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CONVEST ENERGY CORPORATION REPORTS 1992 RESULTS AND YEAR-END RESERVES

 HOUSTON, April 1 /PRNewswire/ -- Convest Energy Corporation (AMEX: COV) today reported net income of $1,869,000, or $.45 per share, on 4,197,000 weighted average shares outstanding for the year ended Dec. 31, 1992, compared with $2,458,000, or $.58 per share, on 4,237,000 weighted average shares outstanding for the year ended Dec. 31, 1991. Total revenues for 1992 were $19,466,000, an increase of 7 percent over 1991 revenues of $18,210,000. The decrease in net income was principally due to lower oil and gas prices received during 1992 as compared with 1991. Convest received $19.32 per barrel of oil and liquids in 1992 compared with $21.14 during 1991. Average gas prices were $2.02 per thousand cubic feet in 1992, a decline of $.10 from 1991.
 For the three months ended Dec. 31, 1992, net income was $63,000, or $.02 per share, on revenues of $6,074,000 compared to net income of $659,000, or $.16 per share, on revenues of $4,945,000 for the same period of 1991. Average oil prices for the fourth quarter of 1992 were over $2.00 per barrel less than the last quarter of 1991. Also during the fourth quarter of 1992, the company incurred significant costs on a workover program at its largest producing field and on an enhanced workover and maintenance program on its largest operated property.
 Convest's cash flow from operating activities before working capital changes was $9,224,000 for 1992 compared to $8,393,000 for 1991, a 10 percent increase. The increase in total revenues and cash flows between 1992 and 1991 are attributable to a 19 percent increase in oil production and a 17 percent increase in gas production. These production gains are the result of the acquisition of Vantage Point Energy, Inc. in August of 1992 and the company's successful developmental drilling. The improvement in total revenues and cash flows was realized even though the production gains were offset by an 8 percent decrease in the average oil prices as well as a 5 percent decrease in gas prices the company received for its production.
 The present value of Convest's estimated future net revenues from proved reserves, before income tax, was $76.7 million at Dec. 31, 1992, compared to $55.7 million at Dec. 31, 1991. These present values were computed in accordance with SEC reporting requirements and utilized year-end product prices of $18.95 per barrel of oil and $2.20 per MCF of gas for 1992 compared to $18.31 and $1.69 for 1991. On an equivalent barrel basis, reserve quantities increased by 39 percent to 12,056,000 barrels at the end of 1992 from 8,664,000 barrels at the end of 1991.
 Convest Energy Corporation is a publicly-traded Texas corporation whose principal business activities include the development and operation of oil and gas properties and the acquisition and exploration for additional oil and gas reserves.
 CONVEST ENERGY CORPORATION
 1992 Financial Summary
 (In thousands, except per share data)
 For the Three Months As of and for the
 ended Dec. 31, Year ended Dec. 31,
 1992 Per 1991 Per 1992 Per 1991 Per
 Share Share Share Share
 OPERATIONS
 Production
 Oil & liquids
 (Mbbls) 197 145 653 549
 Gas (Mmcf) 737 576 2,371 2,033
 Average prices
 Oil & liquids
 (per Bbl) $19.14 $21.23 $19.32 $21.14
 Gas (per Mcf) 2.36 2.25 2.02 2.12
 Total revenues 6,074 4,945 19,466 18,210
 Net income 63 .02 659 .16 1,869 .45 2,458 .58
 Cash flow from
 opers. (A) 2,399 .57 2,050 .49 9,224 2.20 8,393 1.98
 Weighted aver.
 shrs. outstg. 4,197 4,196 4,197 4,237
 BALANCE SHEET
 Working capital (B) $ 36 $ 1,532
 Oil & gas properties, net 54,915 36,282
 Total assets 60,588 41,238
 Long-term debt (B) 16,436 2,500
 Stockholders' equity $36,192 $34,323
 (A) -- Net income, plus depreciation, depletion and amortization expenses, plus provision for deferred income taxes.
 (B) -- Undrawn lines of credit of approximately $11.8 million were available at March 31, 1993.
 Proved Oil and Gas Reserve Information
 12/31/92 12/31/91
 Estimated Reserves:
 Oil (barrels, in thousands) 7,208 5,068
 Gas (MCF, in thousands) 29,086 21,575
 Equivalent barrels of oil
 (in thousands) (A) 12,056 8,664
 Estimated discounted future net
 revenues (in thousands) (B) $76,700 $55,700
 (A) -- Gas converted to oil based on 6,000 cubic feet of gas per barrel of oil.
 (B) -- Calculated in accordance with SEC reporting requirements and includes no provision for future income tax.
 -0- 4/1/93
 /CONTACT: Karen G. Clingan of Convest, 713-780-1952/
 (COV)


CO: Convest Energy Corporation ST: Texas IN: OIL SU: ERN

GK-KW -- NY072 -- 2091 04/01/93 14:06 EST
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Date:Apr 1, 1993
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