8-K

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         THIS DOCUMENT IS A COPY OF THE FORM 8-K FILED ON APRIL 4, 1995
 
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K

                            Current Report Pursuant
                         to Section 13 or 15(d) of the
                        Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported):  April 3, 1995

                           CASTLE ENERGY CORPORATION
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             (Exact Name of Registrant as Specified in Charter)


                                    DELAWARE
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       (State or Other Jurisdiction of Incorporation or Organization)

        0-10990                              76-0035225
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(Commission File Number)         (I.R.S. Employer Identification No.)

ONE RADNOR CORPORATE CENTER, SUITE 250, 100 MATSONFORD ROAD, RADNOR, PA 19087
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  (Address of principal executive offices)                          (Zip Code)


                                 (610) 995-9400
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            (Registrant's telephone number, including area code)




       (Former Name or Former Address, if Changed Since Last Report)

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Castle Energy Corporation (the "Registrant") submits the following information:

ITEM 5.  Other Events

      On April 3, 1995, the Registrant responded to reports that
Metallgesellschaft Corporation and its affiliates will cease to provide working
capital financing to the Registrant's refining subsidiaries, Indian Refining
Limited Partnership and Powerine Oil Company. A copy of the news release issued
by the Registrant on April 3, 1995 is attached as Exhibit 99.1 to this report.

ITEM 7.  Financial Statements, Pro Forma Financial Information and Exhibits


Exhibit Number   Description                                         Page No.
- -------------    -----------                                         --------
99.1             Castle Energy Corporation Press Release, 
                 dated April 3, 1995



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                                  SIGNATURE


   Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                              CASTLE ENERGY CORPORATION


Date:  April 3, 1995          By: JOSEPH L. CASTLE II
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                                  Joseph L. Castle II
                                  Chairman and Chief Executive Officer

EX-99

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                                                               EXHIBIT 99.1
                                                               -------------



RELEASE DATE: Immediate                 CONTACT: Joseph L. Castle II
                                                 610-995-9400



                         CASTLE ENERGY
                  ANNOUNCES STATUS OF MATTERS
                 RELATING TO METALLGESELLSCHAFT

RADNOR, Pa, April 3, 1995 - Castle Energy* (Nasdaq - NNM: CECX)(the
"Company") announced the following in response to reports that
Metallgesellschaft Corp. and its affiliates will cease to provide
working capital financing to the Company's refining subsidiaries,
Indian Refining Limited Partnership ("IRLP") and Powerine Oil
Company ("POC"):
          1.   Advances under the financing were due as of March
     31, 1995. Metallgesellschaft has stated that it will not
     continue financing under the facilities beyond that date and
     has sued for recovery of the claimed outstanding balances.
          2.   IRLP and POC have and intend to continue to take
     steps to reduce their respective inventories and thereby
     reduce outstanding balances under the working capital
     facilities. The Company has provided Metallgesellschaft with
     business plans in this regard, and expects to be able to fully
     repay MG within the next 30 days, assuming a reasonable level
     of cooperation from MG. Outstanding balances were
     substantially reduced during the month of March.  The value of
     the liquid collateral assets of IRLP and POC is substantially
     in excess of the outstanding balances of the loans.



     *Castle Energy Corp. is not affiliated with Castle Oil Corp.
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          3.   Metallgesellschaft has committed material defaults
     with respect to certain obligations owing to the Castle Energy
     group of companies, including but not limited to defaults
     under the prior offtake arrangement respecting the Powerine
     facility. Further, Shell Canada, a supplier of certain
     condensate feedstock to the Indian facility under 10-year
     agreement, has filed litigation to terminate that
     agreement based on an alleged failure of Metallgesellschaft to
     provide"adequate assurances" of its performance obligations
     under that agreement (Metallgesellschaft has agreed to act as
     "alternate purchaser" of the condensate). The Company shall
     pursue its legal remedies with respect to these matters.  MG's
     defaults, and its actions with respect to the Shell Canada
     supply agreement, have adversely affected the Company's
     ability to repay the indebtedness due to MG, and the Company
     intends to take all appropriate actions to protect its
     interest with respect to these matters including legal
     remedies. In this regard and based on the Metallgesellschaft
     defaults, the Company has recently taken steps to terminate
     certain arrangements entered into last October which were
     supposedly designed by Metallgesellschaft and its lending
     creditors to provide protective mechanisms for
     Metallgesellschaft as a secured creditor of IRLP and POC.
          4.   IRLP and POC have taken steps to materially reduce
     their operating costs, including personnel and wage/salary
     reductions and operating run cuts, in order to reduce cash and
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     financial requirements. These steps should enable IRLP and POC
     to internally finance limited operations with the intent to
     sell the refining operations in an orderly manner. IRLP and
     POC are in the process of conducting active negotiations
     concerning the sale of both facilities. IRLP and POC are also
     in the process of attempting to structure interim arrangements
     and expect favorable results in this regard over the next
     several weeks.
The Company owns two refining subsidiaries, ILRP, which owns the
86,000 B/D Indian Refinery in Lawrenceville, Illinois and POC
which owns the 49,500 B/D Powerine refinery in Santa fe Springs,
California. The Company, through various subsidiaries and
affiliates, also owns a gas sales contract with Lone Star Gas
Company, a 77-mile interstate pipeline in Rusk County, Texas and
related gas contracts and interests, and operates approximately 450
oil and gas wells nationwide.

CAS677/45