CONVEST ENERGY CORPORATION ANNOUNCES 1996 RESULTS.

HOUSTON--(BUSINESS WIRE)--April 1, 1997--Convest Energy Corporation (AMEX: COV) today announced net income of $8.1 million, or $.77 per share, for the year ended December 31, 1996, compared to a net loss of $0.9 million, or $.11 per share, for the prior year. The net income for the fourth quarter of 1996 was $5.5 million, or $.52 per share, compared to a loss of $3.9 million, or $.37 per share, for the fourth quarter of 1995. These results for 1996 included (i) a $1.2 million gain on the sale of properties during the year, (ii) a $1.3 million gain from the favorable settlements of two lawsuits filed by the Company against third parties, (iii) a $2.6 million impairment loss under Statement of Financial Accounting Standards No. 121 with respect to the Company's oil and gas properties, and (iv) a $7.8 million hedging loss. The Company's results were aided significantly by the high oil and gas prices received by the Company during the fourth quarter of 1996 which were $20.35 per barrel of oil and $2.63 per Mcf of gas.

Based on the Company's reserve report at December 31, 1996, the Company had total estimated proved reserves at such date of 6,344 Mbbl of crude oil and 37,583 Mmcf of natural gas. While this represents a decline from the Company's reserves at December 31, 1995 of 6,523 Mbbl of crude oil and 40,546 Mmcf of natural gas, the Company's production during 1996 was 960 Mbbls of crude oil and 13,162 Mmcf of natural gas.

Also based on the Company's reserve reports at December 31, 1996, the Company had approximately $146.0 million of pre-tax estimated discounted future net revenues from its proved oil and gas reserves, as determined in accordance with Securities and Exchange Commission guidelines. While this amount is almost double the $74.5 million of pre-tax estimated discounted future net revenues reported at December 31, 1995, the Company cautions that the 1996 reserve estimate was made using average prices at December 31, 1996 of $26.01 per barrel of oil and $3.87 per Mcf of gas, whereas the average prices at December 31, 1995 were $19.48 per barrel of oil and $2.16 per Mcf of gas. Accordingly, a substantial portion of the increase in the estimated discounted future net revenues is due to the increase in prices between the two dates. Since oil and gas prices have decreased substantially since year-end 1996, such reserve estimates may not be indicative of the fair market value of the Company's oil and gas reserves.

The Company's drilling program was very active in 1996 with total capital expenditures of $10.9 million, the bulk of which was devoted to drilling offshore wells. Eleven of the fifteen wells drilled in 1996 were successful, with successful wells at High Island Block 195, Eugene Island Block 281, South Timbalier Block 221, Grand Isle Block 82 and Eugene Island Blocks 313 and 333. Of the eleven successful wells, only one had been quantified in the year-end 1995 reserve report as proved reserves. Therefore, ten of these wells represent new additions to the Company's reserves in 1996. The Company's drilling success in late 1995 and 1996 has mitigated the steep production decline from the Company's offshore gas properties.

As previously announced, the Company and its majority shareholder, Edisto Resources Corporation (AMEX:EDT), have jointly engaged the investment banking firm of Petrie Parkman & Co., Inc. to make recommendations for strategic alternatives to enhance shareholder value for both Edisto and Convest. Petrie Parkman's engagement will include identifying and evaluating potential strategic partners in the oil and gas industry for a sale or merger of Edisto and Convest. The Company's strategy for 1997 will include working with Petrie Parkman to identify a potential strategic partner and continuing the Company's active drilling program. During 1997, the Company plans to invest a substantial portion of its cash flow in drilling operations on its offshore properties. The capital expenditure budget for 1997 will be approximately $16 million.

Convest Energy Corporation is a Houston-based independent energy company engaged in the exploration, acquisition and development of crude oil and natural gas in the United States. -0-

                        CONVEST ENERGY CORPORATION
                    Condensed Statements of Operations
                    (In thousands except per unit data)

                    Three Months Ended      Year Ended
                     December 31, 1996   December 31, 1996
                                  (audited)

Revenues                 $ 15,250          $ 49,745
Net income (loss)
 before income taxes     $  5,401          $  8,227
Net income (loss)        $  5,472          $  8,070
Net income per share     $   0.52          $   0.77
Weighted average common
shares outstanding         10,413            10,413


                          Condensed Balance Sheet
                               (In thousands)

                              December 31, 1996
                                 (audited)

Current assets                   $ 14,784
Property and equipment - net       54,724
Other noncurrent assets             2,704
 Total assets                    $ 72,212

Current liabilities              $ 17,342
Long-term liabilities              11,732
Stockholders' equity               43,138
 Total liabilities and
stockholders' equity             $ 72,212

                         CONVEST ENERGY CORPORATION
                              Operating Data
                    (In thousands except per unit data)


                    Three Months Ended    Year Ended
                     December 31, 1996 December 31, 1996

Exploration and
 Production Revenue:
Oil                       $ 4,989          $ 17,735
Gas (excluding NGL's)       7,858            26,950
                          -------          --------
                          $12,847           $44,685

Production
Oil (Mbbls)                   245               960
Gas (excluding
 NGL's)(Mcf)                2,983            13,162

Average sales price
Oil (per Bbl)             $ 20.35           $ 18.47
Gas (per Mcf)             $  2.63            $ 2.05

Average expense
 per BOE (1)
Production costs          $  3.41             $4.44
Depreciaton and
 depletion                $  5.43             $5.09

(1)  Natural gas is converted into oil equivalents at a rate of
six thousand cubic feet per each barrel of oil.

CONTACT: Convest Energy Corp., Houston

Karen G. Clingan, 713/780-1952