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AMERICAN NATIONAL REPORTS SECOND QUARTER RESULTS

 AMERICAN NATIONAL REPORTS SECOND QUARTER RESULTS
 HOUSTON, Aug. 18 /PRNewswire/ -- American National Petroleum Company


(NASDAQ: ANPC) reported net income of $206,000 ($0.03 per common share) for the three months ended June 30, 1992, net income before an extraordinary item of $882,000 ($0.14 per common share) for the three months ended June 30, 1992, as compared to net income of $687,000 ($0.10 per common share) for the three months ended June 30, 1991. The extraordinary expense of $676,000 (net of a $349,000 income tax benefit) for the six months ended June 30, 1992, is the $1,025,000 premium paid by the company to obtain the lender's consent to the prepayment of the remaining $8.8 million of its outstanding indebtedness of its lender in May 1992.
 Revenues from oil and gas sales decreased by $687,000 (20 percent) from $3,434,000 during the second quarter of 1991 to $2,747,000 for the second quarter of 1992. This decrease was primarily as a result of decreased sales of gas and lower prices received on natural gas and crude oil in the second 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.
 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, Texas-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)
 Six Months Ended Three Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Revenues $ 6,239 $25,027 $ 3,262 $ 3,986
 Income before
 income taxes $ 1,549 $18,915 $ 885 $ 855
 Income tax benefit
 (provision) (130) (4,390) (100) (255)
 Equity in earnings
 of affiliates 165 243 97 87
 Extraordinary item
 (net of income taxes) (676) -- (676) --
 Net income $ 908 $14,768 $ 206 $ 687
 Earnings per common
 share:
 Primary:
 Income before
 extraordinary item $ 0.27 $ 2.21 $ 0.15 $ 0.10
 Extraordinary item (0.11) -- (0.11) --
 Net income $ 0.16 $ 2.21 $ 0.04 $ 0.10
 Fully diluted:
 Income before
 extraordinary item $ 0.26 $ 1.89 $ 0.14 $ 0.10
 Extraordinary item (0.11) -- (0.11) --
 Net income $ 0.15 $ 1.89 $ 0.03 $ 0.10
 Weighted average
 number of common
 shares outstanding:
 Primary 5,840 6,693 5,840 6,701
 Fully diluted 5,965 8,114 5,965 8,122
 -0- 8/18/92
 /CONTACT: Mary Y. Cotner of American National Petroleum Company, 713-961-1770/
 (ANPC) CO: American National Petroleum Company ST: Texas IN: OIL SU: ERN


PS -- NY045 -- 0966 08/18/92 12:39 EDT
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Date:Aug 18, 1992
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