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ALAMCO ANNOUNCES DRILLING RESULTS/INCREASED PROVED RESERVES

 CLARKSBURG, W.Va., Sept. 29 /PRNewswire/ -- Alamco, Inc. (AMEX: AXO) announced today that company petroleum engineers estimate that as of June 30, 1993, Alamco's total proved gas and oil reserves were 74.1 equivalent billion cubic feet ("EBCF") or 15.6 percent higher than at year-end 1992.
 Based on these reserve additions, the company has replaced 745 percent of the 1.55 EBCF it sold during the first half of 1993.
 John L. Schwager, president and chief executive officer, reported that most of the reserve increase resulted from successful drilling activities. During the first half of 1993, the company drilled 15 wells, 12 of which were successful with the company's average working interest being over 93 percent. Schwager also reported that since the mid-year reserve report, the company has drilled an additional 10 wells, nine of which have been successful. The company's average ownership in these 10 wells is 90 percent. Schwager noted the recent successful completion of three step-out wells in Alamco's Huntersville Chert/Oriskany development program at its South Burns Chapel Field has extended the western boundaries of the field. Schwager stated that reserve additions attributable to these wells will be included in the year-end 1993 report. The company anticipates drilling a total of 30 wells in 1993, and expending approximately $5.3 million in gas and oil investment activitiest?ire year.
 Alamco, headquartered in Clarksburg, is an independent producer of gas and oil in the Appalachian Basin with a major operating concentration in West Virginia gas fields. The company's stock is traded on the American Stock Exchange under the symbol AXO.
 -0- 9/29/93
 /CONTACT: Jane Merandi of Alamco, 1-800-873-2526/
 (AXO)


CO: Alamco, Inc. ST: West Virginia IN: OIL SU:

CD-KC -- PG003 -- 6764 09/29/93 11:05 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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