TCR_Public/960424.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - April 24, 1996



  1. Unisys announces first-quarter 1996 results
  2. Take the paper, take the pens but please don't take the coffee!
  3. Advanced Promotion Technologies reports first quarter results
  4. GERRITY OIL & GAS CORPORATION ANNOUNCES FIRST QUARTER 1996 RESULTS



Unisys announces first-quarter 1996 results

        
            BLUE BELL, Pa. -- April 24, 1996 -- Unisys Corp.
        Wednesday reported a first-quarter net loss of $13.4 million
        compared to net income from continuing operations of $32.1 million
        in the year-ago quarter.  
        


            On a per-share basis, the first-quarter net loss was 25 cents
        per common share compared to earnings of 2 cents per share a year
        ago.  Including the company's discontinued defense business, which
        was sold in May 1995, total net income a year ago was $44.6 million,
        or 9 cents per share.  Revenue for the first quarter was $1.42
        billion compared to $1.46 billion in the year-ago quarter.  
        


            James A. Unruh, Unisys chairman and chief executive officer,
        said, "In the first quarter we launched a new business structure
        under which Unisys operates as one company with three highly focused
        businesses.  This realignment has involved a sweeping reengineering
        of our business operations.  It is aimed at dramatically improving
        our competitiveness and reducing our cost base.  
        


            "As we expected, these actions had a disruptive effect on our
        results in the quarter.  Our first-quarter revenue and margins also
        reflect fewer shipments of our large-scale systems as we shift to a
        new product cycle in our enterprise server family.  In short, we are
        in the midst of a key transition in our business and our product
        portfolio as we continue the transformation of Unisys into an
        information management company."  

        
            Unruh said the company's fourth-quarter 1995 restructuring plans
        are on schedule.  As part of these actions, Unisys announced plans
        to reduce manufacturing space worldwide from approximately one
        million square feet to 250,000 square feet over the next 18 months.
   

     
            The reduced requirement for manufacturing space results from the
        impact of technology changes and the company's increased use of
        common platforms and commodity components in its computer systems.  
      

  
            Unisys said it successfully completed two debt offerings during
        the quarter for a total of $724 million.  "The success of these
        offerings was a strong endorsement from the financial markets of our
        strategy and our prospects going forward," Unruh said.  

        
            Despite business disruptions caused by the transition in the
        company's business structure and product portfolio, customer revenue
        from Information Services increased 14% in the quarter.  
    

    
            In Global Customer Services, customer revenue increased 9% from
        year-ago levels led by strong growth in Network Enable and Desktop
        Services.  Customer revenue in Computer Systems declined 19% as the
        company moves into the early stages of a new product cycle in its
        high-end enterprise server family.  Unisys said the decline in its
        gross profit in the quarter was due to the Computer Systems
        business.
       


            Total orders declined slightly in the quarter due primarily to
        the product cycle transition and organizational realignment.
        Increased orders in the Pacific/Asia and Americas markets were
        offset by order declines in the U.S. and European markets.  
        


            "Our Information Services and Global Customer Services
        businesses continue to deliver solid growth, and we see no letup in
        the opportunities for these two groups," Unruh said.  "In addition,
        last week our Computer Systems business announced our new ClearPath
        family of servers, which was very well received in the marketplace.
        While we plan some shipments in the second quarter, the rampup in
        shipments is expected to take place during the second half.  
        


            "Although we may continue to see some disruption in our second-
        quarter results as the short-term effects of restructuring actions
        ripple through our business, we are positioning ourselves for an
        improved second half of the year and beyond.  Overall, we continue
        to look for tangible financial progress in 1996."


        
                                  UNISYS CORP.
                             CONSOLIDATED BALANCE SHEET
                                    (Millions)
         
         
                                                    March 31,  Dec. 31,
                                                     1996        1995
                                                  -----------  ----------
        Assets
        Current assets
         Cash and cash equivalents                      $1,403.1    $1,114.3
         Marketable securities                               5.8         5.4
         Accounts and notes receivable, net                898.5       996.3
        Inventories
        Finished equipment and supplies                365.7       358.6
        Work in process and raw materials              344.6       315.3
         Deferred income taxes                             329.8       329.8
         Other current assets                               85.0        98.9
                                                    --------    --------
          Total                                          3,432.5     3,218.6
                                                    --------    --------
         
