TCR_Public/961104.MBX




InterNet Bankruptcy Library - News for November 4, 1996






Bankruptcy News For November 4, 1996



  1. Granny Goose Foods Acquires Country Club Foods, Inc.: Oakland Company Declared Winner in Auction

  2. DEP Corp. emerges from Chapter 11 Monday and announces change in trading symbol

  3. Hawaiian Airlines Reports Third Quarter, Year-To-Date Profits

  4. Autolend Opposes Petition for Debenture Holders

  5. Hayes Third Quarter 1996 Results Reflect Operating Improvements and Restructuring Efforts

  6. The Italian Oven(R) Closes Two Pittsburgh Restaurants

  7. Alpharma reports third quarter and nine month results

  8. EMCON Reports 1996 Third Quarter and Nine Months Results

  9. Forest Oil Corp. reports third quarter 1996 earnings

  10. WRT Energy signs agreement with DLB/Wexford




Granny Goose Foods Acquires Country Club Foods, Inc.: Oakland Company Declared Winner in Auction


OAKLAND, Calif.--Nov. 4, 1996--Granny Goose Foods Inc., the largest snack food manufacturer in California,
last Thursday became the dominant chipmaker west of the Rockies with its acquisition of Country Club Foods,
Salt Lake City.


The deal, valued at more than $17 million, is subject to court approval.


Country Club, a $45 million sales company with a plant in Kaysville, Utah, a suburb of Salt Lake City, and more
than 325 employees, makes and sells the Clover Club, Read Seal and La Famous brands of salted snacks
throughout the Rockies and the Southwest.


The 58-year old company distributes its products in Utah, Wyoming, Idaho, Nevada, Southern California,
Colorado, Arizona and East Texas.


Country Club declared Chapter 11 bankruptcy in November 1995. Granny Goose submitted an offer to purchase
assets of the company in September and was named the wining bidder in an auction held Oct. 31.


"We are pleased and excited at this opportunity to expand Granny Goose and at the same time preserve this fine
company and the jobs its represents for the mountain states economy," said Keith Kim, chairman of Granny
Goose.


"We are confident that with the help of our new employees and suppliers, we can continue the excellent job done
by the turnaround team and continue to supply Country Club customers with superior chips and snacks."


No stranger to turnarounds, Kim and his management acquired Granny Goose in April 1995, literally days before
it was scheduled to close and put some 600 workers on the street. In that last year and a half, the company has
saved more than 500 jobs while doubling sales volume to more than $100 million, and expanding its market to
Los Angeles, the Pacific Northwest and Hawaii.


According to Jack Doty, chief financial officer for Granny Goose, the Country Club purchase will mean projected
1997 sales of $150 million and more than twice the manufacturing capacity for Granny Goose, as well as
substantially increased distribution for the Granny Goose brand in Southern California.


In addition, Granny Goose will introduce its own line of products to those markets. The purchase will assure that
the popular Country club brands will remain on the grocers' shelves in the mountain and southwest regions.


Founded in Oakland in 1946, Granny Goose celebrated its 50th anniversary on Oct. 24.


CONTACT: Granny Goose Foods Inc. Jack Doty, 510/635-5400 or The Amidei Group Neil Amidei,
415/956-2830




DEP Corp. emerges from Chapter 11 Monday and announces change in trading symbol


LOS ANGELES--Nov. 4, 1996--DEP Corp. (NASDAQ/SmallCap:DEPC) announced that under its Second
Amended Plan of Reorganization, modified and confirmed by the Bankruptcy Court on Oct. 23, 1996, the
company Monday emerged from Chapter 11 bankruptcy.


Pursuant to the plan, which became effective Monday, DEP reclassified its existing non-voting Class A and
voting Class B common stock into one class of voting stock, so that all outstanding common shares have identical
voting rights and privileges. DEP Corp.'s common stock will trade on the NASDAQ SmallCap market under the
symbol "DEPC."


The company has 6,793,628 common shares outstanding, which includes 542,488 shares of common stock to be
issued to its lender group Monday under the plan. Stockholders of record and beneficial record holders will not
be required to exchange their shares.


"No action needs to be taken by our shareholders in connection with reclassification," said Robert Berglass,
president and chairman of DEP. "Simply put, both classes of stock have been renamed as common stock, and will
trade under the symbol DEPC."


Additionally, under the plan:


-- DEP Corp. has obtained $62 million in long-term financing at an interest rate of prime plus 2 percent, with a
maturity date of July 31, 2002.

-- The lender group will receive $150,000 in cash in satisfaction of certain post-petition interest claims and
542,488 shares of DEP common stock plus warrants to purchase an additional 330,050 shares at a price to be
determined subsequent to the effective date.

-- DEP will assume approximately $1.150 million in post-petition professional fees and expenses incurred by the
lenders, less payments made during the Chapter 11 proceeding.

-- Monthly payments to the unsecured creditors will commence promptly, with 5 percent interest, continuing over
the next 18 months.


Berglass said: "We are pleased that the company has been able to successfully emerge from bankruptcy in the
shortest possible time. The plan restructures the company's long-term debt to be consistent with our anticipated
cash flow and treats all of our creditors and stockholders fairly.


"I also want to acknowledge the tremendous support the company received from the unsecured creditors
committee, our suppliers, retail customers and employees. With the restructuring behind us, we can now fully
concentrate our attention to the business at hand with the goal of improving stockholder value."


DEP Corp. is a consumer products company that develops, manufactures and markets a wide variety of hair, oral
and skin care products under 10 major brand names: Dep, L.A. Looks, Agree, Halsa, Lilt, Topol, Lavoris,
Natures Family, Porcelana and Cuticura.


The company employs approximately 300 people at its Rancho Dominguez, Calif., headquarters and production
facility. The company filed to restructure under Chapter 11 of the Bankruptcy Code on April 1, 1996.


CONTACT: D. Lee Johnson, 310/604-0777 or Sitrick and Co. Ann Julsen, 310/788-2850




Hawaiian Airlines Reports Third Quarter, Year-To-Date Profits


HONOLULU, Nov. 4, 1996 - Hawaiian Airlines, Inc. (AMEX:HA; Pacific) today reported an operating profit of
$4.6 million on an 8.4 percent increase in operating revenues for the third quarter ended September 30, 1996,
compared to $4.4 million in the year-ago third quarter. The recent period was the company's sixth consecutive
quarter of operating profitability. Year-to-date, the company's operating profit totaled $8.1 million, versus an
operating loss of $2.6 million in the first nine months of 1995.


Net income for the 1996 third quarter of $1.4 million reflects a non-cash charge of $2.4 million for income taxes
recorded during the period. A majority of the tax provision will not require a current or future cash outlay as it
will be offset by net operating loss (NOL) carryforwards available to the company. Net income in the 1995 third
quarter was $3.4 million.


Per share results for the 1996 third quarter and nine months reflect 18.2 million additional shares issued in
connection with the January 31, 1996 investment in the company by Airline Investors Partnership, L.P. (AIP) and,
to a lesser degree, 12.1 million additional shares issued as part of the company's rights and investor offerings
completed in September. Net income per share for the 1996 third quarter was $0.05 on 30.3 million weighted
average fully diluted shares outstanding, including the non-cash charge, compared to $0.33 per share in the
year-ago period on 10.1 million weighted average fully diluted shares. Nine-month net income per share was
$0.08 on 27.4 million shares in 1996 versus a loss per share of $0.57 in 1995 on 9.4 million shares.


