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NAHAMA & WEAGANT ENERGY REPORTS RESULTS

 BAKERSFIELD, Calif., March 4 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ: NAWE) today announced its revenues for the year ended Dec. 31, 1992, increased to $5,587,000 from $5,521,000 for the transition period ended Dec. 31, 1991, which was an 11-month period due to the change in the company's fiscal year-end from Jan. 31 to Dec. 31.
 Net income for the same periods decreased to $779,000, or 16 cents per share on 4.7 million shares outstanding, from $987,000, or 36 cents per share on 2.7 million shares outstanding. Net income for the periods included extraordinary credits from utilization of net operating loss carryforwards of $259,000, or 5 cents per share, and $325,000, or 12 cents per share, respectively. The increase in the number of outstanding shares resulted from a successful public offering in the first quarter of 1992. The company also said that its cash flow per share from operations before working capital changes in 1992 was $.62 compared to $1.16 in the transition period ended Dec. 31, 1991.
 "More than anything else, 1992 was a year where we greatly enhanced our position for future growth," said company President Rodney Nahama. "Our successful common stock offering allowed us to significantly reduce our debt, which in turn, enabled us to expend more capital to enhance the value of our existing properties and add new value through exploration. We increased our equivalent gas reserves by 20 percent to over 38 billion cubic feet ("BCF") and our before-tax future cash flows by 38 percent to over $52 million; almost 90 percent of this reserve increase resulted from our exploration and development programs."
 On the acquisition front, the company said its July 1992 purchase of all of the California properties of Benton Oil & Gas Company not only increased its daily gas production rate by approximately 33 percent but also provides the company with significant potential for further diversification into the gas storage business. The company is currently involved in negotiations for the development, sale, or trade of its 33 BCF storage facility (15 BCF of which was included in the Benton purchase) near Sacramento, Calif., and its six BCF storage facility in the Mist Gas Field in Oregon.
 Mr. Nahama said that the combination of lower gas prices, mechanical difficulties, and excessive rainfall in the Sacramento area resulted in lower-than-expected cash flows and earnings in 1992 but added, "We believe those problems are behind us now. We've averaged over 10 million cubic feet of gas production per day during the last two months and expect to increase our production rate soon when two new development wells at our McCormack lease are hooked up this week. The majors' strategy now it to de-emphasize the West Coast and the other domestic markets. We plan to continue taking advantage of the numerous opportunities created by that strategy. Our focus continues to be in exploration and development. We expect to drill 37 exploration and development gas wells in 1993 in the Sacramento area and in Oregon. We've also got plans for a 3-D seismic program to develop high potential oil prospects in the San Joaquin Valley. When you add to this the improved outlook for gas prices and gas storage, we're looking forward to a very good 1993 and beyond."
 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.
 NAHAMA & WEAGANT ENERGY COMPANY
 Fiscal year ended Dec. 31, 1992 1991(A)
 Revenues $5,587,000 $5,521,000
 Inc. before extraordinary credit 520,000 662,000
 Extraordinary credit -- income tax
 net operating loss carryforwards 259,000 325,000
 Net income 779,000 987,000
 Per share information:
 Income before extraordinary credit $.11 $.24
 Extraordinary credit .05 .12
 Net income .16 .36
 Cash flow from operations
 before working capital changes(B) .62 1.16
 Weighted average number of common
 and common equivalent shares
 outstanding 4,779,208 2,744,867
 Oil and gas reserve information:
 Net proved gas reserves (mcf) 28,932,630 24,579,460
 Developed 83 pct. 86 pct.
 Net proved oil reserves (bbls) 1,571,940 1,238,100
 Developed 53 pct. 53 pct.
 Future before-tax cash flows(C) 52,221,970 37,967,010
 Future before-tax cash flows(C)
 discounted at 10 percent 31,924,280 25,370,000
 (A) -- The fiscal year ended Dec. 31, 1991, was an 11-month period due to a change in the company's fiscal year-end from Jan. 31 to Dec. 31.
 (B) -- Net income plus depletion, depreciation and amortization, and imputed interest.
 (C) -- Unescalated
 -0- 3/4/93
 /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 IN: OIL SU: ERN

CK-LR -- NY053 -- 3006 03/04/93 12:44 EST
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