         Long-term receivables, net                         60.1        58.7
                                                    --------    --------
         
         Properties and rental equipment                 2,076.4     2,088.4
           Less accumulated depreciation                 1,401.0     1,397.0
                                                    --------    --------
         
           Properties and rental equipment, net            675.4       691.4
                                                    --------    --------
         Cost in excess of net assets acquired           1,006.5     1,014.6
         Investments at equity                             287.2       298.9
         Deferred income taxes                             682.6       682.6
         Other assets                                    1,192.3     1,148.4
                                                    --------    --------
           Total                                        $7,336.6    $7,113.2
                                                        
         
         Liabilities and stockholders' equity
         Current liabilities
           Notes payable                                $   14.3    $   12.1
           Current maturities of long-term debt            344.0       343.5
           Accounts payable                                813.2       940.6
           Other accrued liabilities                     1,415.9     1,677.4
           Dividends payable                                26.6        30.2
           Estimated income taxes                           95.5       143.5
                                                    --------    --------
           Total                                         2,709.5     3,147.3
                                                    --------    --------
         
         Long-term debt                                  2,251.8     1,533.3
         Other liabilities                                 566.3       572.4
        
        Stockholders' equity
           Preferred stock                               1,570.3     1,570.3
           Common stock                                      1.7         1.7
           Accumulated deficit                            (742.6)
        (702.6)
           Other capital                                   979.6       990.8
                                                    --------    --------
           Stockholders' equity                          1,809.0     1,860.2
                                                    --------    --------
           Total                                        $7,336.6    $7,113.2
                                                        
        
                               UNISYS CORP.
                    CONSOLIDATED STATEMENT OF CASH FLOWS
                                (Millions)
                                                    Three Months Ended
                                                           March 31
                                                   ---------------------
                                                      1996        1995
                                                    --------    --------
         Cash flows from operating activities
         Income (loss) from continuing operations       $ (13.4)      $ 32.1
         Add (deduct) items to reconcile income (loss)
           from continuing operations to net cash
           (used for) operating activities:
         Depreciation                                      44.6         58.6
         Amortization:
           Marketable software                             28.7         34.4
           Cost in excess of net assets acquired           10.4         10.2
         Decrease in deferred income taxes                   --           .1
         Decrease in receivables, net                      94.9         40.2
         (Increase) in inventories                        (36.4)
        (27.7)
         (Decrease) in accounts payable and other
        accrued liabilities                          (378.3)      (290.1)
         (Decrease) in estimated income taxes             (48.1)
        (37.7)
         Increase in other liabilities                       .6          1.8
         (Increase) in other assets                       (27.7)
        (10.0)
         Other                                             (1.5)         7.0
                                                    --------    --------
         Net cash used for operating activities          (326.2)
        (181.1)
                                                    --------    --------
         Cash flows from investing activities
           Proceeds from investments                      713.4      1,002.8
           Purchases of investments                      (718.2)
        (1,007.9)
           Proceeds from marketable securities               --          2.0
           Proceeds from sales of properties               14.9          7.4
           Investment in marketable software              (14.9)
        (27.8)
           Capital additions of properties and
         rental equipment                             (34.6)       (52.7)
           Purchases of businesses                         (7.1)       (
        8.1)
                                                    --------    --------
         Net cash used for investing activities           (46.5)
        (84.3)
                                                    --------    --------
         Cash flows from financing activities
           Proceeds from issuance of debt                 700.9           --
           Principal payments of debt                       (.3)
        (17.2)
           Net proceeds from short-term borrowings          2.2         17.1
           Dividends paid on preferred shares             (30.2)
        (30.0)
           Other                                             .2           .2
                                                     --------     --------
         Net cash provided by (used for) financing
           activities                                     672.8
        (29.9)
                                                   --------     --------
         Effect of exchange rate changes on
           cash and cash equivalents                       (7.1)         4.5
                                                    --------    --------
         Net cash provided by (used for) continuing
           operations                                      293.0
        (290.8)
         Net cash used for discontinued operations          (4.2)     (
        13.4)
                                                    --------    --------
         Increase (decrease) in cash and cash
           equivalents                                     288.8
        (304.2)
         Cash and cash equivalents, beginning
           of period                                     1,114.3       868.4
                                                    --------    --------
         Cash and cash equivalents, end of period       $1,403.1    $  564.2
                                                        
