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CONVEST ENERGY REPORTS FIRST QUARTER RESULTS

 CONVEST ENERGY REPORTS FIRST QUARTER RESULTS
 HOUSTON, May 18 /PRNewswire/ -- Convest Energy Corporation


(AMEX: COV) reported net income of $331,000 or $.08 per share for the three months ended March 31, 1992 compared to net income of $525,000 or $.12 per share for the first quarter of 1991. Total revenues for the first quarter of 1992 were $4,052,000, a 10 percent decrease from first quarter 1991 revenues of $4,526,000. Cash flow from operations for the first quarter of 1991 decrease by 16 percent to $1,779,000 as compared to first quarter 1991 cash flow of $2,113,000. These decreases are the result of lower prices received for the company's oil and gas production. On a barrel of oil equivalent basis, production for the first quarter of 1992 increased by 3 percent over the same period of 1991; however, this increase was offset by a 12 percent and a nine percent decline in average oil and gas prices received by the company. There have been recent increases in the posted price of crude oil and management is hopeful that they will be sustained into the future.
 Convest also announced today the signing of a definitive merger agreement with Vantage Point Energy, Inc. for the acquisition of all the common stock of Vantage Point by Convest. Under the agreement, holders of Vantage Point's common stock and warrants and options to purchase common stock would receive a total of approximately $8.5 million in cash less certain transaction costs. In addition, the Vantage Point shareholders could receive distributions from a liquidating trust established to liquidate approximately 50,000 acres of undeveloped oil and gas leases in Colorado and Wyoming currently held by Vantage Point. The transaction will be structured as a merger of a wholly owned subsidiary of Convest into Vantage Point in which Vantage Point will survive the merger and Convest will become the sole holder of all Vantage Point's then outstanding common stock. Convest may also acquire the outstanding Vantage Point five percent cumulative convertible preferred stock if a majority of the preferred stockholders elect to receive $70 cash per share, otherwise, the preferred stock will remain outstanding. In conjunction with the merger, Vantage Point's bank indebtedness of $7.7 million will be refinanced by Convest's lending banks. It is anticipated that the $8.5 million cash amount will be financed under Convest's long-term credit facility. The merger will add proved reserves as of Dec. 31, 1991 of approximately 3.0 million barrels of oil and 14,100 million cubic feet of gas to Convest's reserve base.
 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
 1992 First Quarter Results
 (In thousands, except per share data)
 Three months ended Per Per
 March 31 1992 Share 1991 Share
 Operations:
 Production:
 Oil (Mbbls) 136 130
 Gas (Mmcf) 539 539
 Average Prices:
 Oil (Per Bb1) 17.88 20.29
 Gas (Per Mcf) 1.92 2.10
 Total revenues 4,052 4,526
 Net income:
 Bef. federal inc. taxes 502 .12 837 .20
 After federal inc. taxes 331 .08 525 .12
 Cash flow from opers.(A) 1,779 .42 2,113 .49
 Weighted avg. equivalent
 shares outstndg. 4,196,393 4,279,755
 CONVEST ENERGY
 Balance Sheet
 3/31/92 3/31/91
 Working capital 1,882 2,179
 Oil and gas
 properties, net 36,381 34,089
 Total assets 40,692 38,735
 Bank debt 2,500 3,000
 Owners' equity 34,654 32,297
 (A) Net income, plus depreciation, depletion and amortization expenses, plus a provision for deferred income taxes.
 -0- 5/18/92
 /CONTACT: Deborah W. Eakin of Convest Energy, 713-780-1952/
 (COV) CO: Convest Energy Corporation ST: Texas IN: OIL SU: ERN


SM-AH -- NY066 -- 1477 05/18/92 16:08 EDT
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Date:May 18, 1992
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