Operating revenues increased 8.4 percent to $101.2 million in the 1996 third quarter, boosted by a 7.8 percent
increase in systemwide passenger yield. Nine-month operating revenues for 1996 were $291.3 million, compared
to $254.3 million a year ago, an increase of 14.5 percent. Hawaiian Airlines reported EBITDA of $6.6 million
versus $6.4 million in the 1996 and 1995 third quarters, respectively, and $14.2 million compared to $3.2
million in the 1996 and 1995 year-to-date periods, respectively.


Higher revenues and increased yield in the recent period were offset by an 8.7 percent increase in operating
expenses. Nearly two- thirds of the increase in expenses was associated with a 33.5 percent rise in fuel costs
versus the 1995 period. The higher fuel costs resulted from a combination of a higher industrywide fuel pricing
environment, added fuel tax exp ense and increased flight operations.


Hawaiian Airlines, Inc. President and Chief Executive Officer Bruce R. Nobles commented, "Third quarter and
year-to-date results were a further indication of Hawaiian's solidifying profitability, and were achieved despite
the impact of unfavorable fuel prices during the third quarter. With strengthening operations and an excellent
financial position following our recent successful rights and investor offerings, Hawaiian is positioned to
capitalize on its market opportunities. Our improvement has and will continue to hinge on the concerted team
effort of our employees to increase both the efficiency of our operations and the quality of our product."


For the first nine months of 1996, Hawaiian carried 3.9 million revenue passengers systemwide, an increase of
6.8 percent from 3.7 million during the same period in 1995. Systemwide revenue passenger miles increased
10.5 percent to 2.9 billion from the year-ago period, while available seat miles rose 11.9 percent to 3.8 billion.
Average systemwide load factor decreased one percentage point to 76.0 percent.


Hawaiian Airlines, Hawaii's first and largest airline, provides scheduled and charter air transportation of
passengers, cargo and mail among the islands of Hawaii and between Hawaii and five West Coast gateway cities
and two destinations in the South Pacific. The carrier was recently rated among the top 10 U.S. airlines by
readers of Conde Nast Traveler magazine and among the top five by readers of Travel Leisure magazine.


Additional information about Hawaiian Airlines, including previously issued company news releases, may be
accessed on the Internet at http://www.hawaiianair.com.


                               HAWAIIAN AIRLINES, INC.
                          Condensed Statements of Operations
                        (in thousands, except per share data)
                                     (Unaudited)
        

                                           THREE MONTHS ENDED  NINE MONTHS ENDED
                                              SEPTEMBER 30,      SEPTEMBER 30,
                                            1996       1995     1996     1995
        

         Operating Revenues               $101,213  $ 93,355  $291,284  $254,327
         Operating Expenses                 96,621    88,919   283,192   256,887
         Operating Income (Loss)             4,592     4,436     8,092   (2,560)
        

         Nonoperating Income (Expense)     $ (734)  $(1,073)  $(3,003)  $(2,822)
        

         Income (Loss) Before Income Taxes
          and Extraordinary Gain           $ 3,858   $ 3,363   $ 5,089  $(5,382)
         Income Taxes:
          Current payable                  $ (116)       ---   $ (141)       ---
          Reduction to Excess Reorganization
           Value                           (2,373)       ---   (2,963)       ---
             Total                        $(2,489)       ---  $(3,104)       ---
        

         Net income (Loss) Before
          Extraordinary Gain               $ 1,369   $ 3,363   $ 1,985  $(5,382)
        

         Extraordinary Gain, Net of Income Taxes
          (Currently Payable of $14, Reduction to
          Excess Reorganization Value of $326) ---       ---       340       ---
        

         Net Income (Loss)                  $1,369   $ 3,363   $ 2,325  $(5,382)
        

         Net Income (Loss) Per Common Stock Share:
          Before extraordinary gain          $0.05     $0.33     $0.07  $ (0.57)
          Extraordinary gain,
            net of income taxes                ---       ---      0.01       ---
         Net Income (Loss)
          Per Common Stock Share             $0.05      0.33     $0.08   $(0.57)
        

         Weighted Average Number of Common Stock
          Shares and Common Stock Share Equivalents:
               Primary                       ..$ 30,197 ..$ 10,068 ..$
        27,339  ..$ 9,400
        

               Fully Diluted                 ..$ 30,268 ..$ 10,068 ..$
        27,400   $   N/A
        

            ..  Includes shares reserved for issuance under the Consolidated
        Plan of Reorganization dated September 21, 1993, as amended
        

                               HAWAIIAN AIRLINES, INC.
                                   Statistical Data
                    (in thousands, except as otherwise indicated)
                                     (Unaudited)
        

                                     THREE MONTHS ENDED        NINE MONTHS ENDED
                                        SEPTEMBER 30,            SEPTEMBER 30,
                                          1996       1995        1996       1995
         SCHEDULED OPERATIONS:
         Revenue passengers             1,267       1,218       3,785      3,567
         Revenue passenger miles      856,422     855,459   2,514,581  2,327,459
         Available seat miles       1,176,425   1,132,989   3,421,991  3,106,753
         Passenger load factor          72.8%       75.5%       73.5%      74.9%
         Revenue ton miles             99,549      98,417     294,311    266,881
         Revenue plane miles            4,789       4,712      14,289     12,982
         Passenger revenue
          per passenger mile (in cents)  10.1         9.3         9.8        9.4
        

         OVERSEAS CHARTER OPERATIONS:
         Revenue passengers                48          46         141        108
         Revenue passenger miles      130,086     127,720     385,558    297,430
         Available seat miles         133,399     132,675     396,160    305,656
        

SOURCE Hawaiian Airlines, Inc./CONTACT: Tiffany Chaiko of Hill and Knowlton Hawaii Inc., 808-521-5391;
or Keoni Wagner, Sr. Director - Corporate Communications of Hawaiian Airlines, 808-838-6778/




Autolend Opposes Petition for Debenture Holders


ALBUQUERQUE, N.M., Nov. 4, 1996 - Autolend Group, Inc. (OTC Bulletin Board: AUTL) today announced
that four holders of the Company's outstanding 9.59% Convertible Subordinated Debentures due September, 1997
filed an Involuntary Petition in Bankruptcy against the Company in the United States Bankruptcy Court, District of
New Mexico, late on November 1, 1996, alleging that the Company is generally not paying its debts as they
became due. The Company denies the allegation and is filing an answer in the Bankruptcy Court in an effort to
have the petition dismissed. The Company reported that it is paying all of its debts as they become due but, as
previously disclosed, has not paid the interest on the debentures because the Company has made an offer to
exchange shares of its common stock and preferred stock for all of the outstanding Debentures, including the
interest due in September 1997. The exchange offer was made on October 27, 1996 and remains outstanding.


The Company is vigorously opposing this petition and expects to continue the exchange offer to its completion.


The Company also received a Notice of Default in the payment of the interest due on the Debentures held by the
same debenture holders. The Company has ten days from the notice to cure the default.


SOURCE Autolend Group, Inc./CONTACT: Nunzio DeSantis, Autolend, 505-768-1000/




Hayes Third Quarter 1996 Results Reflect Operating Improvements and Restructuring Efforts


ATLANTA, GA - Nov. 4, 1996 - Hayes Microcomputer Products, Inc. today announced that revenue and net
income declined during the quarter ended September 30, 1996, compared with the same period a year earlier.
The company also recorded a one-time restructuring charge of $6.5 million in connection with the manufacturing
efficiency-related closure of its California plant.


