LAS COLINAS, Texas, Oct. 1 /PRNewswire/ -- For the third consecutive year,
McGowan Resources Co., Inc. (OTC Bulletin Board: MCGR), an oil and gas company
based in Irving, Texas, has earned a spot on the Oil & Gas Journal's top 200
companies.  Featured in the journal's September 8 issue, MCGR ranked no. 175,
climbing up from last year's 185th position.
    "We are obviously happy the Oil & Gas Journal selected us to the list
again this year," said Jim McGowen, MCGR president.  "Our growth strategy will
hopefully advance us even further up the list next year, but we are thankful
we have been placed on the same list with companies that have been established
much longer than we have."
    The OGJ200 ranks publicly traded oil and gas producing companies in the
United States, and 1996 was a banner year.  According to the journal's report,
almost all indicators of financial and operating performance increased from
comparable measures of 1995, including an increase of 82 percent in net income
for the OGJ200 group.  In addition, assets for the OGJ200 group totaled $512.4
billion for 1996, up 6.6 percent from 1995.  This is the highest assets total
for the group since 1985. 1996 also marked the highest spending level since
1985 and the highest number of wells drilled since 1990 by the OGJ200 group.
    McGowen Resources Co., Inc. was founded by James P. McGowen in 1991 and
went public via a merger in 1992.  The firm has assets of about $7 million and
currently owns interest in about 100 wells, located primarily in Texas and
Oklahoma.

Link to this page: