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ALTA ENERGY ANNOUNCES FISCAL 1993 RESULTS

 DENVER, Oct. 5 /PRNewswire/ -- Alta Energy Corporation (AMEX: ALE) today announced its results of operations for the fiscal year ended June 30, 1993. Revenues were $16,849,085 for the fiscal year compared to $15,398,328 in the prior year. The 9 percent increase in revenues was due primarily to a rise in oil and gas sales as well as an increase in gas transmission and marketing revenues.
 Alta reported a fiscal 1993 net loss of $3,750,200 or $1.30 a share, compared to net income of $826,585 or $0.28 a share in fiscal 1992. The 1993 results included a non-cash charge of $2,892,075 or $0.97 a share, for adoption of FAS 109 "Accounting for Income Tax" to recognize the differences between financial reporting and tax basis of the company's assets and liabilities.
 Operating income for fiscal 1993 was $3,296,573 or $1.06 a share, compared to $4,371,873 or $1.48 a share in the prior year. The previous year's operating income included an $851,000 or $0.29 a share gain from a gas contract settlement.
 Alta expects accelerated development drilling in New Mexico which began in the 1993 fiscal year, and an acquisition after year end of natural gas properties, to contribute to improved operating performance in fiscal 1994.
 Alta Energy is engaged primarily in the acquisition and development of proven oil and gas properties. The company's common stock is traded on the American Stock Exchange under the symbol ALE.
 -0- 10/5/93
 /CONTACT: Charles Lard of Alta Energy, 203-677-8707/
 (ALE)


CO: Alta Energy Corporation ST: Colorado IN: OIL SU: ERN

MP-GK -- NY016 -- 8819 10/05/93 11:12 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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