The company lost $9.1 million after tax, on worldwide revenues of $55.2 million in Q3 1996. This compares
with a loss of $8.0 million on revenues of $72.3 million in the same quarter of 1995. The revenue decline in the
third quarter was due primarily to erosion in realized prices in the marketplace, and a downward revaluation of
in-channel inventories.


However, the company's gross margins, and net inventory improved significantly during the quarter. Gross
margins increased to 18.3 percent this past quarter, from 15.6 percent in the third quarter of 1995. The company's
net inventory declined to $30.6 million on September 30, 1996, compared to $40 million on September 30, 1995.


For the nine months ending September, 1996, the company lost $419,000 on revenues of $201.2 million versus a
loss of $10.7 million on revenues of $197.0 million during the first nine months of 1995.


On an operating basis, the company lost $8.3 million in the third quarter of 1996 versus a loss of $2.7 million in
the third quarter of 1995. This figure includes approximately $3.8 million of raw materials and work-in- process
inventory revaluation adjustments that management believes are prudent given the dynamic cost environment in
the personal computing industry.


For the nine months, Hayes operating income was $178,000 in 1996 versus a loss of $829,000 in 1995.


"The September quarter was an important rite of passage in creating the Hayes comeback," commented Joseph
Formichelli, Hayes President and Chief Executive Officer. "It was our first full quarter following our emergence
from Chapter 11 reorganization. We focused all our energy on improving our gross margins by becoming a more
efficient designer and manufacturer.


"We also chose to use this quarter of modem industry slowness to take the appropriate financial measure
associated with restructuring. As a result, we are in a stronger competitive position, with low inventories, higher
gross margins and a stronger cash position going into the traditionally faster-paced fourth quarter."


"The pace of technological innovation is, once again, getting faster here at Hayes," remarked Dennis C. Hayes,
the company's founder and Chairman of the Board. "During the past quarter, we moved all of our general purpose
modem products up to the new 33.6 kbps standard. We also were the first modem manufacturer to announce its
support of the emerging 56 kbps Internet access speed. As we continue to focus on new access speeds, remote
access servers and multimedia conferencing, Hayes is poised to capture a meaningful share of the emerging
Virtual Workplace market."


Based in Norcross, Georgia, Hayes markets its ACCURA(TM), OPTIMA, and Practical Peripherals(TM) brands
of modems and terminal adapters, CENTURY(TM) remote connectivity system products, and Smartcom(TM)
communications software worldwide. Hayes introduced the PC modem in 1981. Today, with distributors in more
than 45 countries, it is one of the largest manufacturers of modems in the world.


Hayes, the Hayes logo, OPTIMA, ACCURA, Smartcom, CENTURY, and Practical Peripherals are trademarks or
registered trademarks of Hayes Microcomputer Products, Inc. Other trademarks are trademarks of their
respective companies.


SOURCE Hayes Microcomputer Products, Inc./CONTACT: Marshall Toplansky, Hayes Microcomputer
Products, Inc., 847-509-4802, or Internet: toplanskyaol.com/




The Italian Oven(R) Closes Two Pittsburgh Restaurants


LATROBE, Pa., Nov. 4, 1996 - The Italian Oven, Inc. (Nasdaq: OVEN) today announced the closing of two
corporately-owned restaurants. According to J. Garvin Warden, interim chief executive officer, those restaurants,
located at 1700 Penn Avenue in the Strip District, and 3537 Washington Road in Peters Township, "failed to
meet the minimum required profitability and performance criteria."


At this time, according to Mr. Warden, "no additional restaurants are slated to close but, as with every business,
each unit is evaluated on a regular basis."


As previously announced, the Company continues to pursue its financial reorganization under the protection of the
U.S. Bankruptcy Code.


The Italian Oven(R) Restaurant is a casual-dining, family- oriented restaurant chain that provides customers with
high-quality, Italian-style food at reasonable prices. There are currently 92 restaurants - 19 company-owned and
73 franchise - operating in 17 states and Australia.


SOURCE The Italian Oven, Inc. /CONTACT: Michael B. Understein, Chief Operating Officer, or, J. Garvin
Warden, Interim Chief Executive Officer, of The Italian Oven, 412- 537-5380/




Westinghouse Reports Third Quarter Results


- Profit Growth In Radio Accelerates


- Television Network Beginning To Show Improvement


- $800 Million In New Power Systems Orders In The Quarter


PITTSBURGH, PA - Nov. 4, 1996 - Westinghouse Electric Corporation (NYSE: WX) reported income from
continuing operations for the quarter of $2 million, or zero cents per share, compared to $27 million, or $.04
cents per share, in the year-ago quarter. The company reported a net loss of $28 million for the current quarter,
including a $30 million after-tax extraordinary loss from a non-cash write-off of deferred financing fees for the
early extinguishment of debt. The company's $7.5 billion credit facility was replaced during the quarter with a
new $5.5 billion bank revolving credit facility with significantly more favorable terms.


For the first nine months of 1996, Westinghouse had net income of $64 million compared to net income of $22
million in the year-ago period. A gain on the sale of the defense electronics business, partially offset by special
charges, favorably affected the 1996 results by $161 million. The first nine months of 1995 included an
unfavorable impact of $86 million from several special items.


Westinghouse/CBS Group

Westinghouse's broadcasting group reported sales of $910 million compared to $166 million last year and
earnings before interest, taxes, depreciation, and amortization (EBITDA) of $149 million, compared to $53
million in the year-ago quarter. These comparisons do not include CBS in last year's third quarter.


Proforma Results: Compared to the year-ago quarter, CBS sales were up approximately 2 percent. Excluding the
benefit from purchase price accounting, EBITDA fell 12 percent from last year. Although television station
EBITDA declined due to the effects of lower ratings and affiliation switches, considerable progress is being
made in reducing costs and strengthening the performance of major market stations. At the television network,
EBITDA declined from the year-ago quarter, primarily due to higher costs associated with coverage of the
presidential election, advertising and promotion for the new primetime season, and affiliate compensation. These
costs were partially offset by syndication income. In the radio business, a 14 percent rise in sales outpaced the
market. Higher sales coupled with cost improvements drove a 52 percent increase in EBITDA.


In commenting on the broadcasting business, Michael H. Jordan, the company's chairman and chief executive
officer, said, "We are pleased with the launch of our new primetime season. CBS has increased viewership
among households and has grown target demographics. This improved network performance, our increased focus
on station operations and cost reduction programs will drive stronger results at the TV stations. Our radio
stations continue to far exceed our expectations, both in revenue growth and profitability. We expect to build on
this performance as we look forward to our merger with Infinity Broadcasting."


The Industries and Technology Group

Sales in the Industries and Technology Group were up slightly while operating profits were down compared to
the third quarter of last year. In power systems, which accounts for about two-thirds of the group's revenues,
approximately $800 million in new orders were received during the quarter.


Revenues in power systems increased significantly during the quarter; however, profits were equal to last year
due to changes in the sales mix and lower prices in the equipment backlog. Although a strong fall outage season is
anticipated, Power Systems' profitability for the year is likely to be below expectations, due to the profit shortfall
in the first half. New equipment orders are expected to remain strong.


Thermo King had a solid quarter largely due to aggressive cost reduction programs implemented during the last
two years. The third quarter also yielded a 6 percent increase in orders. The business achieved slightly higher
operating profit despite a 12 percent decline in sales resulting from weak truck and trailer markets.


In the government operations unit, operating profit was adversely affected by the timing of award fees and bid
and proposal costs.


