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CONVEST ENERGY REPORTS 1991 RESULTS AND YEAR-END RESERVES

 CONVEST ENERGY REPORTS 1991 RESULTS AND YEAR-END RESERVES
 HOUSTON, March 31 /PRNewswire/ -- Convest Energy Corporation


(AMEX: COV) today reported income before federal income taxes of $3,701,000 or $.87 per share on 4,237,000 shares outstanding for the year ended Dec. 31, 1991, compared to $3,272,000 or $1.05 per share on 3,101,000 shares outstanding for the year ended Dec. 31, 1990.
 Total revenues for 1991 were $18,210,000, an increase of 29 percent over 1990 revenues of $14,070,000. Net income after federal income taxes for 1991 was $2,458,000 or $.58 per share. There is no comparable after-tax figure for 1990 since Convest was a master limited partnership for substantially all of the year.
 For the three months ended Dec. 31, 1991, income before federal income taxes was $976,000 or $.23 per share on revenues of $4,945,000 compared to income before federal income taxes of $1,103,000 or $.33 per share on revenues of $5,023,000 for the same period of 1990. Net income after federal income taxes was $659,000 or $.16 per share for the fourth quarter of 1991.
 Convest's cash flows from operating activities before working capital changes was $8,393,000 for 1991 compared to $7,161,000 for 1990, a 17 percent increase. Non-recurring expenses of $177,000 and $936,000 were charged against 1991 and 1990 earnings, respectively, relating to the company's 1990 reorganization and bank debt refinancing.
 The increase in total revenues and cash flows between 1991 and 1990 are attributable to the increased production resulting from the business combination completed in late 1990 and successful development and exploratory drilling experienced during 1991. On an equivalent barrel basis (6,000 cubic feet of gas per barrel of oil), production increased by 35 percent in 1991. Convest received an average $20.53 per barrel of oil for 1991 compared to $23.64 per barrel for 1990. Gas prices received remained relatively stable in 1991 due to the company's favorable long-term gas contracts on several major gas producing properties. During 1991, $423,000 was generated from oil production hedging arrangements entered into in late 1990.
 The present value of Convest's estimated future net revenues from proved reserves, before income tax, was $55.7 million at Dec. 31, 1991, compared to $80.7 million at Dec. 31, 1990. These values were computed in accordance with SEC reporting requirements and utilized year-end product prices of $18.31 per barrel of oil and $1.69 per MCF of gas for 1991 compared to $27.50 and $1.84 for 1990. On an equivalent barrel basis, reserve quantities increased by 5 percent to 8,664,000 barrels at the end of 1991 from 8,218,000 barrels at the end of 1990.
 Convest Energy Corporation is a publicly traded 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
 Financial Summary
 (In thousands, except per-share data)
 Periods ended Three months Year
 Dec. 31 1991 Per 1990 Per 1991 Per 1990 Per
 Share Share Share Share
 Operations:
 Production
 Oil (Mbbls) 140 113 534 382
 Gas (Mmcf) 576 426 2,033 1,598
 Average prices
 Oil (per Bbl) $20.89 $30.81 $20.53 $23.64
 Gas (per Mcf) 2.25 2.29 2.12 2.15
 Total revenues 4,945 5,023 18,210 14,070
 Income before federal
 income taxes 976 $.23 1,103 $.33 3,701 $.87 3,272 $1.05
 Net income 659 .16 1,103 .33 2,458 .58 3,272 1.05
 Cash flow from
 operations(A) 2,050 .49 2,122 .63 8,393 1.98 7,161 2.31
 Weighted average equivalent
 shares outstanding 4,196 3,347 4,237 3,101
 Balance sheet:
 Working capital $1,532 $769
 Oil and gas
 properties, net 36,282 34,168
 Total assets 41,238 39,867
 Long-term debt 2,500 2,507
 Stockholders'
 equity 34,323 31,772
 (A) --Net income, plus depreciation, depletion and amortization expenses, plus provision for deferred income taxes.
 PROVED OIL AND GAS RESERVE INFORMATION
 12/31/91 12/31/90
 Estimated reserves:
 Oil (barrels, in thousands) 5,068 5,060
 Gas (MCF, in thousands) 21,575 18,944
 Equivalent barrels of oil
 (in thousands)(A) 8,664 8,218
 Estimated discontinued
 future net revenues
 (in thousands)(B) 55,700 80,700
 (A) -- Gas converted to oil based on 6,000 cubic feet of gas per barrel of oil.
 (B) -- Calculated in accordance with SEC reporting requirements and includes no provision for future income tax.
 -0- 3/31/92
 /CONTACT: Deborah W. Eakin of Convest Energy, 713-780-1952/
 (COV) CO: Convest Energy Corporation ST: Texas IN: OIL SU: ERN


CK-KO -- NY063 -- 3433 03/31/92 12:58 EST
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