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AMERICAN EXPLORATION ANNOUNCES SECOND QUARTER RESULTS

 AMERICAN EXPLORATION ANNOUNCES SECOND QUARTER RESULTS
 HOUSTON, Aug. 10 /PRNewswire/ -- American Exploration Company (AMEX: AX) today announced a net loss for the second quarter of $5.2 million ($.08 per share) compared to a net loss of $6.5 million ($.12 per share) in the second quarter of 1991. For the first six months of 1992 the Company reported a net loss of $9.5 million ($.16 per share) compared to a net loss of $9.6 million ($.18 per share) in the 1991 period.
 Mark Andrews, Chairman and CEO, said "During the first half of 1992, the Company was affected by lower than expected prices, particularly natural gas prices in Canada. Since the middle of the year, however, gas prices in the U.S. have been strengthening. The sales of non-core oil and gas properties to streamline the organization and reduce debt also contributed to lower production volumes and revenues in the 1992 periods.
 "This year we have made debt reduction a key priority. Since the end of 1991 we have reduced our debt by over $17.0 million and expect to achieve additional reductions in the second half of 1992.
 "At the same time, our exploration efforts are proceeding forward in the U.S. and internationally. The results from our first well on the El Jem license in Tunisia should be announced this month."
 American Exploration Company is an independent oil and gas company with production in the United States and Canada and exploratory activities focused in Texas, South Louisiana, Tunisia and Oman.
 AMERICAN EXPLORATION COMPANY AND SUBSIDIARIES
 Summary Financial Information
 (In thousands, except per share data, unaudited)
 Period ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $13,886 $20,268 $29,696 $39,661
 Net loss $(5,233) $(6,467) $(9,520) $(9,555)
 Loss per common share $(0.08) $(0.12) $(0.16) $(0.18)
 Weighted average common
 shares outstanding 62,996 55,359 59,620 52,408
 -0- 8/10/92
 /CONTACT: Frank Murphy, vice president investor relations, of American Exploration, 212-230-0344/
 (AX) CO: American Exploration Company ST: Texas IN: OIL SU: ERN


LR-OS -- NY021 -- 8491 08/10/92 11:47 EDT
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Publication:PR Newswire
Date:Aug 10, 1992
Words:361
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