                                          
                                UNISYS CORP.
                         CONSOLIDATED STATEMENT OF INCOME
                         (Millions, except per share data)
                                          
                                          
                                                        Three Months
                                                       Ended March 31
                                                    -------------------
                                                      1996       1995
                                                    --------   --------
               Revenue                              $1,423.1   $1,464.9
                                                    --------   --------
               Costs and expenses
               Cost of revenue                         984.2      923.5
               Selling, general and
                 administrative                        322.0      332.7
               Research and development                 96.0       95.5
                                                    --------   --------
                                                     1,402.2    1,351.7
                                                    --------   --------
               Operating income                         20.9      113.2
         
               Interest expense                         50.5       50.5
               Other income (expense), net               9.3      (14.3)
                                                    --------   --------
               Income (loss) from continuing
                 operations before income taxes        (20.3)      48.4
               Estimated income taxes (benefit)        ( 6.9)      16.3
                                                    --------   --------
               Income (loss) from continuing
                 operations                            (13.4)      32.1
               Income from discontinued
                 operations                               --       12.5
                                                    --------   --------
               Net income (loss)                       (13.4)      44.6
               Dividends on preferred
                 shares                                 30.2       29.9
                                                    --------   --------
               Earnings (loss) on common shares       $(43.6)     $14.7
                                                       
               Earnings (loss) per common share
               Primary
                Continuing Operations                 $( .25)     $ .02
                Discontinued Operations                   --        .07
                                                    --------   --------
               Total                                  $( .25)     $ .09
                                                       
        
        Fully diluted
               Continuing Operations                  $( .25)     $ .02
               Discontinued Operations                    --        .07
                                                    --------   --------
              Total                                   $( .25)     $ .09
                                                       
              Shares used in the per share
                computations (thousands):
                 Primary                             171,437    171,821
                                                       
                 Fully diluted                       171,437    171,821
                                                       
         
               Note: Certain prior year amounts have been reclassified
                     to conform with the 1996 presentation.
         
                               UNISYS CORP.
                            SUPPLEMENTAL SUMMARY
                                 (Millions)
        
        Information    Global
        Computer
                              Elimi-      Services    Customer    Systems
                     Total    nations      Group      Services    Group
                     -----    -------   -----------   --------    --------
         
         
        Three Months Ended
        March 31, 1996
        ------------------
         
        Customer
         revenue       $1,423.1         --     $404.3      $464.1     $554.7
        Intercompany         --    $(109.3)       4.0        17.8       87.5
                   --------     -------     ------     ------     ------
        Total revenue  $1,423.1    $(109.3)    $408.3      $481.9     $642.2
                                       
        
        Three Months Ended
        March 31, 1995
        ------------------
         
        Customer
         revenue       $1,464.9         --     $354.6      $427.4     $682.9
        Intercompany         --    $(118.7)        --        27.0       91.7
                   --------   --------     ------      ------     ------
        Total revenue  $1,464.9    $(118.7)    $354.6      $454.4     $774.6
                                       

        CONTACT:  Unisys Corp., Blue Bell
                  J. Peter Hynes, 215/986-6948
                  Internet: hynespet@po7.bb.unisys.com



Take the paper, take the pens but please don't take the coffee!
        


            GARDEN CITY PARK, N.Y. -- April 24, 1996 -- Coffee
        Distributing Corp. (CDC), the New York metropolitan area's largest
        office refreshment supply company, has found itself in a bit of hot
        water.
        


            The problem?  It accepted payment for coffee deliveries made to
        a company that later filed bankruptcy.
        


            "This whole affair proves what we've suspected all along," said
        Robert Friedman, president of Coffee Distributing Corp.  "Coffee is
        the fuel that keeps American business going.  You can run a company
        without paper, without pens ... even without computers.  But don't
        even think about trying to run it without coffee!"

        
            According to a recently-filed complaint, Towers Financial Corp.
        (once owned by notorious New York "entrepreneur" Steven Hoffenberg)
        violated New York State bankruptcy laws by paying Coffee
        Distributing Corp. ahead of its other creditors in order to ensure a
        continued supply of coffee.
   

     
            "I don't believe we did anything wrong," said Friedman.  "We
        simply received payment for product delivered.  Towers still had
        employees hard at work, trying to rehabilitate the business.  If we
        had pulled the plug on the coffee any sooner, I'm willing to bet
        that the employees would have walked, too."
      

