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AMERICAN NATIONAL REPORTS FIRST QUARTER RESULTS

 AMERICAN NATIONAL REPORTS FIRST QUARTER RESULTS
 HOUSTON, May 19 /PRNewswire/ -- American National Petroleum Company


(NASDAQ: ANPC) today reported net income of $702,000 ($0.12 per common share) for the three months ended March 31, 1992, as compared to net income of $14,081,000 ($2.11 per common share) for the three months ended March 31, 1991.
 Revenues from oil and gas sales decreased by $766,000 (25 percent) from $3,065,000 during the first quarter of 1991 to $2,299,000 for the first quarter of 1992. This decrease was primarily a result of decreased sales of gas and lower prices received on natural gas and crude oil in the first quarter of 1992.
 The decrease in earnings for 1992 compared to 1991 is primarily due to a net litigation settlement of $17.6 million recorded in the first quarter of 1991. On March 5, 1991, the company and an affiliated partnership settled their lawsuit with Transcontinental Gas Pipe Line Company (Transco) in exchange for the payment by Transco of $21 million in cash.
 On May 4, 1992, the company prepaid the outstanding principal balance of $8.8 million to its lender, Prudential-Bache Energy Growth Fund, L.P. G-2. The company also paid the lender a premium of $1.025 million to obtain the lender's consent to the prepayment.
 The company will continue to use its remaining cash holdings of approximately $6 million to acquire additional oil and natural gas properties. The company plans to look for properties geographically complimentary to its existing properties, which are located in south Louisiana and Texas.
 American National Petroleum Company, a Houston-based company, is engaged in oil and natural gas exploration and production and energy related business.
 AMERICAN NATIONAL PETROLEUM COMPANY
 Comparative Analysis
 (Unaudited; thousands, except per-share data)
 Three months ended March 31 1992 1991
 Revenues $2,977 $21,041
 Income before income taxes 664 18,060
 Income tax benefit (provision) (30) (4,135)
 Equity in net income of affiliates 68 156
 Net income 702 14,081
 Earnings per common share:
 Primary $0.12 $2.11
 Fully-diluted 0.12 2.11
 Weighted average number of common
 shares outstanding 5,840 6,685
 -0- 5/19/92
 /CONTACT: Mary Y. Cotner of American National Petroleum, 713-961-1770/
 (ANPC) CO: American National Petroleum Company ST: Texas IN: OIL SU: ERN


CK -- NY060 -- 1815 05/19/92 12:15 EDT
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Date:May 19, 1992
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