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CONVEST ENERGY CORPORATION REPORTS SECOND QUARTER RESULTS

 HOUSTON, Aug. 13 /PRNewswire/ -- Convest Energy Corporation (AMEX: COV) reported net income of $176,000, or $.04 per share, for the three months ended June 30, 1993, compared with $496,000, or $.12 per share, for the second quarter of 1992. Convest also reported net income of $523,000, or $.12 per share, for the six months ended June 30, 1993, compared with $827,000 or $.20 per share, for the first half of 1992.
 Cash flow from operations increased to $2,285,000 and $4,686,000, for the three- and six-month periods ended June 30, 1993, respectively, compared with $2,050,000 and $3,829,000 for the same periods in 1992.
 Production measured on an equivalent barrel of oil basis increased by 44 percent and 41 percent for the three-and six-month periods ended June 30, 1993, as compared with the same periods in 1992. The increased production coupled with relatively stable oil and gas prices resulted in a 32 percent and 38 percent increase in oil and gas revenue for the same periods.
 In August 1992, Convest acquired Vantage Point Energy which led to an increase in production volumes as well as operating expenses. Operating expenses increased by 68 percent for both the three-month and the six-month periods ended June 30, 1993, as compared with the same periods in 1992. Approximately one-fifth of the increase in operating expenses was attributable to downhole problems experienced on one producing oil well. This well has returned to production after successful workover operations were performed.
 Convest Energy Corporation is a publicly-traded Texas corporation whose principal business activities include the development and operation of oil and gas properties as well as the acquisition and exploration for additional oil and gas reserves.
 CONVEST ENERGY CORPORATION
 1993 Second Quarter Results
 (In thousands, except per share data)
 Per Per
 Three months ended June 30 1993 Share 1992 Share
 Operations:
 Production
 Oil (Mbbls) 189 -- 136 --
 Gas (Mmcf) 783 -- 510 --
 Average prices
 Oil (per Bbl) $18.78 -- $20.58 --
 Gas (per Mcf) 2.03 -- 1.94 --
 Total revenues 5,703 -- 4,336 --
 Net income
 Before federal income taxes 279 .07 752 .18
 After federal income taxes 176 .04 496 .12
 Cash flow from operations(A) 2,285 .54 2,050 .49
 Weighted average
 shares outstanding 4,217 -- 4,197 --
 Per Per
 Six months ended June 30 1993 Share 1992 Share
 Operations:
 Production
 Oil (Mbbls) 383 -- 272 --
 Gas (Mmcf) 1,511 -- 1,048 --
 Average prices
 Oil (per Bbl) $19.08 -- $19.34 --
 Gas (per Mcf) 2.07 -- 1.93 --
 Total revenues 11,452 -- 8,387 --
 Net income
 Before federal income taxes 829 .20 1,253 .30
 After federal income taxes 523 .12 827 .20
 Cash flow from operations(A) 4,686 1.11 3,829 .91
 Weighted average
 shares outstanding 4,212 -- 4,196 --
 Balance Sheet:
 Working capital $(28) -- $1,728 --
 Oil and gas properties,
 net 56,360 -- 36,712 --
 Total assets 61,798 -- 40,941 --
 Long-term debt 16,886 -- 2,000 --
 Stockholders' equity 36,826 -- 35,150 --
 (A) Net income, plus depreciation, depletion and amortization expenses, plus provision for deferred income taxes.
 -0- 8/13/93
 /CONTACT: Karen G. Clingan of Convest Energy, 713-780-1952/
 (COV)


CO: Convest Energy Corporation ST: Texas IN: OIL SU: ERN

LD-WB -- NY087 -- 2764 08/13/93 18:20 EDT
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Publication:PR Newswire
Date:Aug 13, 1993
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