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ALLEGHENY & WESTERN ENERGY ANNOUNCES FIRST QUARTER RESULTS

     ALLEGHENY & WESTERN ENERGY ANNOUNCES FIRST QUARTER RESULTS
    NEW YORK, Nov. 18 /PRNewswire/ -- Allegheny & Western Energy Corporation (NASDAQ: ALGH) today reported a pre-tax loss of $2,427,000 and a net loss of $1,699,000 or a net loss per share of $.21 for the three months ended Sept. 30, 1991.  This compares to the quarter ended Sept. 30, 1990 in which a pre-tax loss of $2,305,000 and a net loss of $1,614,000 or a net loss per share of $.20 was reported.  The loss resulted primarily from the seasonal, weather sensitive nature of Mountaineer Gas Company's business.  Mountaineer has historically contributed to profits during the second and third quarters of the company's fiscal year, which ended June 30.
            ALLEGHENY & WESTERN ENERGY CORPORATION
    Three Months ended Sept. 30;       1991           1990
    Revenues                       $22,795,000    $23,964,000
    Pre-tax income (loss)           (2,427,000)    (2,305,000)
    Net income (loss)               (1,699,000)    (1,614,000)
    Earnings per share (loss)            ($.21)         ($.20)
    Average shares outstanding       8,083,188      8,083,188
    Allegheny & Western Energy Corporation, based in Charleston, W.Va., conducts oil and gas exploration and development in West Virginia and Texas, and owns Mountaineer Gas Company, the largest gas distribution utility in West Virginia, operating approximately 3,600 miles of natural gas distribution pipeline.
    -0-        11/18/91
    /CONTACT:  Jonathan M. Conrad of Allegheny & Western, 212-758-5556/
    (ALGH) CO:  Allegheny & Western Energy Corporation ST:  West Virginia, Texas IN:  OIL SU:  ERN FC-JT -- NY094 -- 4666 11/18/91 17:29 EST
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Publication:PR Newswire
Date:Nov 18, 1991
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