"While operating profits in our Power Systems businesses continue to be depressed, we are very encouraged by
our increasing installed base and growing market share. I'm particularly pleased with Thermo King's success in
driving profitability despite soft market conditions," Mr. Jordan said.


                            WESTINGHOUSE ELECTRIC CORPORATION
                                   EARNINGS INFORMATION
                                      THIRD QUARTER
                                       (unaudited)
        

        (in millions except per share data)
        

                                 Three Months Ended           Nine Months Ended
                                      Sept. 30                    Sept. 30
                                  1996          1995         1996          1995
        Sales and operating
         revenues               $2,040        $1,284       $6,220        $3,931
        Operating costs and
         expenses               (1,956)       (1,330)      (7,022)       (3,855)
        Operating profit (loss)     84           (46)        (802)           76
        Other income and
         expenses, net              25           136         (114)          135
        Interest expense          (103)          (43)        (358)         (138)
        Income (loss) from
         Continuing Operations
         before income taxes and
         minority interest           6            47       (1,274)           73
        Income taxes                (2)          (19)         427           (24)
        Minority interest           (2)           (1)          (4)           (6)
        Income (loss) from
         Continuing Operations       2            27         (851)           43
        Income (loss) Discontinued
         Operations                ---           (79)       1,008           (21)
        Extraordinary item:
          Loss on early
           extinguishment of debt  (30)          ---          (93)          ---
        Net Income (loss)         $(28)         $(52)         $64           $22
        Average shares outstanding 444           409          442           403
        Earnings (loss) per
         common share:
          Continuing Operations  $0.00         $0.04       $(1.93)        $0.02
          Discontinued
           Operations            $0.00        $(0.19)       $2.28        $(0.05)
          Extraordinary Item    $(0.06)        $0.00       $(0.21)        $0.00
          Earnings (loss) per
           common share         $(0.06)       $(0.15)       $0.14        $(0.03)
        

                     SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
                      NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
                    (in millions except per share amounts) (unaudited)
        

                              Nine Months Ended            Nine Months Ended
                                Sept. 30, 1996              Sept. 30, 1995
        

                             Pre-Tax  After-Tax Per-sharePre-Tax  After-Tax
        Per-share
        

                          Amount     Amount  Impact   Amount    Amount   Impact
        Continuing
         Operations:
        Operating Profit:
         Restructuring     $(125)       ---     ---     $(77)      ---      ---
         Litigation matters (486)       ---     ---      (45)      ---      ---
         Impairment of assets(54)       ---     ---      ---       ---      ---
         Environmental
          remediation
          activities        (175)       ---     ---      ---       ---      ---
         Contract accounting
          adjustments       (128)       ---     ---      ---       ---      ---
         Other               (30)       ---     ---      ---       ---      ---
        

           Total impact on
            operating profit(998)     $(663)    ---     (122)     $(76)     ---
        

        Other income and
         expense:
          Gain on the sale of
           an investment     ---        ---     ---      115       ---      ---
          Loss on assets held
           for sale         (152)       ---     ---      ---       ---      ---
        

          Total impact on
           other income
           & exp.           (152)      (101)    ---      115        66      ---
        

          Total impact on
           Continuing
           Operations    $(1,150)      (764)  $(1.73)    $(7)      (10)  $(0.03)
        

        Discontinued Operations:
        Estimated loss on
         disposal of WCI
         Communities, Inc.   ---        ---     ---      ---       (76)     ---
        Estimated loss on
         disposal of
         environmental
         services business   ---       (146)    ---      ---       ---      ---
        Gain on disposal of
         the defense and
         electronic systems
         business and Knoll  ---      1,164     ---      ---       ---      ---
        

          Net gain (loss) on
           disposal of
           businesses        ---      1,018     2.30     ---       (76)  $(0.19)
        

        Extraordinary Item:
        Loss on early
         extinguishment of
         debt                ---        (93)   (0.21)    ---       ---      ---
        

        Net amount of
         special items       ---       $161    $0.36     ---      $(86)  $(0.22)
        

                                 Segment Information
                                    Third Quarter
                             ($ in millions) (unaudited)
        

                                Three Months Ended            Nine Months Ended
                                   September 30                 September 30
                                    1996   1995   % Change    1996    1995
        % Change
        

        Broadcasting
         TV
              Sales                 169      82     106.1%     583     246
        137.0%
        

          Operating Profit
               (Loss)                47      26      80.8%     191      94
        103.2%
        

          OP (Loss) without
               Special Items         47      26      80.8%     191      94
        103.2%
        

          EBITDA without
               Special Items         58      30      93.3%     227     103
        120.4%
        

         Network
          Sales                 550     ---        N/A   1,997     ---       N/A
          Operating Profit
           (Loss)                24     ---        N/A     111     ---       N/A
          OP (Loss) without
           Special Items         24     ---        N/A     111     ---       N/A
          EBITDA without
           Special Items         39     ---        N/A     156     ---       N/A
        

         Radio
              Sales                 136      42     223.8%     402     135
        197.8%
        

          Operating Profit
               (Loss)                42      12     250.0%     109      35
        211.4%
        

          OP (Loss) without
               Special Items         42      12     250.0%     109      35
        211.4%
        

          EBITDA without
               Special Items         50      16     212.5%     135      47
        187.2%
        

         Other Broadcasting
              Sales                  55      42      31.0%     146     119
        22.7%
        

          Operating Profit
               (Loss)               (31)      5    -720.0%    (135)     10
        -1450.0%
        

          OP (Loss) without
               Special Items        (31)      5    -720.0%     (94)     10
        -1040.0%
        

          EBITDA without
               Special Items          2       7     -71.4%       8      16
        -50.0%
        

        Total Broadcasting
              Sales                 910     166     448.2%   3,128     500
        525.6%
        

          Operating Profit
               (Loss)                82      43      90.7%     276     139
        98.6%
        

          OP (Loss) without
               Special Items         82      43      90.7%     317     139
        128.1%
        

          EBITDA without
               Special items        149      53     181.1%     526     166
        216.9%
        

                                 Segment Information
                                    Third Quarter
                             ($ in millions) (unaudited)
        

                                Three Months Ended            Nine Months Ended
                                   September 30                 September 30
                                    1996   1995   % Change    1996    1995
        % Change
        

        Power Systems(A)
              Sales(B)              769     667      15.3%   1,959   1,980
        -1.1%
        

          Operating Profit
               (Loss)               ---     (71)    100.0%    (592)   (113)
        -423.9%
        

          OP (Loss) without
               Special Items        ---       3    -100.0%     (88)    (33)
        -166.7%
        

          EBITDA without
               Special Items         14      28     -50.0%     (27)     40
        -167.5%
        

         Thermo King
              Sales                 237     271     -12.5%     759     828
        -8.3%
        

          Operating Profit
               (Loss)                46      45       2.2%     137     136
        0.7%
        

          OP (Loss) without
               Special Items         46      45       2.2%     137     136
        0.7%
        

          EBITDA without
               Special Items         49      50      -2.0%     148     149
        -0.7%
        

         Government Operations
              Sales                  27      38     -28.9%      78      99
        -21.2%
        

          Operating Profit
               (Loss)                18      25     -28.0%      49      59
        -16.9%
        

          OP (Loss) without
               Special Items         18      25     -28.0%      49      59
        -16.9%
        

          EBITDA without
               Special Items         19      26     -26.9%      52      60
        -13.3%
        

         Communications &
          Information Systems
               Sales                 83      79       5.1%     251     230
        9.1%
        

           Operating Profit
                (Loss)               (6)    ---        N/A     (48)      1
        -4900.0%
        

           OP (Loss) without
                Special Items        (6)      3    -300.0%      (7)      4
        -275.0%
        

           EBITDA without
                Special Items         4       6     -33.3%      22      12
        83.3%
        

        Total Industries &
         Technology
               Sales(B)           1,116   1,055       5.8%   3,047   3,137
        -2.9%
        

           Operating Profit
                (Loss)               58      (1)   5900.0%    (454)     83
        -647.0%
        

           OP (Loss) without
                Special Items        58      76     -23.7%      91     166
        -45.2%
        

           EBITDA without
                Special Items        86     110     -21.8%     195     261
        -25.3%
        

        (A)  Includes Energy Systems and Power Generation
        (B)  First quarter 1996 sales were reduced by a $180 million one-time
              adjustment to previous accounting for certain long-term contracts.
        

