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NAHAMA & WEAGANT ENERGY COMPLETES ACQUISITION FROM ARCO OIL & GAS

     NAHAMA & WEAGANT ENERGY COMPLETES ACQUISITION FROM ARCO OIL & GAS
    BAKERSFIELD, Calif., Feb. 11 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ: NAWE) announced that it, along with a subsidiary of a major west coast utility and a partnership between the company and John Hancock Mutual Life Insurance Company, has completed its previously announced acquisition from ARCO Oil & Gas Company ("ARCO") of Arco's interest in the Mist Gas Field in Northwestern Oregon, near Portland. The company (both directly and through its interest in such partnership) paid approximately $1,105,000 for its share of the purchased interest, representing approximately 3.0 billion cubic feet ("Bcf") of proved developed gas reserves, with potential for additional development and exploration.  Under the terms of the acquisition, the company also received approximately $300,000 relating to the operations of the acquired properties for the period of Aug. 1, 1991 through Dec. 31, 1991.  The present value of the estimated future cash flows before taxes from the acquired proved reserves, discounted at 10 percent, ("present value")  was approximately $2.8 million at Dec. 31 1991.
    In other news, the company announced that its proved oil and gas reserves at Dec. 31 1991, including the reserves purchased from ARCO, were approximately 32.0 Bcf of gas equivalent.  The present value of such reserves was approximately $25,370,000.
    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-                                2/11/92
    /CONTACT:  Dennis Fitzpatrick of Nahama & Weagant, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant/
    (NAWE) CO:  Nahama & Weagant Energy Company ST:  California IN:  OIL SU:  TNM SH-AH -- NY025 -- 8732 02/11/92 10:54 EST
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Publication:PR Newswire
Date:Feb 11, 1992
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