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ALTA ENERGY REPORTS RESULTS

 ALTA ENERGY REPORTS RESULTS
 MIDLAND, Texas, Feb. 20 /PRNewswire/ -- Alta Energy Corporation


(NASDAQ: ALTE) today announced net income for its second quarter ended Dec. 31, 1991, of $608,637, or $.04 per common share, on revenues of $4,241,142. This compares to net income of $580,997, or $.04 per share, on revenues of $3,716,193 for the same period in 1990.
 For the six months ended Dec. 31, 1991, net income was $793,739, or $.05 per share, on revenues of $7,742,170. This compares to net income of $752,146, or $.05 per share, on revenues of $6,245,451 for the same period in 1990.
 Revenues for the periods ended Dec. 31, 1991, when compared to 1990, were positively impacted by an increase in oil production and $851,000 from a settlement of a contract dispute with a natural gas purchaser. These revenue increases were largely offset by lower oil and gas prices.
 Alta has previously reported its merger with Hartford Energy Corporation, Alta's principal stockholder, and certain affiliates of Hartford, which was effective July 1, 1991. The balance sheet as of June 30, 1991, and the results of operations for the periods ended Dec. 31, 1990, have been restated to give effect to the merger. A final determination of Alta common shares issuable in the merger has resulted in fully diluted shares of 17,694,734.
 Alta Energy Corporation's common stock is traded in the over-the- counter market and quoted in The Wall Street Journal and Investors Daily newspapers.
 ALTA ENERGY CORPORATION
 Consolidated Statements of Operations
 Percent
 Six months ended Dec. 31 1991 1990(A) Change
 Revenues:
 Oil and gas sales $5,899,682 $6,193,650 -5
 Gas transmission 943,337 -- --
 Other 899,151 51,801 1,636
 Total 7,742,170 6,245,451 24
 Costs and expenses:
 Oil and gas production 1,846,305 1,804,846 2
 Gas transmission 899,824 -- --
 General and administrative 960,446 903,219 6
 Depreciation, depletion
 and amortization 1,377,495 1,155,647 19
 Total 5,084,070 3,863,712 32
 Operating income 2,658,100 2,381,739 12
 Interest expense and other (1,640,361) (1,230,335) -33
 Minority interest in earnings
 of consolidated subsidiary -- (324,258) 100
 Income tax - deferred (366,000) (75,000) -388
 Income before
 extraordinary item 651,739 752,146 -13
 Extraordinary item - tax
 benefit of net operating
 loss carryforward 142,000 -- --
 Net income 793,739 752,146 6
 Net income per common
 share:
 Before extraordinary item $.04 $.05
 Extraordinary item .01 --
 Net income .05 .05
 Weighted average shares 17,694,734 14,033,264
 Percent
 Three months ended Dec. 31 1991 1990(A) Change
 Revenues:
 Oil and gas sales $2,894,321 $3,702,853 -22
 Gas transmission 475,776 -- --
 Other 871,045 13,340 6,430
 Total 4,241,142 3,716,193 14
 Costs and expenses:
 Oil and gas production 1,018,392 1,013,446 --
 Gas transmission 450,030 -- --
 General and administrative 504,843 566,920 -11
 Depreciation, depletion
 and amortization 667,955 580,431 15
 Total 2,641,220 2,160,797 22
 Operating income 1,599,922 1,555,396 3
 Interest expense and other (820,285) (628,806) -30
 Minority interest in earnings
 of consolidated subsidiary -- (270,593) 100
 Income tax - deferred (280,000) (75,000) -273
 Income before
 extraordinary item 499,637 580,997 -14
 Extraordinary item - tax
 benefit of net operating
 loss carryforward 109,000 -- --
 Net income 608,637 580,997 5
 Net income per common
 share:
 Before extraordinary item $.03 $.04
 Extraordinary item .01 --
 Net income .04 .04
 Weighted average shares 17,694,734 14,440,861
 Consolidated Balance Sheets
 ASSETS 12/31/91 6/30/91(A)
 Current assets $4,631,836 $7,446,420
 Property and equipment, net 29,630,564 30,248,729
 Other assets 644,815 867,901
 Total assets 34,907,215 38,563,050
 Liabilities and Stockholders' Equity
 Current liabilities 6,833,823 7,640,900
 Long-term debt 19,924,156 21,609,154
 Deferred revenues 2,380,595 2,453,592
 Minority interest in consolidated
 subsidiary -- 5,927,059
 Stockholders' equity 5,768,641 932,345
 Total liabilities and
 stockholders' equity 34,907,215 38,563,050
 (A) -- Restated to give effect to the merger of Alta with its principal stockholder, Hartford Energy Corporation, and certain affiliates of Hartford.
 -0- 2/20/92
 /CONTACT: Charles Lard of Alta Energy, 203-677-8707/
 (ALTE) CO: Alta Energy Corporation ST: Texas IN: OIL SU: ERN


CK-OS -- NY057 -- 0988 02/20/92 13:57 EST
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