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NAHAMA & WEAGANT ENERGY COMPANY ANNOUNCES SIGNIFICANT INCREASES IN SECOND QUARTER EARNINGS AND CASH FLOW

 BAKERSFIELD, Calif., Aug. 17 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ-NMS: NAWE) said its net income for the three months ended June 30, 1993 increased significantly to $277,000, or $.05 per share, on revenues of $1.6 million from net income of $21,000, or essentially no income per share, on revenues of $1.2 million in the second quarter of 1992. The company's cash flow per share increased by 50 percent to $.21 in the second quarter of 1993 from $.14 in the same period last year. These increases were due to a combination of new gas field or pool discoveries, development drilling and operational enhancements at various company gas properties, and the company's July 1, 1992 purchase of all the California gas reserves of Benton Oil & Gas Company. In addition, last year's net income was negatively impacted by low gas prices and mechanical difficulties incurred at certain of the company's gas properties.
 Net income for the six months ended June 30, 1993 increased by 400 percent to $632,000, or $.12 per share, on revenues of $3.7 million, from net income of $126,000, or $.03 per share, on revenues of $2.6 million in the same period last year. The company's cash flow per share increased by 47 percent to $.44 in the first half of 1993 from $.30 in the same period last year.
 "We're very pleased with these improved results," said company President Rod Nahama. "We've been very successful with the drill bit this year, particularly in Oregon; however, we've experienced delays in getting some of these wells on production. Once these wells are on- line, we hope to see more improvement in the upcoming quarters. We are also excited about the significant upside potential from our gas storage projects in Northern California and Oregon; we essentially have no value reflected on our books for gas storage. In the last few months we've seen a marked increase in the number of companies who have expressed interest in these projects."
 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."
 NAHAMA & WEAGANT ENERGY COMPANY
 Statements of Operations
 Periods ended Three months Six months
 June 30 1993 1992 1993 1992
 Revenues $1,638,000 $1,200,000 $3,702,000 $2,553,000
 Net income 277,000 21,000 632,000 126,000
 Per share information:
 Net income .05 -- .12 .03
 Cash flow(A) .21 .14 .44 .30
 Weighted average number
 of common equivalent
 shares outstanding 5,483,316 4,465,803 5,472,245 4,465,803
 Estimated Year-end Proved Reserves Comparison
 1992 1991 1990 1989 1988
 Billion cubic feet
 of gas equivalent 38.4 31.2 20.8 9.9 5.0
 Net present value
 (10 percent) before
 taxes ($millions) $31.9 $27.0 $17.6 $10.3 $4.8
 (A) Net income, plus depletion, depreciation, amortization, and deferred income taxes.
 -0- 8/17/93
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant Energy Company, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060/
 (NAWE)


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

LG-OS -- NY029 -- 3479 08/17/93 10:54 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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