GREKA ENERGY CORPORATION

                Computation of Earnings (Loss) Per Common Share
          For the Nine Month Period Ended September 30, 1999 and 1998
<TABLE>
<CAPTION>

                                                        Six Months            Three Months
                                                    Ended September 30     Ended September 30,
                                                     1999        1998        1999      1998
                                                 -----------  ----------  ---------  ---------
<S>                                               <C>         <C>         <C>       <C>
Basic Earnings
   Net Income (loss) before minority interest
   in earnings (loss) of consolidated subsidiary  1,510,367   (1,188,449) 1,409,031 (392,797)
   Minority interest in earnings (loss) of
     consolidated subsidiary                        (20,617)           0          0          0
   Preferred Stock dividends                       (223,000)               (107,000)
                                                 -----------  ----------  ---------  ---------
   Net Income (loss) available to Common          1,278,367   (1,188,449) 1,302,031   (392,797)
                                                 ===========  ==========  =========  =========
Basic Shares
   Weighted average number of Common
     Shares outstanding                           4,255,737    1,570,981  4,290,079  1,570,981
                                                 ===========  ==========  =========  =========
Basic Earnings per Common Share
   Net Income (loss) available to Common         $     0.30   $    (0.76) $    0.30  $   (0.25)
                                                 ===========  ==========  =========  =========
Diluted Earnings
   Net Income (loss) before minority interest
     in earnings (loss) of consolidated
     subsidiary                                   1,510,367   (1,188,449) 1,409,031   (392,797)
   Minority Interest in earnings (loss) of
     consolidated subsidiary                        (20,617)           0          0          0
   Preferred Stock dividends                       (223,000)           0   (107,000)         0
   Plus Interest expense attributable
     to Debentures, net of related income taxes           -            -          -          0
                                                 -----------  ---------- ----------  ---------
Net Income (loss) available to Common             1,278,367   (1,188,449) 1,302,031   (392,797)
                                                 ===========  ========== ==========  =========
Diluted Shares
   Weighted average number of Common
     Shares outstanding                           4,255,737    1,570,981  4,221,018  1,570,981
   Effect of dilutive securities:
     Of shares underlying options                         -            -          -          -
     Of shares underlying convertible
       Debentures                                         -            -          -          -
                                                  ----------  ---------- ----------  ---------
   Diluted Shares                                 4,255,737    1,570,981  4,221,018  1,570,981
                                                 ===========  ========== ==========  =========
Diluted Earnings per Common Share
   Net Income (loss)                             $     0.00   $   (0.76) $     0.27  $   (0.25)
                                                 ===========  ========== ==========  =========
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