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CORRECTION TO ALTA ENERGY REPORTS RESULTS

 /C O R R E C T I O N -- ALTA ENERGY/
 In NY078, Alta Energy reports results, moved yesterday, the three


months 1992 net income figure should read "29,169," rather than "26,169," as originally transmitted. The corrected release follows:
 ALTA ENERGY REPORTS RESULTS
 DENVER, May 18 /PRNewswire/ -- Alta Energy Corporation announced net income for its third quarter ended March 31, 1992, of $29,169 or zero cents per common share, on revenues of $3,766,491. This compares to net income of $429,493, or 3 cents per share, on revenues of $3,958,420 for the same period in 1991. Revenues and net income were impacted primarily by a decrease of approximately 20 percent in oil prices and, to a lesser extent, a nine percent reduction in barrel equivalent production.
 For the nine months ended March 31, 1992, net income was $822,908, or 5 cents per share, on revenues of $11,603,838. This compares to net income of $1,181,639 or 8 cents per share, on revenues of $10,203,871 for the same period in 1991.
 Alta Energy Corporation's common stock is traded on the American Stock Exchange Emerging Company Marketplace under the Symbol ALE.EC.
 ALTA ENERGY CORPORATION
 Condensed Consolidated Statements of Operations
 Nine months ended Percent
 March 31 1992 1991(A) Change
 Revenues:
 Oil and gas sales $8,616,500 $10,133,924 -15
 Gas transmission 2,067,980 0
 Other 919,358 69,947 1214
 Total 11,603,838 10,203,871 14
 Costs and expenses:
 Oil and gas production 2,743,952 2,821,635 -3
 Gas transmission 1,983,789 0
 General & administrative 1,355,291 1,339,350 1
 Depreciation, depletion
 and amortization 1,865,560 1,935,196 -4
 Total 7,948,592 6,096,181 30
 Operating income 3,655,246 4,107,690 -11
 Interest expense and other (2,600,338) (1,994,328) -30
 Minority interest in earnings
 of consolidated subsidiary 0 (579,723) 100
 Income tax -- deferred (380,000) (520,000) 27
 Income before
 extraordinary item 674,908 1,013,639 -33
 Extraordinary item -- tax
 benefit of net operating
 loss carryforward 148,000 168,000 -12
 Net income $822,908 $1,181,639 -30
 Net income per common
 share:
 Before extraordinary item $.04 $.07
 Extraordinary item .01 .01
 Net income .05 .08
 Weighted average shares 17,698,116 14,167,146
 ALTA ENERGY CORPORATION
 Condensed Consolidated Statements of Operations
 Three months ended Percent
 March 31 1992 1991(A) Change
 Revenues:
 Oil and gas sales $2,716,818 $3,940,274 -31
 Gas transmission 1,028,713 0
 Other 20,960 18,146 16
 Total 3,766,491 3,958,420 -5
 Costs and expenses:
 Oil and gas production 897,647 1,016,789 -12
 Gas transmission 988,788 0
 General and administrative 394,845 436,131 -9
 Depreciation, depletion
 and amortization 488,065 779,549 -37
 Total 2,769,345 2,232,469 24
 Operating income 977,146 1,725,951 -42
 Interest expense and other (959,977) (763,993) -26
 Minority interest in earnings
 of consolidated subsidiary 0 (255,465) 100
 Income tax -- deferred (14,000) (445,000) 97
 Income before
 extraordinary item 23,169 261,493 -91
 Extraordinary item -- tax
 benefit of net operating
 loss carryforward 6,000 168,000 -96
 Net income 29,169 429,493 -93
 Net income per common
 share:
 Before extraordinary item $.00 $.02
 Extraordinary item .00 .01
 Net Income .00 .03
 Weighted average shares 17,704,954 14,440,861
 ALTA ENERGY CORPORATION
 Condensed Consolidated Balance Sheets
 Assets 3/31/92 6/30/91(A)
 Current assets $3,932,493 $7,446,420
 Property and equipment, net 34,100,304 $30,248,729
 Other assets 734,060 867,901
 Total assets 39,766,856 38,563,050
 Liabilities and Stockholders' Equity
 Current liabilities 8,072,049 7,640,900
 Long-term debt 23,521,725 21,609,154
 Deferred revenues 2,345,273 2,453,592
 Minority interest in consolidated 0 5,927,059
 subsidiary
 Stockholders' equity 5,827,809 932,345
 Total liabilities and stockholders'
 equity $39,766,856 $38,563,050
 (A) Restated to give effect to the merger of Alta with its principal stockholder, Hartford Energy Corporation, and certain affiliates of Hartford.
 -0- 5/19/92
 /CONTACT: Charles Lard of Alta Energy, 203-677-8707/


SH -- NY001A -- 1690 05/19/92 09:46 EDT
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Date:May 19, 1992
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