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ALTA ENERGY COMPLETES A $7.1 MILLION COMMON STOCK FINANCING WITH INSTITUTIONAL INVESTORS

 AVON, Conn., June 9 /PRNewswire/ -- Alta Energy (AMEX: ALE) today announced that it has completed the sale of 750,000 new common shares in a private placement to an institutional group of domestic and foreign investors. The offering was managed by Johnson Rice & Company.
 The $7.1 million financing will be used principally to fund the company's development of the Avon and Socorro properties in New Mexico, for general corporate purposes, and for working capital. The transaction increases the company's stockholders' equity by more than 80 percent.
 Alta Energy is engaged principally in the acquisition of proven oil and gas properties and the development and production of those properties. The company's common stock is traded on the American Stock Exchange under the symbol ALE.
 -0- 6/9/93
 /CONTACT: Charles Lard of Alta Energy Corporation, 203-677-8707/
 (ALE)


CO: Alta Energy Corporation ST: Connecticut IN: OIL SU:

LD-MP -- NYW009 -- 6870 06/09/93 08:45 EDT
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Publication:PR Newswire
Date:Jun 9, 1993
Words:155
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