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NAHAMA & WEAGANT ANNOUNCES FIFTH NEW GAS WELL IN NORTHWEST OREGON FIELD

NAHAMA & WEAGANT ANNOUNCES FIFTH NEW GAS WELL IN NORTHWEST OREGON FIELD
 BAKERSFIELD, Calif., Nov. 12 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ: NAWE) announced today it had another successful discovery well in the Mist Gas field of Northwest Oregon, near Portland. The well was the fifth success out of the first eight wells it had drilled as part of a three-year, 25-well program under a farmout agreement with ARCO.
 The company expects these five wells could add significant revenues in 1992 and be highly profitable. Production on all five wells has been sold out under long-term contracts. For the six months ended July 31, 1991, Nahama & Weagant reported record sales of $2.9 million and net income of $1.05 million on 5.3 million shares.
 The company owns 41 percent of the program, which it operates on behalf of John Hancock Mutual Life Insurance Company and Oregon Natural Gas, who own the remaining interests.
 The Mist field covers approximately 200,000 gross acres and the existing production is from depths of approximately 2,000 feet. The new wells are expected to produce an aggregate 4 million to 5 million cubic feet of gas per day.
 "We're very pleased with the success of our exploration program in Oregon," said company President Rod Nahama. "The combination of our expertise with new seismic processing techniques, and our knowledge of the area's geology has really paid off. We're barely 1/3 of the way through the planned program and we've managed to increase the filed's productive capability by 50 percent. Our success so far would indicate the field's potential could meet or exceed our original expectations."
 Based in Bakersfield, Nahama & Weagant Energy Company is an independent oil and gas exploration and production company engaged in oil and gas exploration, development and production, primarily in California and Oregon.
 -0- 11/12/91
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant/
 (NAWE) CO: Nahama & Weagant Energy Co. ST: California, Oregon IN: OIL SU: DSC SM-FC -- NY053 -- 3459 11/12/91 12:16 EST
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Publication:PR Newswire
Date:Nov 12, 1991
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