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CONVEST ENERGY CORPORATION REPORTS YEAR-END RESERVES

 HOUSTON, March 3 /PRNewswire/ -- Convest Energy Corporation (AMEX: COV) today reported a 39 percent increase in proved reserves on an equivalent barrel basis from Dec. 31, 1991, to Dec. 31, 1992. The present value of Convest's estimated future net revenues from proved reserves increased 38 percent to $76.7 million at Dec. 31, 1992, compared with $55.7 million at Dec. 31, 1991. The 1992 increase is the result of the acquisition of Vantage Point Energy, Inc., as well as exploratory and development drilling activity and other smaller acquisitions.
 As the table below indicates, oil reserves increased 42 percent during 1992 while gas reserves increased 35 percent.
 12/31/92 12/31/91
 Future reserves:
 Oil, Bbls 7,208,000 5,068,000
 Gas, Mcfs 29,086,000 21,575,000
 BOE (A) 12,055,667 8,663,833
 Discounted future net revenues (B) $76,734,000 $55,685,000
 Average future prices:
 Oil, $ per Bbl $18.95 $18.31
 Gas, $ per Mcf $2.20 $1.69
 (A) -- Gas converted to oil based on 6,000 cubic feet of gas per barrel of oil.
 (B) -- Estimated present value of before-tax future net revenues discounted at 10 percent based on SEC reporting requirements.
 Convest also reported that as of Dec. 31, 1992, the Fidelity Low- Priced Stock Fund had accumulated 6.24 percent of Convest's outstanding common stock. Fidelity's filings with the SEC indicate that the fund is holding the stock for investment purposes.
 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.
 -0- 3/3/93
 /CONTACT: Karen G. Clingan of Convest, 713-780-1952/
 (COV)


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

AH-GK -- NY023 -- 2356 03/03/93 10:17 EST
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Date:Mar 3, 1993
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