                                   Segment Information
                                      Third Quarter
                               ($ in millions) (unaudited)
        

                                 Three Months Ended          Nine Months Ended
                                    September 30                September 30
                                    1996    1995  % Change    1996     1995
        % Change
        

         Corporate & Other
              Sales                  31      85     -63.5%      98     357
        -72.5%
        

          Operating Profit
               (Loss)               (56)    (88)     36.4%    (624)   (146)
        -327.4%
        

          OP (Loss) without
               Special Items        (56)    (49)    -14.3%    (212)   (107)
        -98.1%
        

          EBITDA without
               Special Items        (53)    (41)    -29.3%    (198)    (84)
        -135.7%
        

             Intersegment Sales     (17)    (22)     22.7%     (53)    (63)
        15.9%
        

        Total Continuing
         Operations
              Sales(A)            2,040   1,284      58.9%   6,220   3,931
        58.2%
        

          Operating Profit
               (Loss)                84     (46)    282.6%    (802)     76
        -1155.3%
        

          OP (Loss) without
               Special Items         84      70      20.0%     196     198
        -1.0%
        

          EBITDA without
               Special Items        182     122      49.2%     523     343
        52.5%
        

        (A)  First quarter 1996 sales were reduced by a $180 million one-time
              adjustment to previous accounting for certain long-term contracts.
        

SOURCE Westinghouse Electric Corporation/CONTACT: Kevin Ramundo of Westinghouse Electric,
412-642-4989/




Alpharma reports third quarter and nine month results


FORT LEE, N.J.--Nov. 4, 1996--Alpharma Inc. (NYSE: ALO) today reported that earnings per share from
operations, on a fully diluted basis for the nine months ended September 30, 1996 were $.40 compared to $.52 in
1995. Revenue for nine months in 1996 was $371.5 million compared to $382.3 million in 1995. Earnings per
share from operations on a fully diluted basis for the quarter ended September 30, 1996 were $.00 compared to
$.20 in 1995. Revenue for the three months in 1996 was $122.4 million compared to $132.4 million in 1995.
Operating results for the nine months and third quarter of 1996 include a loss of approximately $.06 per share
resulting from the bankruptcy of [FoxMeyer Corporation, et al.,] a major pharmaceutical wholesaler in the United
States.


The nine and three month earnings per share from operations reported above in both 1996 and 1995 exclude the
net benefits and charges, which are not considered by the Company as part of operating results, resulting
primarily from major rationalizations of production capabilities, reorganizations in sales and marketing and the
sale of certain non strategic assets. Including all these amounts, earnings per share for the nine months in 1996
were $.01 compared to $.60 in 1995 and $.00 for the third quarter of 1996 compared to $.28 in 1995.


Commenting on the release, Einar W. Sissener, Chief Executive Officer of Alpharma Inc. said, "As we have
previously discussed, the drop in third quarter revenue and profit for Alpharma is attributable to a number of
factors. Our U.S. Pharmaceutical and Animal Health operations have been heavily influenced by industry related
factors. At the same time, there has been some weakness in our other businesses.


"Our U.S. Pharmaceuticals results have been negatively affected by the loss suffered from the bankruptcy of a
major wholesaler in the third quarter and a rapidly emerging fundamental shift in industry distribution, purchasing
and stocking patterns in the U.S. pharmaceutical industry. In the third quarter alone, this shift has resulted in a
drop in our overall sales volume in this Division of approximately 20%, and a volume drop of over 50% to
generic drug distributors which have represented an important but declining part of our base business. Programs
recently initiated by national wholesalers in the U.S. have accelerated these shifts and have also fueled a trend of
lower prices. As the industry adjusts to these changes, we anticipate our volume may continue to decline, at least
in the near term, and we have adjusted our production accordingly resulting in higher per unit costs. These
fundamental market changes should accelerate industry consolidation and we are aggressively reevaluating all
our practices in order to best position ourselves to benefit from these changes over time.


"Our Animal Health Division has been negatively impacted by the difficult conditions in the U.S. market directly
and indirectly related to historically high grain prices. Grain prices have come down since the second quarter
although they remain relatively high. High grain prices and related industry trends have put pressure on pricing. In
response, we are also actively reevaluating all of our business practices in this segment of our business.


"In addition to the above factors, our International Pharmaceuticals and Fine Chemicals Divisions have
experienced small sales declines in the third quarter and may not achieve operating results for the fourth quarter
in excess of last year.


"Accordingly, considering all of the factors that are affecting the Company, we currently estimate that fourth
quarter net income from operations for Alpharma may be break even or a loss. We also expect some additional
charges, which we do not consider part of operating results, in the fourth quarter from the reevaluation of
business practices and production rationalization activities in progress.


"While in the short term the cumulative impact of these factors on our results is severe, I continue to be
encouraged by the progress of the aggressive actions we have taken this year to strengthen the overall competitive
position of Alpharma. We are on schedule in the important rationalization of production in our U.S.
Pharmaceuticals Division that will significantly improve our cost structure beginning in the first quarter of 1997.
A similar rationalization in our International Pharmaceuticals Division is well underway which will bring further
cost improvements beginning in 1998. We have also reorganized sales and marketing in some divisions and are
aggressively continuing these and other reorganization related efforts.


"As we work our way through significant changes in the industries we serve, I am confident that the leadership
positions we have built and actions we are taking to strengthen the Company place Alpharma in an excellent
position to succeed."


Alpharma has approximately 2800 employees worldwide and is a multinational pharmaceutical company
developing, manufacturing and marketing specialty generic and proprietary human pharmaceutical and animal
health products. Alpharma is the largest manufacturer of generic liquid and topical pharmaceuticals in the U.S.,
has an established and growing market position in finished pharmaceuticals in Europe and the Far East, is a basic
manufacturer of important specialty antibiotics, and is recognized worldwide as a leading provider of animal
health feed additives for poultry and livestock, and vaccines for farmed fish.


Note:

Statements made in this press release include forward-looking statements made pursuant to the safe harbor
provisions of the Securities Litigation Reform Act of 1995. Such statements involve certain risks and
uncertainties that could cause actual results to differ materially from those in the forward looking statements.
Among other things, expectations for the 1996 fourth quarter are based on assumptions which management
believes to be reasonable at this time including assumptions concerning the price and number of competitors for
Alpharma's products and the volume and product mix of sales. Information on other significant potential risks and
uncertainties not discussed herein may be found in the Company's filings with the Securities and Exchange
Commission including its Form 10Q for the quarter ended June 30, 1996 and September 30, 1996 ( which will be
filed by November 14, 1996 ) and Form 10K for the year ended December 31, 1995.


