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AMERICAN EXPLORATION COMPANY ANNOUNCES THIRD QUARTER RESULTS

 AMERICAN EXPLORATION COMPANY ANNOUNCES THIRD QUARTER RESULTS
 HOUSTON, Nov. 11 /PRNewswire/ -- American Exploration Company today announced a net loss for the quarter of $6.5 million ($.10 per share) compared to a net loss of $6.4 million ($.11 per share) in the third quarter of 1991. For the first nine months of 1992 the company reported a net loss of $16.0 million ($.26 per share) compared to a net loss of $16.0 million ($.30 per share) in the 1991 period. The results for the third quarter and nine months ended Sept. 30, 1992 include a non-cash write-off of $4.9 million of unproved exploration properties and an extraordinary gain of $3.1 million on the restructuring of nonrecourse long-term debt.
 Mark Andrews, chairman and CEO said, "American's third quarter results reflect costs associated with its transition into exploration. During the quarter, American incurred approximately $7.8 million of costs related to exploration as compared with $1.1 million in the third quarter of 1991.
 "American also experienced lower production volumes during the third quarter. The most significant cause of these production declines was the sale of non-core properties to streamline the organization and reduce debt. Other factors included natural declines on existing properties and temporary interruptions of production at a large gas property in Canada. Steps taken by American's new production management team are beginning to take effect and the level of development activity on American's properties is increasing, which should have a positive impact on production in the future.
 "At the same time, progress in reducing debt and overhead expense continues to be made. In the third quarter, American reduced its total debt by over $13.0 million. Since the beginning of 1992, total debt has been reduced by approximately $31.0 million. General and administrative expenses for 1992 year-to-date have been cut by 31 percent, compared to the first nine months of 1991. American is working to further reduce debt and overhead expense.
 "Looking forward, American intends to continue to invest in development and exploration projects to build its production and move towards long-term profitability. A number of important exploratory wells are planned over the next year, some of which will expose American to the potential for significant reserve additions.
 "In Tunisia, American announced an oil discovery in the third quarter, which flowed at a rate of 3,600 barrels of oil and 3.7 million cubic feet of gas per day. The El Jem No. 1 well is expected to be put on a longer-term production test in the fourth quarter. In addition, plans are being prepared for the drilling of another exploratory well in 1993 on one of several large prospects on American's 987,000 acre permit."
 American Exploration Company is an independent oil and gas company with production in the United States and Canada and exploratory activities focused in Texas, South Louisiana, Tunisia and the Sultanate of Oman. American's common stock is traded on the American Stock Exchange under the symbol AX.
 AMERICAN EXPLORATION COMPANY AND SUBSIDIARIES
 Summary Financial Information
 (Unaudited -- In thousands, except per share data)
 Periods ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Financial Data
 Revenues $14,453 $14,011 $44,149 $53,672
 Loss before
 extraordinary item (9,628) (6,356) (19,148) (15,911)
 Extraordinary gain 3,100 -- 3,100 --
 Net loss (6,528) (6,356) (16,048) (15,911)
 Loss per common share
 before extraord. item (.14) (.11) (.31) (.30)
 Net loss per common share (.10) (.11) (.26) (.30)
 Weighted average common
 shares outstanding 68,024 55,498 62,442 53,449
 -0- 11/11/92
 /CONTACT: Frank Murphy, vice president-investor relations of American Exploration Company, 212-230-0344/
 (AX) CO: American Exploration Company ST: Texas IN: OIL SU: ERN


PS-AH -- NY012 -- 9726 11/11/92 12:10 EST
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Publication:PR Newswire
Date:Nov 11, 1992
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