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CONVEST ENERGY CORPORATION REPORTS THIRD QUARTER RESULTS

 HOUSTON, Nov. 12 /PRNewswire/ -- Convest Energy Corporation (AMEX: COV) reported net income of $73,000, or $.02 per share, for the three months ended Sept. 30, 1993, compared with $979,000, or $.23 per share, for the third quarter of 1992. Convest also reported net income of $596,000, or $.14 per share, for the nine months ended Sept. 30, 1993, compared with $1,806,000, or $.43 per share, for the first three quarters of 1992. Earnings through the third quarter have been adversely affected by lower oil prices. Earnings were also unfavorably impacted by downhole problems experienced on one producing oil well. Average oil prices for the third quarter of 1993 were 16 percent lower than the corresponding quarter in 1992 while the 1993 year-to-date average oil prices are 7 percent lower than 1992. Oil accounted for 65 percent of Convest's production in the third quarter. The decline in oil prices was partially offset by an increase in gas prices of 13 percent and 28 percent for the three- and nine-month periods ended Sept. 30, 1993, compared with the corresponding periods in 1992.
 Cash flow from operations before working capital changes was $6,707,000, or $1.59 per share, for the nine months ended Sept. 30, 1993, compared with $6,825,000, or $1.63 per share, for the first three quarters of 1992.
 Production measured on an equivalent barrel of oil basis increased by 14 percent and 31 percent for the three- and nine-month periods ended Sept. 30, 1993, as compared with the same periods in 1992. The increased production largely reflected the Vantage Point Energy acquisition in August 1992.
 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 THIRD QUARTER RESULTS
 (In Thousands, Except Per Share Data)
 For the As of and for the
 Three Months ended Sept. 30, Nine Months ended Sept. 30,
 per per per per
 1993 share 1992 share 1993 share 1992 share
 OPERATIONS:
 Production
 Oil (Mbbls) 204 171 587 443
 Gas (Mmcf) 606 585 2,117 1,634
 Average Prices
 Oil (Per Bbl)$16.79 $20.10 $18.29 $19.62
 Gas (Per Mcf) 2.22 1.73 2.11 1.86
 Total Revenues 5,415 5,004 16,867 13,392
 Net Income 73 $.02 979 $.23 596 $.14 1,806 $.43
 Cash Flow From
 Operations (a) 2,021 .48 2,995 .71 6,707 1.59 6,825 1.63
 Weighted Average Shares
 Outstanding 4,217 4,197 4,214 4,197
 BALANCE SHEET:
 Working Capital $4,296 $1,606
 Oil and Gas Properties,
 Net 51,999 54,184
 Total Assets 59,950 14.22 59,937 14.28
 Long-Term Debt 16,536 17,786
 Stockholders' Equity 36,899 8.75 36,129 8.61
 Shares Outstanding 4,217 4,197
 (a) Net income, plus depreciation, depletion and amortization expenses, plus provision for deferred income taxes.
 -0- 11/12/93
 /CONTACT: Karen G. Clingan, 713-780-1952/
 (COV)


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

LG-TA -- NY043 -- 3680 11/12/93 12:11 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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