                              ALPHARMA INC.
                    CONSOLIDATED STATEMENT OF INCOME
                              (Unaudited)
                 (In thousands, except per share data)
        

                          Three Months Ended        Nine Months Ended
                             September 30,            September 30,
                          1996         1995(b)     1996(a)       1995(b)
        

        Total revenue       $122,438      $132,375    $371,467
        $382,272
        Cost of sales         74,050        80,252     218,803
        225,056
        Gross profit          48,388        52,123     152,664
        157,216
        Selling, general and
         administrative
         expenses             42,980        37,061     137,104
        118,931
        Operating income       5,408        15,062      15,560
        38,285
        Interest expense      (4,920)       (5,605)    (14,930)
        (16,864)
        Other income (expense),
         net                    (184)          366         120
        (215)
        Income before provision for
         income taxes            304         9,823         750
        21,206
        Provision for income
         taxes                   275         3,654         446
        8,058
        Net income         $      29      $  6,169    $    304       $
        13,148
        

        Average common shares outstanding:
         Primary              21,852        21,799      21,772
        21,783
         Fully diluted        21,852        22,012      21,772
        21,996
        

        Earnings per common share:
         Primary          $     .00      $     .28   $     .01       $
        .60
         Fully diluted    $     .00      $     .28   $     .01       $
        .60
        

        Dividends per 
         common share     $    .045      $    .045   $    .135       $
        .135
        

        (a) 1996 nine months selling, general and administrative expenses
        include pre-tax charges and expenses of approximately $14,000 (after
        

        tax $8,700 or ($.39) loss per share) for severance and major 
        production rationalization actions
        (b) 1995 three and nine months include net income of $1,800 (.08
        per share) resulting from post combination management actions.  
       
                             ALPHARMA INC.         
                           FINANCIAL POSITION
                             (In thousands)
             

                      September 30, 1996      December 31, 1995
                         (unaudited)              (audited)
        

        Current assets        $261,876                 $282,886
        Non-current assets     337,838                  351,967
        Total assets          $599,714                 $634,853
        Current liabilities   $157,020                 $169,283
        Long-term debt         209,527                  219,451
        Deferred taxes and
         other liabilities      34,633                   40,929
        Stockholders' equity   198,534                  205,190
        Total liabilities and                   
         stockholders' equity $599,714                 $634,853
        

       

CONTACT: Alpharma Inc., Fort Lee Iris D. Daniels, 201/947-7774 or Morgen-Walke, New York Donna N.
Stein, 212/850-5600




EMCON Reports 1996 Third Quarter and Nine Months Results


SAN MATEO, Calif.--Nov. 4, 1996--EMCON (NASDAQ:MCON), a nationwide provider of integrated
environmental engineering, management, construction and operations services, today announced results for its
third quarter and for the nine months ended Sept. 30, 1996.


The Company reported net revenue of $31.6 million in the third quarter, an increase of 18.5 percent from the
$26.6 million of net revenue reported in the third quarter of 1995. Net income for the quarter was $259,000, or
$0.03 per share, versus $650,000 or $0.08 per share in the third quarter of last year.


For the nine months ended Sept. 30, 1996, the Company reported net revenue of $86.7 million, an increase of 9
percent over the $79.4 million reported in the first nine months of the prior year. Income from operations for the
first nine months of 1996 was $1.5 million versus $2.3 million in the comparable period in 1995. Net income
was $658,000, or $0.08 per share, compared with $1.8 million, or $0.22 per share, reported in the first nine
months of 1995.


At Sept. 30, 1996, the Company had total current assets of $51.1 million, working capital of $35.5 million and
cash and cash equivalents of $5.2 million.


Operating Highlights


Commenting on the quarter, Eugene M. Herson, President and Chief Executive Officer noted, "We continue to be
extremely pleased by the contribution to revenues and profitability from our acquisition of Organic Waste
Technologies (OWT) earlier this year. We expect that OWT will continue to be a major contributor to our
growth. With the acquisition of OWT and the recent repurchase of the EMCON-developed leachate processing
technology and our traditional expertise in this area, we now have the ability to provide an unequaled array of
solid waste engineering, consulting, construction and operation and maintenance services."


"Despite our favorable results from OWT, EMCON continues to experience disappointment in our Laboratories
and Consulting divisions. As previously stated, we anticipate continued softness in these divisions through the
remainder of 1996. We continue to aggressively move to reposition the Company to deal with the changing
market realities in our traditional business lines. At the same time, we continue to focus on controlling costs and
streamlining our operations to provide greater long-term results," Herson concluded.


Please Note: This release contains forward-looking statements regarding continued EOC growth, ongoing success
with the restructuring program, and potential growth in the operations and construction market. These statements
involve risks and uncertainties, including but not limited to success of new management and demand for
environmental services.


Management reminds the reader that market trends are always subject to changes which could adversely affect
expected growth. For a complete discussion of associated risks, please refer to the Company's recent forms 10-K
and 10-Q.


EMCON is a nationally recognized firm providing services in environmental engineering, waste management, air
and water quality management, occupational health and safety, and construction and operations. Established in
1971, EMCON offers its environmental services from more than 40 offices nationwide to private and public
sector clients in the United States and abroad.


                                        EMCON 
                              CONSOLIDATED BALANCE SHEETS
                         (In thousands, except share amounts)
        

                                             Sept 30,     Dec. 31, 
                                              1996          1995
                                           (Unaudited)   (Audited)
        

        ASSETS  
        Current Assets:  
        Cash and cash equivalents              $   5,183    $   9,451
        Marketable securities                         --          501
        Accounts receivable, net of allowance
         for doubtful accounts of $1,162
         and $1,052 at Sept. 30, 1996
         and Dec. 31, 1995, respectively          40,876       34,925
        Prepaid expenses and other current assets  5,053        3,066
            

          Total Current Assets                    51,112       47,943  
        Net property and equipment, at cost       21,522       16,690
        Other assets                               4,938        3,579
        Deferred tax assets                        1,823        1,677  
        

        Intangible assets, net of amortization    21,247        8,747
        

        Total Assets                            $100,642     $ 78,636 
        

        LIABILITIES AND SHAREHOLDERS  EQUITY    
        Current Liabilities:
        Accounts payable                      $    5,183    $   4,174
        Accrued payroll and
         related benefits                          6,760        4,975
        Other accrued liabilities                  2,044        2,109  
        Non-current obligations
         due within one year                       1,647          372      
           

          Total Current Liabilities               15,634       11,630 
        Non-current obligations                   18,368        1,700
        Commitments and contingencies                 --           --
        

        Shareholders  Equity: 
        Preferred stock, no par value,
         5,000,000 shares authorized;
         no shares issued or outstanding              --           --
        Common stock, no par value,
         15,000,000 shares authorized;
         8,528,454 and 8,329,343 shares issued
         and outstanding at Sept. 30, 1996 and
         Dec. 31, 1995, respectively              42,064        41,401
        Retained earnings                         24,576        23,918
        Unrealized losses on
         marketable securities                        --           (13)   
        Total Shareholders' Equity                66,640         65,306    
        Total Liabilities and
         Shareholders Equity                    $100,642       $ 78,636
        

                                     EMCON
                       CONSOLIDATED STATEMENTS OF INCOME
                                  (Unaudited)
                    (In thousands, except per share amounts)  
        

                                  Three Months Ended   Nine Months Ended
                                      Sept. 30,            Sept. 30,
                                   1996       1995      1996       1995  
        

        Gross revenue              $ 36,416   $ 32,106  $100,861   $ 93,591
        Outside services, at cost     4,856      5,470    14,152     14,226
        

         Net revenue                 31,560     26,636    86,709     79,365
        

        Costs and expenses: 
         Direct expenses             14,894     10,237    37,613     30,273
         Indirect expenses           16,084     15,608    47,605     46,763
        

        Income from operations          582        791     1,491      2,329
        

        Interest income (expense), net (266)        71      (565)       166 
        Equity in income
         (loss) of affiliates            83        ( 3)       86        (53)
        

        Income before provision
         for income taxes               399        859     1,012      2,442
        

        Provision for income taxes      140        209       354        684
        

        Net income                   $  259    $   650    $  658   $  1,758
        

        Income per share             $ 0.03    $  0.08    $ 0.08   $   0.22
        

                

CONTACT: EMCON R. Michael Momboisse, 415/375-1522 or Financial Relations Board Catherine Roberts,
415/986-1591 (investors) Lisa Horn Chainey, 415/986-1591 (general info.)