  
            Founded in 1963, Coffee Distributing Corp. is the largest office
        refreshment supply company in the greater New York metropolitan
        area, providing a full range of regular and gourmet coffees and
        other beverages, snacks and miscellaneous supplies to more than
        13,000 businesses.  The company recently inked an agreement to be
        the region's exclusive office supplier of world-famous Timothy's
        Gourmet Coffee.  Coffee Distributing Corp. is based in Garden City
        Park, Long Island.


        CONTACT: Epoch 5 Marketing Inc., Huntington, N.Y.
                 Doug Vandewinckel, 516/427-1713



Advanced Promotion Technologies reports first quarter results
        


            POMPANO BEACH, Fla. -- April 24, 1996 -- Advanced
        Promotion Technologies Inc. (NASDAQ:APTVC), developer and marketer
        for the Vision Value Network(tm), an electronic marketing and
        financial services network for supermarkets, Wednesday announced
        financial results for the first quarter ended Feb. 24, 1996.  
        


            Revenues for the three months ended Feb. 24, 1996 were $908,000,
        as compared to $875,000 in the three months ended Feb. 25, 1995.
        Promotion revenues increased in 1996 by approximately $196,000, due
        to greater participation in The Vision Value Club by consumers,
        offset by a decrease in revenue from manufacturers of $163,000.  
        


            Net loss for the quarter was $3,046,000, or $0.17 per share, as
        compared to $7,795,000, or $0.60 per share, in the three months
        ended Feb. 25, 1995.  The 61% reduction in net losses is attributed
        to approximately $2.7 million extinguishment of the Consumer
        Redemption Liability, as a result of the de-installation of 79
        stores, due to the termination of the Kroger and other retailer
        contracts, and the assumption of that liability by certain of those
        retailers.  Also, direct operating and selling, general and
        administrative expenses were reduced as a result of the company's
        effort to restructure the company and operate on a smaller scale.  

        
            The company also recently announced the appointment of three new
        board members, George Harrison, the company's president and chief
        operating officer, Scott N. Christensen and David Ingwersen.
        Christensen is president of SelectSoft Inc., and has held sales and
        management positions in the direct marketing and database marketing
        industry.  Ingwersen is president of Open Payment Technologies Inc.
        and has held technical and management positions with First Data
        Corp. Inc.  
   

     
            Advanced Promotion Technologies markets the Vision Value
        Network(tm), an electronic marketing and financial services network
        for supermarkets.  Installed in each checkout lane, Vision Value
        terminals combine print, video and voice media to communicate
        targeted product promotions, advertising and financial services to
        consumers.


        
                      ADVANCED PROMOTION TECHNOLOGIES INC.
        
                                BALANCE SHEETS
                                  UNAUDITED
                       (In thousands, except share data)
        
                                          Nov. 25,       Feb. 24,
                                            1995           1996
        ASSETS
        
        CASH                                   $ 5,600        $ 1,397
        OTHER ASSETS                             1,988          1,467
        PROPERTY AND EQUIPMENT                  24,625         23,070
                                           $32,213        $25,934
        
        LIABILITIES AND STOCKHOLDERS' DEFICIENCY
        
        CURRENT LIABILITIES                    $17,471        $14,620
        6% SUBORDINATED DEBENTURES, LONG
          TERM DEBT AND CAPITAL LEASE
          OBLIGATIONS                           14,846         14,464
        STOCKHOLDERS' DEFICIENCY                  (104)        (3,150)
                                           $32,213        $25,934
        
                             STATEMENT OF OPERATIONS
                                  UNAUDITED
                       (In thousands, except share data)
        
                                            Three Months Ended
                                          Feb. 25,       Feb. 24,
                                            1995           1996
        
        REVENUES                              $   875       $   908
        TOTAL COSTS AND EXPENSES                8,111         6,003
        
        LOSS FROM OPERATIONS                   (7,236)       (5,095)
        INTEREST EXPENSE (NET)                    497           258
        EXTINGUISHMENT OF CONSUMER
          REDEMPTION LIABILITY                     --        (2,701)
        
        NET LOSS                              ($7,733)      ($2,652)
        
        PREFERRED STOCK DIVIDEND
          REQUIREMENTS                            (62)         (394)
        NET LOSS PER COMMON SHARE              ($0.60)       ($0.17)
        WEIGHTED AVERAGE SHARES            12,909,701    18,441,095
        

