO FILES FORM EIGHT AND PRO FORMA ACQUISITION RESULTS
 HOUSTON, Dec. 4 /PRNewswire/ -- Wainoco Oil Corporation (NYSE: WOL) announced today the filing of a Form Eight with the Securities and Exchange Commission regarding its recent acquisition of the Frontier refinery in Cheyenne, Wyo. Included in the filing are unaudited pro forma financial statements which assume Wainoco's consummation of the acquisitions of the Conroe oil field properties and the Frontier refinery as of Jan. 1, 1991.
 "Although these purchases were completed during 1991, the company believes that ownership of the oil properties and refinery would have had a significant, beneficial effect on Wainoco's financial performance as demonstrated by the pro forma financial statements," said James Gibbs, Wainoco's president. He further stated that the contribution of these acquisitions toward Wainoco's fourth quarter and future years' results appears very positive.
 Following are summarized quarterly and nine-month unaudited historical and pro forma revenues and net income (loss) of Wainoco giving effect to the acquisition of Conroe and Frontier properties as of Jan. 1, 1991. The net loss for the nine months ended Sept. 30, 1991, is primarily attributable to a $10 million noncash write-down of U.S. oil and gas properties in the second quarter.
 WAINOCO OIL CORPORATION
 (In thousands of dollars)
 First Quarter Second Quarter
 Historical Pro Forma Historical Pro Forma
 Revenues $ 13,597 $ 87,242 $ 10,885 $ 96,299
 Net Income (Loss) 14 (894) (13,174) (10,504)
 Per Share $ -- (.04) (.66) (.49)
 Third Quarter 9 Months
 Historical Pro Forma Historical Pro Forma
 Revenues $ 14,365 $ 107,080 $ 38,847 $ 290,621
 Net Income (Loss) 2,249 6,684 (10,911) (4,714)
 Per Share $ .11 .31 (.55) (.22)
 Wainoco Oil Corporation is a publicly held oil and gas exploration, production and refining company with operations throughout North America.
 -0- 12/4/91
 /CONTACT: Carolyn Rogan of Wainoco Oil, 713-658-9900/
 (WOL) CO: Wainoco Oil Corporation ST: Texas IN: OIL SU:


JT -- NY058 -- 9231 12/04/91 13:01 EST
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Date:Dec 4, 1991
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