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NORTH COAST ENERGY REPORTS FISCAL 1994 FIRST QUARTER NET INCOME

 CLEVELAND, Aug. 16 /PRNewswire/ -- North Coast Energy, Inc. (NASDAQ: NCEB) today announced high income from operations before accounting for non-cash items and increased cash flow for the first quarter of fiscal 1994 compared to the first quarter of 1993. First quarter income from operations before depreciation, depletion, amortization and other was $283,134 compared to $211,868 in the prior year. Cash flow from operations increased $521,540 from 1993's first quarter. Net income after taxes and dividends on the company's Preferred A and the new Preferred B stock for the period was $.04 lower than a year ago.
 Reporting on the first quarter results, Garry Regan, president of North Coast Energy, stated, "We entered fiscal 1994 with the highest level of producing reserves in corporate history. This translated into higher oil and gas production and increased well operating and gas transportation revenues. On the negative side we drilled four fewer wells in 1994's first quarter than in 1993. Also, increased gas production generates increased depletion from our properties. It has a negative impact on net income but results in positive cash flow."
 North Coast Energy, Inc. is an independent oil and gas exploration company headquartered in Cleveland.
 NORTH COAST ENERGY, INC.
 Financial Highlights (unaudited)
 June 30, June 30,
 1993 1992
 Revenues $1,766,032 $1,886,383
 Net income 4,408 14,630
 Net income from operations before
 accounting for non-cash items 283,134 211,868
 Net (loss) income (primary and
 fully diluted) per share $ (0.04) $ 0.00
 Net cash used by operating
 activities 130,265 651,805
 Net cash used by operating
 activities primary per share $ 0.02 $ 0.12
 -0- 8/16/93
 /CONTACT: Vicki Matjasic, share owner services, North Coast Energy, Inc., 216-663-1668, or Edda Brown, president of Richmont Consulting, 213-658-8088, for North Coast Energy, Inc./
 (NCEB)


CO: North Coast Energy, Inc. ST: Ohio IN: OIL SU: ERN

KL -- CL011 -- 3159 08/16/93 14:31 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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