        CONTACT:  Advanced Promotion Technologies Inc., Pompano Beach
                  Jesse Grant, 954/969-3000


GERRITY OIL & GAS CORPORATION ANNOUNCES FIRST QUARTER 1996
RESULTS
        


            DENVER, April 24, 1996 - Gerrity Oil & Gas Corporation
        (NYSE: GOG) reported a net loss of $.9 million, or $.15 per share
        after preferred dividends, on revenue of $12.5 million for the first
        quarter of 1996, compared to a net loss of $1.6 million, or $.20 per
        share, on revenue of $14.8 million for the first quarter of 1995.
        Net cash provided by operating activities before changes in
        operaring assets and liabilities was $5.2 million for the 1996
        quarter compared to $6.7 million for the first quarter of 1995.
        


            Average natural gas production was 41.2 million cubic feet
        (MMcf) per day in the first quarter of 1996, a 7% decrease from the
        44.2 MMcf per day in the fourth quarter of 1995.  Average crude oil
        production was 3,520 barrels of oil per day (bopd), a 4% decrease
        from the 3,665 bopd in the fourth quarter of 1995.  Average natural
        gas prices were $1.66 per Mcf in the first quarter of 1996, a 4%
        increase from $1.60 per Mcf in the fourth quarter of 1995.  Average
        crude oil prices were $18.56 per barrel, a 16% increase from $16.01
        per barrel in the fourth quarter of 1995.

        
            As previously announced, the Company entered into an agreement
        whereby the Company will be merged into a wholly-owned subsidiary of
        Patina Oil & Gas Corporation, which is a wholly-owned subsidiary of
        Snyder Oil Corporation.  The consummation of the merger is subject
        to certain conditions including approval by Gerrity's common
        shareholders at a special meeting to be held on Thursday, May 2,
        1996.  There can be no assurance that the merger will be
        consummated.
   

     
            Gerrity Oil & Gas Corporation, based in Denver, Colorado, is an
        energy firm historically characterized by low cost operations in the
        Denver-Julesburg Basin.


        
                         GERRITY OIL & GAS CORPORATION
                               FINANCIAL SUMMARY
                                     (000s)
        
                              1995       1995     1995      1995      1996
                               1Q         2Q       3Q        4Q        1Q
         Revenue:
          Oil and gas sales  $14,296   $13,949   $11,355   $11,913  $12,154
          Interest and other
           income                497       641       667       542      313
            Total revenue     14,793    14,590    12,022    12,455   12,467
        
         Costs and expenses:
          Lease operating
           expenses            1,234     1,264     1,058     1,178    1,169
          Production taxes     1,015       991       784       842      861
          Depletion, depreciation
           and amortization    8,062     8,069     7,118     7,084    6,677
          General and
           administrative, net 1,830     1,861     1,783     2,257    1,678
          Interest             3,514     3,715     3,743     3,533    3,408
          Restructuring expenses 828       ---       ---       ---      ---
          Abandonments, exploration
           and other              29         4       135       117       59
           Total costs and
            expenses          16,512    15,904    14,621    15,011   13,852
        
         Loss before income
          taxes              (1,719)   (1,314)   (2,599)   (2,556)  (1,385)
         Benefit for income
          taxes                   86        66        63       ---      470
         Net loss            (1,633)   (1,248)   (2,536)   (2,556)    (915)
         Accrued preferred
          dividend             1,139     1,138     1,139     1,138    1,139
         Net loss to common
          stock             ($2,772)  ($2,386)  ($3,675)  ($3,694) ($2,054)
        
         Loss per common share($0.20)  ($0.17)   ($0.27)   ($0.27)  ($0.15)
        
         Operating cash flow  $6,711    $6,916    $4,778    $6,941   $5,166
         Operating cash flow
          per share            $0.49     $0.50     $0.35     $0.50    $0.37
         Weighted average shares
          outstanding         13,781    13,781    13,781    13,781   13,781
        
                                 PRODUCTION SUMMARY
         Oil production
          (Bbls)             473,927   432,438   374,856   337,213  320,353
         Gas production
          (Mcfs)           4,631,084 4,811,772 4,330,325 4,065,3273,746,291
         Oil and gas
          production (Boe) 1,245,774 1,234,400 1,096,577 1,014,768  944,735
        
