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NAHAMA & WEAGANT ENERGY COMPANY ANNOUNCES TWO GAS DISCOVERIES IN OREGON

 BAKERSFIELD, Calif., July 8 /PRNewswire/ -- Nahama & Weagant Company (NASDAQ-NMS: NAWE) today announced two new gas discoveries in its Mist Gas Field, near Portland, Ore. The company said it expects to start producing both wells in the third quarter of this year. This production, coupled with its new, previously announced, development wells in California, should increase the company's total average net daily gas production rate to 12,500 - 13,000 Mcf, almost 50 percent higher than its total average net daily gas production rate during the second quarter this year.
 The Buzzard 12-35-65 well flowed at 2,300 Mcf per day, even though the company has tested less than one-half of the well's productive zone. The well's flowing tubing pressure was 490 psi, which represents only a 13 percent drawdown on a 28/64 inch choke. The company owns approximately 41 percent of the Buzzard well. The Raven 12A-33-75 well was a dual completion well, which tested at an aggregate of 2,032 Mcf per day. The lower zone flowed at 1,300 Mcf per day on an 18/64 inch choke with flowing tubing pressure of 501 psi. The upper zone flowed at 732 Mcf per day on an 18/64 inch choke with flowing casing pressure of 406 psi. The company owns approximately 61 percent of the Raven well. The company's aggregate share of the production from these two wells should be approximately 1,200 - 1,300 Mcf per day.
 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- 7/8/93
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant Energy Company, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., Inc., 212-983-1060, for Nahama & Weagant Energy Company/
 (NAWE)


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

SH-OS -- NY031 -- 9424 07/08/93 10:30 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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