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AMERICAN CASCADE ENERGY INC. ANNOUNCES FAVORABLE SECOND QUARTER RESULTS

 HOUSTON, Aug. 30 /PRNewswire/ -- American Cascade Energy Inc. (OTC: ACSD) announced favorable results for its second quarter ended June 30, 1993.
 Robert Leon, president and chairman, noted that the company is continuing to build its asset base through a disciplined acquisition program of oil and gas properties. Recent acquisition, effective June 30, 1993, increased the net book value of the company's oil and gas assets by $15 million.
 As previously announced, the board of directors and certain affiliates effected the retirement and cancellation of 30,500,000 shares (44.6 percent) of the common stock.
 Net income for the quarter was $567,591. Total revenues for the same period were $1,307,432.
 American Cascade Energy Inc. is an independent oil and gas exploration and development company. The company's operations have resulted in gross proved reserves with an estimated value of over $200 million.
 AMERICAN CASCADE ENERGY INC.
 Statement of Operations
 (Unaudited)
 Quarter Four Months
 Ended YTD Ended
 June 30, June 30,
 1993 1993
 Revenues
 Oil and gas sales $408,842 $533,179
 Turnkey sales 608,723 958,723
 Pipeline sales 198,164 198,164
 Field operations 23,450 23,450
 Interest earned 68,076 83,076
 Other income 177 177
 Total revenues 1,307,432 1,796,769
 Expenses
 Royalties and
 overrides 111,880 145,758
 Working interest
 distributions 120,375 174,382
 Severance taxes 28,235 36,548
 Turnkey cost allocation 18,090 110,140
 Lease operating expenses 51,622 75,416
 Workover expenses 22,586 22,586
 Field operations costs 62,302 82,005
 Total cost of goods sold 415,090 646,834
 Gross profit from
 operations 892,342 1,149,935
 Depletion and depreciation 51,873 71,854
 General and administrative 188,022 239,937
 Total other expenses 239,895 311,791
 Extraordinary Items
 Gain on sale of property 190,244 190,244
 Net income before taxes 842,691 1,028,388
 Provision for future
 income taxes 275,100 338,237
 Net income after taxes $567,591 $690,151
 Net income per share $.0129 $.0156
 Shares outstanding 44,111,355 44,111,355
 NOTE: A comparable statement of operations for the similar period in the prior years is not available due to the major reorganization done March 3, 1993. Also, even though the corporation is on a calendar year, it was inactive prior to the reorganization on March 3, 1993, which means that there were really only four months of activity this year to date.
 -0- 8/30/93
 /CONTACT: Thomas D. Fitzpatrick or Robert Huckaby, 310-823-5899/
 (ACSD)


CO: American Cascade Energy Inc. ST: Texas IN: OIL SU: ERN

EH-LM -- LA003 -- 6945 08/30/93 09:02 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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