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ALTA ENERGY REPORTS FIRST QUARTER RESULTS

 DENVER, Nov. 16 ~PRNewswire~ -- Alta Energy Corporation today reported a net loss for the first quarter ended Sept. 30, 1992 of $78,075, or $0.00 per common share, on revenues of $3,904,597. This compares to net income of $185,102, or $0.01 per share, on revenues of $3,501,028 for the comparable period in 1991.
 The 12 percent increase in total revenues was due to a 3 percent rise in oil production and 67 percent improvement in gas transmission revenues as a result of higher natural gas volumes transported and sold. The net loss was attributable mainly to higher interest costs associated with the Avon and Socorro Projects in New Mexico.
 Alto Energy Corporation's common stock is traded on the American Stock Exchange Emerging Company Marketplace under the symbol ALE.EC.
 ALTA ENERGY CORPORATION
 Condensed Consolidated Statements of Operations
 (unaudited)
 Three months ended Sept. 30 1992 1991
 Revenues:
 Oil and gas sales $3,103,937 $3,005,361
 Gas transmission 780,620 467,561
 Other operating income 20,040 28,106
 Total 3,904,597 3,501,028
 Costs and Expenses:
 Oil and gas production 1,099,646 827,913
 Gas transmission 713,508 449,794
 General & administrative 460,516 455,603
 Depreciation, depletion
 and amortization 638,157 709,540
 Total 2,911,827 2,442,850
 Operating income 992,770 1,058,178
 Interest expense and other (1,070,845) (820,076)
 Income taxes -- ( 86,000)
 Income (loss) before
 extraordinary item (78,075) 152,102
 Extraordinary item - tax
 benefit of net operating
 loss carryforward -- 33,000
 Net income (loss) (78,075) 185,102
 Net income (loss) per
 common share:
 Before extraordinary item .00 .01
 Extraordinary item .00 .00
 Net income (loss) .00 .01
 Weighted average shares 17,533,830 18,034,245
 OTHER OPERATING DATA
 (unaudited)
 Production:
 Oil (Bbls.) 128,184 124,098
 Gas (MCF) 370,004 438,130
 Equivalent Bbls. (BOE) 189,851 197,120
 Average prices:
 Oil per Bbl. $18.75 $19.72
 Gas per MCF $ 1.71 $ 1.58
 BOE $16.35 $15.25
 Production costs per BOE $ 5.79 $ 4.20
 Full costs DD&A per BOE $ 3.18 $ 3.56
 ALTA ENERGY CORPORATION
 Condensed Consolidated Balance Sheets
 Assets Sept. 30 June 30
 1992 1992
 (Unaudited)
 Current assets $4,270,172 $4,816,748
 Property and equipment, net 38,894,376 38,144,623
 Other assets 867,479 830,518
 Total assets $44,032,027 43,791,889
 Liabilities and stockholders' equity
 Current liabilities $ 9,620,853 $9,263,890
 Long-term debt 26,136,139 26,136,934
 Deferred revenues 2,311,906 2,349,961
 Stockholders' equity 5,963,129 6,041,104
 Total liabilities and
 stockholders' equity $44,032,027 $43,791,889
 ALTA ENERGY CORPORATION
 Condensed Consolidated Statements of Cash Flows
 (Unaudited)
 Three Months ended
 Sept. 30
 1992 1991
 Net cash flows from operating activities,
 before changes in assets and liabilities $ 630,520 $ 984,830
 Net changes in assets and liabilities 379,340 (469,342)
 Net cash provided by operating activities 1,009,860 515,488
 Net cash used by investing activities (1,665,928) (1,466,630)
 Net cash provided (used) by
 financing activities 239,532 (1,043,470)
 Net change in cash and cash equivalents (416,536) (1,994,612)
 Cash and cash equivalents-beginning
 of period 2,541,743 5,017,966
 cash and cash equivalents-end of period $2,125,207 $3,023,354
 -0- 11~16~92
 ~CONTACT: Charles Lard of Alta Energy, 203-677-8707~
 (ALE.EC)


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

PS-AH -- NY124 -- 1569 11~16~92 18:21 EST
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Date:Nov 16, 1992
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