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AMERICAN NATIONAL REPORTS THIRD QUARTER RESULTS

 HOUSTON, Nov. 17 ~PRNewswire~ -- American National Petroleum Co mpany (NASDAQ: ANPC) reported net income of $806,000 ($0.13 per common share) for the three months ended Sept. 30, 1992, net income before an extraordinary item of $950,000 ($0.16 per common share) for the three months ended Sept. 30, 1992, as compared to net income of $351,000 ($0.07 per common share) for the three months ended Sept. 30, 1991. Nine months net income of $1,714,000 ($0.28 per common share) for Sept. 30, 1992, as compared to net income of $15,119,000 ($1.99 per common share) for Sept. 30, 1991 was also reported. The decrease in earnings for 1992 compared to 1991 is primarily due to a net litigation settlement of $17.6 million recorded in the first quarter of 1991. On March 5, 1991 the company and an affiliated partnership settled their lawsuit with Transcontinental Gas Pipe Line Company (Transco) in exchange for the payment by Transco of $21 million in cash.
 The extraordinary expense of $820,000 (net of a $205,000 income tax benefit) for the nine months ended Sept. 30, 1992 is the $1,025,000 premium paid by the company to obtain the lender's consent to the prepayment of the remaining $8.8 million of its outstanding long-term debt in May 1992.
 Revenues from oil and gas sales decreased by $1,660,000 (18 percent) from $9,351,000 during the nine months ended Sept. 30, 1991 to $7,691,000 for the nine months ended Sept. 30, 1992. This decrease was primarily caused by decreased sales of gas and lower prices received on natural gas and crude oil. The decrease was partially offset by the increased sales of crude oil in the first nine months of 1992.
 The company has hired the investment banking firm of Stephens, Inc. to solicit and negotiate offers for the sale of all of the Common Stock of the company. Stephens, Inc. has been directed to maximize the value to all of the shareholders of the company. Stephens, Inc.'s Houston office will handle the transaction.
 American National Petroleum Company, a Houston based company, is engaged in oil and natural gas exploration and production and energy related business.
 AMERICAN NATIONAL PETROLEUM COMPANY
 Comparative Analysis
 (Thousands, except per share data - Unaudited)
 Periods ended Nine Months Three Months
 Sept. 30 1992 1991 1992 1991
 Revenues $9,327 $28,288 $3,088 $3,261
 Income before
 income taxes $2,514 $19,428 $ 965 $ 513
 Income tax provision (212) (4,645) (82) (255)
 Equity in earnings
 of affiliates 232 336 67 93
 Net income before
 extraordinary item 2,534 15,119 950 351
 Extraordinary item
 (net of income
 taxes) (820) -- (144) --
 Net income $ 1,714 $15,119 $ 806 $ 351
 Earnings Per Common
 Share:
 Primary:
 Income before
 extraord. item $ 0.43 $ 2.30 $ 0.16 $ 0.06
 Extraord. item (0.14) -- (0.03) --
 Net income $ 0.29 $ 2.30 $ 0.13 $ 0.06
 Fully-diluted:
 Income before
 extraord. item $ 0.42 $ 1.99 $ 0.16 $ 0.07
 Extraord. item (0.14) -- (0.03) --
 Net income $ 0.28 $ 1.99 $ 0.13 $ 0.07
 Weighted Average
 Number of Common
 Shares Outstanding:
 Primary 5,840 6,567 5,840 6,319
 Fully 5,990 7,863 5,990 7,615
 -0- 11~17~92
 ~CONTACT: Mary Y. Cotner of American National Petroleum Company, 713-961-1770~
 (ANPC)


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

SM -- NY051 -- 1867 11~17~92 12:52 EST
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Publication:PR Newswire
Date:Nov 17, 1992
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