Forest Oil Corp. reports third quarter 1996 earnings


DENVER, CO--Nov. 4, 1996--Forest Oil Corporation announced today net earnings of $879,000 and net
earnings attributable to common stock after preferred stock dividends of $340,000 or $.01 per share for the third
quarter of 1996, compared to a net loss of $6.6 million and a net loss attributable to common stock of $7.1
million or $.84 per share for the third quarter of 1995.


For the first nine months of 1996, Forest's net loss was $2.4 million and the net loss attributable to common stock
was $4.0 million or $.17 per share, compared to a net loss of $14.5 million and a net loss attributable to common
stock of $16.1 million or $2.44 per share for the first nine months of 1995. The improved results for the third
quarter and first nine months of 1996 were attributable primarily to increased natural gas and liquids prices as
well as increased production resulting from significant Canadian acquisitions completed in December 1995 and
January 1996.


Oil and gas sales revenue increased 81% to $31.5 million for the third quarter of 1996, and increased 46% to
$88.1 million for the first nine months of 1996. The increases are attributable to higher production as a result of
the Canadian acquisitions and slightly increased product prices.


Production volumes for natural gas in the third quarter of 1996 and first nine months of 1996 increased 44% and
19%, respectively, over the comparable 1995 periods. Production volumes for liquids were 155% and 109%
higher in the third quarter and first nine months of 1996, respectively, than in the comparable 1995 periods.


Oil and gas production expense was $7.4 million in the third quarter of 1996 and $23.2 million in the first nine
months of 1996, representing increases of 37% and 40% over the comparable periods of 1995, due primarily to
production increases. On a per unit basis, production expenses were $.48 and $.55 per mcfe during the third
quarter and first nine months of 1996, respectively, versus $.57 and $.53 per MCFE in the comparable periods in
1995.


General and administrative expense increased 68% to $3.2 million in the third quarter of 1996 and increased
65% to $9.5 million in the first nine months of 1996 as compared to $1.9 million in the third quarter of 1995 and
$5.8 million in the first nine months of 1995.


The increase is due to the addition of Canadian operations, which increased Forest's salaried workforce to 180 at
September 30, 1996 compared to 115 at December 31, 1995. Interest expense decreased 13% to $5.8 million for
the third quarter of 1996 and decreased 6% to $18 million for the first nine months of 1996.


Depreciation and depletion expense increased 65% to $16.9 million for the third quarter of 1996 and increased
30% to $43.9 million for the first nine months of 1996 from the comparable periods of 1995. On a per-unit basis,
depletion expense was approximately $1.03 per mcfe in the third quarter of 1996 and $.98 per mcfe in the first
nine months of 1996 compared to $1.07 per mcfe for the third quarter of 1995 and $1.06 for the first nine months
of 1995.


The decrease in per unit depletion expense results from the addition of lower cost Canadian production, partially
offset by higher anticipated future costs in the U.S. due to increased costs for services.


Income tax expense increased to $3.3 million in the first nine months of 1996 from zero a year ago. The increase
is due to Canadian income tax expense. Forest's U.S. operations remain non-taxable.


Robert Boswell, president and chief executive officer, stated "The third quarter was extremely strong due to
better than anticipated production volumes from our High Island 116 discovery and higher than anticipated
production in Canada."


"The upward trend in the company's results should continue as other 1996 Gulf of Mexico discoveries are
brought onstream. In addition, we are currently evaluating an oil discovery in Canada which may increase
production in the coming quarters. As of today, our capitalization is about 25% leveraged on a market cap basis,
and we intend to remain aggressive in our capital spending as long as product prices remain in their current up
cycle."


"Cash flow for the third quarter was $17.6 million or $.68 per share, up substantially from $3.6 million or $.43
per share in the third quarter last year. We have been very successful in improving the operating results of the
company and believe this trend will continue if the product price environment remains constant."


The following pro forma capitalization table reflects the JEDI/Anschutz transaction that was announced on
October 29, 1996:


                                                   Pro Forma
                                                  Capitalization
                                               September 30, 1996
                                                  (In Thousands)
         

              Bank debt                            $ 45,028
              Production payment obligation          11,634
              Subordinated debentures                99,407
              Deferred revenue                        8,569
              Minority interest                       8,547
              Shareholders' equity                  237,835
         

                Total capitalization               $411,020
         

This news release includes forward looking statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that its
expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved.


Important factors that could cause actual results to differ materially from those in the forward looking statements
herein include the timing and extent of changes in commodity prices for oil and gas, the need to develop and
replace reserves, environmental risks, drilling and operating risks, risks related to exploration and development,
uncertainties about the estimates of reserves, competition, government regulation and the ability of the company to
meet its stated business goals.


Forest Oil Corporation is engaged in the acquisition, exploration, development, production and marketing of
natural gas and crude oil in North America. Forest's principal reserves and producing properties are located in
the Gulf of Mexico, Texas, Oklahoma and Canada. Forest's common and preferred stocks are traded on the
Nasdaq National Market tier of the Nasdaq Stock Market under the FOIL and FOILO symbols, respectively.


                                FOREST OIL CORPORATION
                         Condensed Consolidated Balance Sheets
                                      (Unaudited)
                                           

                                             Sept. 30,        December 31,
                                                1996             1995
                                                    (In Thousands)
        ASSETS
        Current assets:
          Cash and cash equivalents                $7,676            3,287
          Accounts receivable                      46,768           17,395
          Other current assets                      4,268            2,557
         

          Total current assets                 58,712           23,239
         

        Net property and equipment, at cost       436,401          277,599
         

        Investment in affiliate                         -           11,301
         

        Goodwill and other intangible assets, net  30,138                -
         

        Other assets                                7,915            8,904
         

                                             $533,166          321,043
        

        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current liabilities:
          Cash overdraft                           $2,186            2,055
          Current portion of long-term debt         2,149            2,263
          Current portion of gas balancing
           liability                                2,240            4,700
          Accounts payable                         50,583           17,456
          Accrued interest                          1,506            4,029
          Other current liabilities                 4,717            1,917
         

          Total current liabilities            63,381           32,420
         

        Long-term debt                            189,652          193,879
        Gas balancing liability                     3,340            3,841
        Other liabilities                          21,962           22,945
        Deferred revenue                            8,569           15,137
        Deferred income taxes                      33,463              353
         

