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NAHAMA & WEAGANT ENERGY ANNOUNCES ISSUANCE OF SHARES OF COMMON STOCK

NAHAMA & WEAGANT ENERGY ANNOUNCES ISSUANCE OF SHARES OF COMMON STOCK
 BAKERSFIELD, Calif., Feb. 13 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ: NAWE) announced that its registration statement covering 2,253,350 shares of its common stock to be sold by the company and certain shareholders at $4.50 per share became effective today, and sale of the shares to the public has commenced.
 Of the shares being sold, 2 million shares are for the account of the company and 253,350 are for the account of certain shareholders. The company expects to receive net proceeds of approximately $7,950,000 after deduction of underwriting discounts and offering expenses. Net proceeds of the offering will be used principally to repay existing debt.
 Howard, Weil, Labouisse, Friedrichs Incorporated and Wedbush Morgan Securities are serving as underwriters for the offering, from whom a written prospectus may be obtained. The underwriters have been granted a 30-day option to purchase up to 338,000 additional shares on the same terms to cover overallotments.
 Based in Bakersfield, the company is primarily engaged in exploring for, developing, producing and selling natural gas and, to a lesser extent, crude oil. The company conducts its principal activities in the Sacramento Valley in northern California, the San Joaquin Valley in central California and the Mist Gas Field in northwestern Oregon.
 -0- 2/13/92
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant Energy, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant Energy/
 (NAWE) CO: Nahama & Weagant Energy Company ST: California IN: OIL SU:


CK-OS -- NY056 -- 9735 02/13/92 12:03 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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