VALEX PETROLEUM INC &lt;VALP> YEAR DEC 31
  Shr loss six cts vs loss 84 cts
      Net loss 219,632 vs loss 16.3 mln
      Revs 1.4 mln vs 2.8 mln
      NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax
  benefit of 51,294.
  

