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ALLEGHENY & WESTERN ENERGY CORPORATION ANNOUNCES THIRD QUARTER RESULTS

 CHARLESTON, W.Va., May 18 /PRNewswire/ -- Allegheny & Western Energy Corporation (NASDAQ: ALGH) (A&W) today reported it earned $4.0 million or $.50 per share during its third quarter which ended March 31, 1993, compared to $3.2 million or $.39 per share earned during the comparable period of the previous year.
 Total earnings for the first nine months of the company's fiscal year ending June 30, 1993, were $4.9 million or $.60 per share compared to $3.5 million or $.43 per share for fiscal 1992.
 The company attributed the rise in earnings to increased volumes of gas sold by its gas utility, Mountaineer Gas Company, and a cost reduction program implemented at the company's West Virginia oil and gas production operations and cost savings resulting from the closing of its administrative offices in New York City in May 1992.
 ALLEGHENY & WESTERN ENERGY CORPORATION
 (Dollars in thousands except per share amounts)
 Period Ended Three Months
 March 31 1993 1992
 Revenues $77,476 $71,183
 Pre-tax income 5,697 4,542
 Net income 3,988 3,179
 Earnings per share $.50 $.39
 Average shares outstanding 7,997,888 8,083,188
 Period Ended Nine Months
 March 31 1993 1992
 Revenues $154,066 $152,900
 Pre-tax income 6,930 4,939
 Net income 4,851 3,457
 Earnings per share $.60 $.43
 Average shares outstanding 8,040,772 8,083,188
 Allegheny & Western Energy Corporation, based in Charleston, is a diversified natural gas and oil company and owns Mountaineer Gas Company, the largest gas distribution utility in West Virginia, operating approximately 3,600 miles of natural gas distribution pipeline.
 -0- 5/18/93
 /CONTACT: W. Merwyn Pittman of Allegheny & Western Energy, 304-343-4567/
 (ALGH)


CO: Allegheny & Western Energy Corporation; Mountaineer Gas Company ST: West Virginia IN: OIL UTI SU: ERN

CD-KC -- PG006 -- 9736 05/18/93 11:50 EDT
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Date:May 18, 1993
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