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AMERICAN NATIONAL PETROLEUM REPORTS REVERSAL OF RULING ON TAX CLAIM

 HOUSTON, Nov. 23 ~PRNewswire~ -- American National Petroleum Company (NASDAQ: ANPC) today announced that the Texas Comptroller of Public Accounts has reversed its position regarding a franchise tax transition rule that will allow the company to receive a tax refund of $635,000.
 The company reincorporated from Delaware to Nevada in December 1991 in order to claim a one-time franchise tax savings of $635,000, but the Texas Comptroller issued a transition rule that rejected the company's claim. The company paid the disputed franchise taxes, but had planned to contest the Texas Comptroller's position.
 Now that the Texas Comptroller has reversed its position on the transition rule, the company is entitled to a refund of $635,000. The company had accrued $760,000 in 1991 for this franchise tax liability because of the uncertain nature of its claim and will recognize a benefit of $760,000, before federal income taxes in the fourth quarter of 1992, because of the claim resolution.
 American National Petroleum Company, a Houston based company, is engaged in oil and natural gas exploration and production and energy related business.
 -0- 11~23~92
 ~CONTACT: Michael Y. McGovern of American National Petroleum Company, 713-961-1770~
 (ANPC)


CO: American National Petroleum Company ST: Texas IN: OIL SU:

GK -- NY071 -- 0679 11~23~92 15:25 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:216
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