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NAHAMA & WEAGANT ENERGY COMPANY ANNOUNCES 30 PERCENT INCREASE IN CREDIT CAPACITY

 BAKERSFIELD, Calif., June 17 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ-NMS: NAWE) said today it has increased the borrowing capacity under its revolving credit facility with Canadian Imperial Bank of Commerce, subject to documentation and certain conditions, by 30 percent to $13 million.
 Although the company has no plans at the moment for a significant draw down on its credit line, CFO Denis Fitzpatrick said, "It really enhances our ability to fund our gas and oil development and acquisition activities this year leaving more internally generated funds available for our planed exploration, which is expected to be substantial; however, our drilling success in the first half of the year could increase the company's cash flows to a point where significant borrowing for development would not be necessary, leaving more credit available for acquisitions."
 He said the company is aggressively seeking potential natural gas and light oil acquisitions ranging from $5 million to $50 million in size and believes it has access to various sources of capital which may be needed to fund larger acquisitions, including financing from banks, institutional investors and other E&P companies, or it may consider issuing additional equity.
 Based in Bakersfield, Nahama & Weagant Energy Company is primarily engaged in exploring for, developing, producing and selling natural gas and, to a lesser extent, crude oil, primarily in California and Oregon. The company's common stock is traded on the NASDAQ National Market System under the symbol "NAWE."
 -0- 6/17/93
 /CONTACT: Denis Fitzpatrick, CFO of Nahama & Weagant Energy Company, 805-323-9075; or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant Energy Company/
 (NAWE)


CO: Nahama & Weagant Energy Company ST: California IN: OIL SU:

GK-WB -- NY065 -- 3122 06/17/93 13:07 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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