         Oil production
          (Bbls) - daily       5,266     4,752     4,075     3,665    3,520
         Gas production
          (Mcfs) - daily      51,456    52,877    47,069    44,188   41,168
         0il and gas production
          (Boe) - daily       13,842    13,565    11,919    11,030   10,382
        
                                SUMMARY BOE ECONOMICS
         Revenue:
          Oil and gas sales   $11.47    $11.30    $10.35    $11.74   $12.87
          Interest and other
           income               0.40      0.52      0.61      0.53     0.33
           Total revenue       11.87     11.82     10.96     12.27    13.20
        
         Costs and expenses:
          Lease operating
           expenses             0.99      1.02      0.96      1.16     1.24
         Production taxes       0.81      0.80      0.72      0.83     0.91
         Depletion, depreciation
          and amortization      6.47      6.54      6.49      6.98     7.07
         General and
          administrative, net   1.47      1.51      1.63      2.22     1.78
         Interest               2.82      3.01      3.41      3.48     3.61
         Restructuring expenses 0.66      0.00      0.00      0.00     0.00
         Abandoments, exploration
          and other             0.03      0.00      0.12      0.12     0.06
          Total costs and
           expenses            13.25     12.88     13.33     14.79    14.67
         Loss before income
          taxes               (1.38)    (1.06)    (2.37)    (2.52)   (1.47)
         Benefit for income
          taxes                 0.07      0.05      0.06      0.00     0.50
         Net loss            ($1.31)   ($1.01)   ($2.31)   ($2.52)  ($0.97)
        
         Net loss to common
          stock              ($2.23)   ($1.93)   ($3.35)   ($3.64)  ($2.17)
        
                               OIL & GAS PRICE SUMMARY
         Oil price ($/Bbl)    $15.91    $16.46    $15.96    $16.01   $18.56
         Gas price ($/Mcf)     $1.46     $1.42     $1.24     $1.60    $1.66
        
                                 OPERATIONS SUMMARY
         Wells Drilled            29         1         1         9        0
         Wells Hooked up          63         7         2         4        5
         Wells Recompleted        12         2         1        31       12
        
                         Gerrity Oil & Gas Corporation
                       Financial and Operational Summary
        
         Financial Summary                               Quarter    Quarter
         (Dollars in thousands, except per share amounts)  Ended      Ended
                                                         3/31/95    3/31/96
        
         Revenue                                         $14,793    $12,467
        
         Costs & expenses:
          Lease operating expenses                         1,234      1,169
          Production taxes                                 1,015        861
          Depletion, depreciation and amortization         8,062      6,677
          General and administrative, net                  1,830      1,678
          Interest expense                                 3,514      3,408
          Restructuring expenses                             828          -
          Abandonments, exploration and other                 29         59
           Total costs and expenses                       16,512     13,852
        
         Loss before income taxes                        (1,719)    (1,385)
         Benefit for income taxes                             86        470
        
         Net loss                                        (1,633)      (915)
        
         Accrued preferred dividend                        1,139      1,139
        
         Net loss to common shareholders                ($2,772)   ($2,054)
        
         Net loss per common share                       ($0.20)    ($0.15)
        
         Weighted average shares outstanding              13,781     13,781
        
         Cash Flow Summary:
          Net loss                                      ($1,633)     ($915)
          Depletion, depreciation and amortization         8,062      6,677
          Amortization of unearned revenue                     -      (296)
          Amortization of loan fees                          159        161
          Restructuring expenses                             194          -
          Deferred tax provision and other                  (71)      (461)
           Total Cash Flow                                $6,711     $5,166
        
         Cash Flow Per Share                               $0.49      $0.37
        
         Production Summary:
         Oil production (Bbls)                           473,927    320,353
         Gas production (Mcfs)                         4,631,084  3,746,291
        
         Oil production (Bbls) - daily                     5,266      3,520
         Gas production (Mcfs) - daily                    51,456     41,168
        
         Oil and Gas Price Summary:
         Oil price ($/Bbl)                                $15.91     $18.56
         Gas price ($/Mcf)                                 $1.46      $1.66
         Oil equivalent price ($/Bbl)                     $11.47     $12.87


        CONTACT:  Ken Wonstolen or Dave Kornder of Gerrity Oil,
        303-757-1110