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CONVEST ENERGY CORPORATION REPORTS SECOND QUARTER RESULTS

 CONVEST ENERGY CORPORATION REPORTS SECOND QUARTER RESULTS
 HOUSTON, Aug. 14 /PRNewswire/ -- Convest Energy Corporation


(AMEX: COV) reported net income of $496,000 or $.12 per share for the three months ended June 30, 1992 compared to $362,000 or $.08 per share for the second quarter of 1991. Convest also reported net income of $827,000 or $.20 per share for the six months ended June 30, 1992 compared to $887,000 or $.20 per share for the first half of 1991. Cash flow from operations was $2,050,000 and $3,829,000 for the three and six months periods ended June 30, 1992 compared to $1,836,000 and $3,947,000 for the comparable periods of 1991.
 Production measured on a barrel of oil equivalent basis increased by 5 percent for the first half of 1992 when compared to the first half of 1991; however, a 9 percent decline in oil prices and 4 percent decline in gas prices caused a drop in total revenues for the six months. Total revenues for the six months ended June 30, 1992 were $8,387,000 compared to $8,736,000 for the six months ended June 30, 1991. The increase in production in 1992 is the result of the successful exploratory and development drilling achieved in late 1991 and early 1992.
 Convest Energy Corporation is a publicly traded Texas corporation whose principal business activities include the development and operation of oil and gas properties and the acquisition and exploration for additional oil and gas reserves.
 CONVEST ENERGY CORPORATION
 1992 Second Quarter results
 (in thousands, except per share data)
 Three Months Ended June 30 Six Months Ended June 30
 Per Per Per Per
 1992 share 1991 share 1992 share 1991 share
 Operations:
 Production
 Oil (mbbls) 136 -- 131 -- 272 -- 262 --
 Gas (Mmcf) 510 -- 447 -- 1,048 -- 986 --
 Average Prices:
 Oil (per
 bbl) $20.58 -- $20.89 -- $19.34 -- $21.25 --
 Gas (per mcf) 1.94 -- 1.90 -- 1.93 -- 2.01 --
 Total
 revenues 4,336 -- 4,210 -- 8,387 -- 8,736 --
 Net income
 Before federal
 inc. taxes 752 .18 588 .14 1,253 .30 1,424 .33
 After federal
 inc. taxes 496 .12 362 .08 827 .20 887 .20
 Cash flow from
 opers. (A) 2,050 .49 1,836 .43 3,829 .91 3,947 .92
 Balance Sheet:
 Working
 capital 1,728 1,350
 Oil & gas properties
 net 36,712 34,563
 Total assets 40,941 38,231
 Bank debt 2,000 2,500
 Stockholders'
 equity $35,150 32,179
 Weighted avg.
 shares
 outstg. 4,197 4,275 4,196 4,277
 (A) Net income, plus depreciation, depletion and amortization expenses, plus provision for deferred income taxes.
 -0- 8/14/92
 /CONTACT: Deborah W. Eakin of Convest Energy, 713-780-1952/
 (COV) CO: Convest Energy Corporation ST: Texas IN: OIL SU: ERN


SB-LR -- NY039 -- 0011 08/14/92 12:26 EDT
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Date:Aug 14, 1992
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