        Minority interest                           8,547            8,171
         

        Shareholders' equity:
          Preferred stock                          24,345           24,359
          Common stock                              2,686            1,066
          Capital surplus                         397,117          241,241
          Common shares to be issued in debt
           restructuring                                -            6,073
          Accumulated deficit                   (219,906)         (217,495)
          Foreign currency translation                 10           (1,407)
          Treasury stock, at cost                       -           (9,540)
         

          Total shareholders' equity          204,252           44,297
         

                                             $533,166          321,043
         

        
                             FOREST OIL CORPORATION
         Condensed Consolidated Statements of Production and Operations
                                   (Unaudited)
                                        

                                 Three Months Ended     Nine Months Ended
                                  Sept. 30,  Sept. 30,  Sept. 30, Sept. 30,
                                    1996       1995        1996     1995
                                 (In Thousands Except Production and Per
                                              Share Amounts)
        PRODUCTION
         Gas, including deliveries
          under volumetric production
           payments (mmcf)             11,221      7,807       30,665
        25,744
        

        Oil, condensate and natural gas
          liquids (thousands of
           barrels)                       700        275        1,933
        926
        

        STATEMENTS OF CONSOLIDATED OPERATIONS
         Revenue:
           Marketing and processing   $52,025          -      135,614
        -
           Oil and gas sales:
        Gas                        19,262     13,139       54,729  45,141
        Oil, condensate and
         natural gas liquids       12,278      4,317       33,333  15,013
         

        Total oil and gas sales        31,540     17,456       88,062
        60,154
         

         Miscellaneous, net               404        161          707
        374
         

         Total revenue             83,969     17,617      224,383  60,528
         

         Expenses:
        Marketing and processing   49,950          -      129,115       -
        Oil and gas production      7,368      5,379       23,224  16,576
        General and administrative  3,189      1,900        9,526   5,761
        Interest                    5,822      6,679       18,042  19,100
        Depreciation and depletion 16,873     10,233       43,862  33,631
         

         Total expenses            83,202     24,191      223,769  75,068
         

        Income (loss) before income taxes and
          minority interest               767     (6,574)         614
        (14,540)
         

        Income tax expense (benefit):
          Current                       (350)          -        2,217
        (7)
          Deferred                        295          -        1,033
        -
         

                                     (55)          -        3,250      (7)
         

        Minority interest in loss 
          of subsidiary                   57           -          228
        -
         

        Net earnings (loss)            $ 879      (6,574)
        (2,408)(14,533)
        

        Weighted average number of common shares
          outstanding                  26,100      8,462       23,698
        6,611
        

        Net earnings (loss) attributable 
         to common stock             $    340     (7,114)
        (4,027)(16,153)
        

        Primary and fully diluted earnings (loss)
          common share               $    .01       (.84)        (.17)
        (2.44)
        

         
                                FOREST OIL CORPORATION
                     Selected Production and Price Information
        

                                               Three Months Ended
                                           Sept. 30,             Sept. 30,
                                              1996                  1995
        

                               United States  Canada    Total   United States
          Natural Gas
           Total production (MMCF)         7,367    3,854    11,221
        7,807
           Sales price received (per MCF) $ 2.11     1.20      1.80
        1.54
           Effects of energy swaps
        (per MCF)                       (.09)    (.06)     (.08)      .14
         

           Average sales price (per MCF)$   2.02     1.14      1.72
        1.68
         

          Liquids
           Total production (MBBLS)          281      419     700
        275
           Sales price received (per BBL)$ 18.50    17.82   18.09
        15.60
           Effects of energy swaps
        (per BBL)                      ( .48)    (.81)   (.67)       (.20)
           Average sales price (per BBL) $ 18.02    17.01   17.42
        15.40
         

        
                                                 Nine Months Ended
                                            Sept.  30,           Sept. 30
                                               1996                 1995
                                United States  Canada  Total   United States
          Natural Gas
           Total production (MMCF)        20,459   10,206  30,665
        25,744
           Sales price received
        (per MCF)                     $ 2.22     1.34    1.92        1.60
           Effects of energy swaps
        (per MCF)                       (.19)    (.04)   (.14)        .15
         

           Average sales price (per MCF) $  2.03     1.30    1.78
        1.75
         

          Liquids
           Total production (MBBLS)          762    1,171   1,933
        926
           Sales price received (per BBL)$ 17.77    18.59   18.27
        16.42
           Effects of energy swaps
           (per BBL)                       (1.09)   (1.13)  (1.11)
        (.48)
         

           Average sales price (per BBL) $ 16.68    17.46   17.16
        15.94
         

CONTACT: Forest Oil Corp., Denver Zack Hager, 303/812-1610




WRT Energy signs agreement with DLB/Wexford


HOUSTON, TX--Nov. 4, 1996--WRT Energy Corp. (NASDAQ/NMS:WRTEQ, WRTPQ) announced that it has
reached an agreement with DLB Oil & Gas Inc. and Wexford Management LLC, on behalf of its affiliated
investment funds, that will result in the plan of reorganization in WRT's Chapter 11 bankruptcy case.


This agreement was reached after an extensive search by WRT and its investment bankers, Jefferies & Co. Inc.,
for a merger partner, acquirer or restructuring participant. After negotiations with several qualified parties who
had expressed an interest in or made an offer to buy or reorganize WRT, the board of directors of WRT Energy
Corp. selected the DLB/Wexford proposal. DLB Oil & Gas Inc. and Wexford Management LLC are significant
bondholders of WRT's 13 7/8 Senior Notes due 2002.


The proposed plan is premised on the infusion of significant cash equity investments by DLB, Wexford and,
potentially, other unsecured creditors pursuant to a rights offering. This cash infusion is to be used to satisfy
claims of various creditors and to provide significant available working capital necessary for the development
and operation of the reorganized company's oil and gas assets.


The proposed plan specifically contemplates the satisfaction in full for cash (or as otherwise determined by the
Bankruptcy Court) of all administrative, secured and priority claims and the satisfaction of the claims of
unsecured creditors through the issuance of 10 million shares of new common stock and the right to purchase, in
the aggregate, up to an additional 6 million shares at $3.50/share. DLB and Wexford will commit to buy all
shares not otherwise purchased by unsecured creditors. It is estimated that proceeds of this rights offering will be
between $15 million and $21 million.


Warrants to purchase up to 5 percent of the reorganized company's common stock at $10.00/share, exercisable
within 5 years after emergence from Chapter 11 will, subject to the plan and determination of WRT's board, be
distributed to certain bondholders and holders of the existing preferred and common stock of WRT. All other
rights and interests of existing shareholders in WRT will be terminated under the proposed plan of
reorganization.


Implementation of the proposed plan is subject to a number of significant conditions and uncertainties including
court approval of reimbursement to DLB/Wexford for certain expenses incurred in connection with the proposed
plan, the payment by WRT to DLB/Wexford of a $1.0 million "break-up" fee if WRT does not conclude the
proposed plan with DLB/Wexford under certain circumstances, the negotiation between the company and the
DLB/Wexford of definitive agreements embodying the terms of the proposed plan, and confirmation by the court
of the final plan of reorganization.


Because of the conditions and uncertainties surrounding the proposed plan and the company's financial condition,
there can be no assurance that negotiations critical to implementation of the proposed plan will yield definitive
agreements satisfactory to the company or the DLB/Wexford or that if definitive agreements are reached, that the
resulting plan or reorganization will be approved by the court.


CONTACT: WRT Energy Corp., Houston Kathleen Ruegsegger, 713/706-3295