American Resources of Delaware announces pre-tax income from operations of $1,574,246, or $.61 per share and net income of $793,707, or $.31 per share for fiscal year ended Dec. 31, 1994.

PHOENIX--(BUSINESS WIRE)--March 20, 1995--American Resources of Delaware Inc. (NASDAQ:GASS) ("ARI") Monday announced results for its fiscal year ended Dec. 31, 1994.

The company announced revenue for the fiscal year ended Dec. 31, 1994, increased to $12,479,705, up from $357,611 for the comparable period in 1993. Pre-tax income from operations for the fiscal year ended Dec. 31, 1994, increased to $1,574,246, or $.61 per share, compared to a loss of $634,997, or $.77 per share, for the fiscal year ended Dec. 31, 1993. Net income was $793,707, or $.31 per share, for the period ended Dec. 31, 1994.

-0-

                  American Resources of Delaware Inc.
                            Earnings Recap

                            Year Ended
                              Dec. 31
                         1994         1993

Revenue             $12,479,705     $357,611
Income (loss)
 from operations      1,574,246     (634,997)
Net income             $793,707   $4,743,176 (a)
Operating earnings
 per share                 0.61        (0.77)
Net income per share       0.31         5.71 (a)
Primary weighted
 average shares
 outstanding          2,597,301      830,119

(a)  Includes $5,457,115 of gain (net of taxes) from early
extinguishment of debt.

-0-

The strong results for fiscal 1994 are indicative of management's aggressive efforts to grow the company and ability to adapt to the dynamic environment of the oil and gas industry during a period when many oil and gas companies showed a decline.

Significant actions were taken during fiscal 1994 to improve the company's financial position, including: (i) the infusion of $6.5 million of equity capital to fund various projects; (ii) the purchase of strategic pipelines to enable the company to interconnect directly with a major transporter, thereby positioning itself to decrease dependency on third party transportation facilities; and (iii) improved liquidity and monthly cash flows through the sale of non-strategic assets the proceeds of which were used to reduce debt.

Other significant results were:

-- Assets increased to $30.8 million in 1994, up from $4.5 million in 1993;

-- Stockholders' equity increased to $15.7 million in 1994, up from $4.3 million in 1993;

-- Earnings from operations grew from a loss at Dec. 31, 1993 to a profit reflecting growth of more than 370 percent;

-- Company-owned production increased approximately 170 percent from Dec. 31, 1993 to Dec. 31, 1994.

The company has positioned itself for a continued high growth rate as a result of its venture with Settle Oil and Gas Co. and Century Offshore Management Corp. These relationships will add substantial offshore reserves to ARI's existing Appalachian reserves, resulting in a strong presence in both the Gulf of Mexico as well as in Appalachia.

Andrew Kacic, president and chief executive officer, stated, "We believe that full integration is the key to success for gas producers in the 90s. As we endeavor to improve upon our 1994 accomplishments we will continue to actively develop or purchase productive fields, expand our pipeline network, and grow our marketing ability to sell directly to major industrial and institutional customers. As a fully integrated natural gas company ARI will emerge as a big winner in the natural gas industry."

-0-

                  American Resources of Delaware Inc.
                            and Subsidiary
           Condensed, Consolidated Statements of Operations

                                 Year Ended
                                   Dec. 31
                              1994         1993

Revenues                 $12,479,705     $357,611
Income (loss)
 from operations           1,574,246     (634,997)
Other income (expense)     (445,037)      (78,942)
Income taxes               (509,464)
Extraordinary item and
 cumulative effect of
 change in accounting
 principle (net of taxes)    173,962    5,457,115
Net income                  $793,707   $4,743,176 (a)
Earnings per share:
 Primary:
  Income (loss) from
   operations                   0.61       $(0.77)
  Other income (expense)       (0.17)       (0.09)
  Income taxes                 (0.20)
  Extraordinary item            0.07         6.57
Net income per common
 share equivalent              $0.31        $5.71

(a)  Includes $5,457,115 of gain from early extinguishment of debt.

CONTACT: American Resources of Delaware Inc.

Investor Relations, 602/945-9195