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ALTA ENERGY REPORTS EARNINGS

 ALTA ENERGY REPORTS EARNINGS
 MIDLAND, Texas, Nov. 21 /PRNewswire/ -- Alta Energy Corporation


(NASDAQ: ALTE) today announced net income for its first quarter ended Sept. 30, 1991, of $185,102, or $.01 per common share, on revenues of $3,501,028. This compares to net income of $171,149 or $.01 per share, on revenues of $2,529,258 for the same period in 1990.
 Alta has previously reported the stock-for-stock merger of a new Alta subsidiary with Hartford Energy Corporation, Alta's principal stockholder, and certain affiliates of Hartford. As a result of the merger, Hartford Energy Corporation has been treated as the parent for periods prior to July 1, 1991, the effective date of the merger. The balance sheet as of June 30, 1991 and the results of operations for the three months ended Sept. 30, 1990 therefore reflect the historical information of Hartford Energy Corporation, reduced for the minority interest, which has been accounted for as being acquired on the effective date. Therefore, effective as of July 1, 1991, the financial statements reflect the results of the merger and include the combined financial statements and fully diluted shares of 18,034,245.
 ALTA ENERGY CORPORATION
 Condensed Consolidated Statements of Operations
 Three months ended Sept. 30 1991 1990(A) Pct. Chng.
 Revenues $3,501,028 $2,529,258 38
 Costs and expenses:
 Oil and gas production 827,913 791,400 5
 Gas transmission 449,794 0
 General and administrative 455,603 336,299 35
 Depreciation, depletion
 and amortization 709,540 575,216 23
 Total 2,442,850 1,702,915 43
 Operating income 1,058,178 826,343 28
 Interest expense and other (820,076) (601,529) -36
 Minority interest in net income
 of consolidated subsidiary 0 (53,665) 100
 Income tax - deferred (86,000) 0
 Income before extraord. item 152,102 171,149 -11
 Extraordinary item - tax
 benefit of net operating
 loss carryforward 33,000 0
 Net income $ 185,102 $ 171,149 8
 Net income per common share:
 Before extraordinary item $.01 $.01
 Extraordinary item .00 .00
 Net income $.01 $.01
 Weighted average shares
 outstanding 18,034,245 13,244,200
 Condensed Consolidated Balance Sheets
 9/30/91 6/30/91(A)
 ASSETS
 Current assets $ 5,292,553 $ 7,446,420
 Property and equipment, net 29,339,394 30,248,729
 Other assets 680,506 867,901
 Total assets $35,312,453 $38,563,050
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $ 6,930,698 $ 7,640,900
 Long-term debt 20,797,426 21,609,154
 Deferred revenues 2,424,325 2,453,592
 Minority interest in consolidated
 subsidiary 0 5,927,059
 Stockholders' equity 5,160,004 932,345
 Total liabilities and stockholders'
 equity $35,312,453 $38,563,050
 (A) -- Restated to give effect to the merger of Alta with its principal stockholder, Hartford Energy Corporation, and certain affiliates of Hartford.
 -0- 11/21/91
 /CONTACT: Charles Lard of Alta, 203-677-8707; or Barry S. Kaplan of Barry Kaplan Associates, 908-747-0702, for Alta/
 (ALTE) CO: Alta Energy Corporation ST: Texas IN: OIL SU: ERN GK-OS -- NY029 -- 5810 11/21/91 10:52 EST
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Date:Nov 21, 1991
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