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NAHAMA & WEAGANT REPORTS RECORD INCOME FOR FIRST QUARTER 1992

 NAHAMA & WEAGANT REPORTS RECORD INCOME FOR FIRST QUARTER 1992
 BAKERSFIELD, Calif., May 12 /PRNewswire/ -- Nahama & Weagant Energy Company (NASDAQ: NAWE) announced today it had achieved a 116 percent increase in its first quarter 1992 net income to a record $173,000, or $.05 per share, up from $80,000, or $.03 per share, in the first quarter of last year. Included in net income for both periods were extraordinary credits from utilization of net operating loss carryforwards (NOL) of $67,000 and $18,000, respectively. Revenues increased to $1.35 million in the first quarter of 1992 from $1.25 million in the first quarter last year.
 "The combination of several recent gas field discoveries in Northern California and Oregon, and the purchase of producing gas reserves from ARCO in Oregon, enabled us to increase this year's gas production by 37 percent over first quarter last year. This lessened the impact of lower gas and oil prices in 1992,, although we still averaged $1.77 per Mcf for our gas in the first quarter of 1992," said company President Rod Nahama. "Our recently completed public offering has strategically positioned us to take advantage of the numerous opportunities currently on the horizon. We have a low debt level, strong cash flow and working capital, and solid credit lines -- all of which will enhance our ability to pursue aggressive, but prudent, exploration, development and acquisition programs in 1992 and beyond."
 Nahama said the company currently gas approximately 12 to 15 gas exploration and development wells planned for 1992 in the Sacramento Valley of Northern California, one of which is currently drilling. In addition, the company will spud this week a high-risk, high-potential, wildcat near Bakersfield, Calif. Beginning in June, the company expects to commence drilling up to eight exploratory wells in its Mist Gas Field in Northwestern Oregon.
 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
 Statement of Operations(A)
 Periods Ended Three Months
 3/31/92 4/30/91
 Revenues $1,353,000 $1,247,000
 Income before extraordinary credit 106,000 62,000
 Extraordinary credit - income tax
 net operating loss carrywords 67,000 18,000
 Net income 173,000 80,000
 Per share information:
 Income before extraordinary credit $.03 $.02
 Extraordinary credit .02 .01
 Net income .05 .03
 Weighted average number of common &
 common equivalent shares outstanding 3,846,714 2,652,062
 (A) -- Effective Dec. 31, 1991, the company changed its year-end from Jan. 31, to Dec. 31. Any variance in results were caused primarily by operational events, not from a change in the timing of the periods.
 -0- 5/12/92
 /CONTACT: Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant/
 (NAWE) CO: Nahama & Weagant Energy Company ST: California IN: OIL SU: ERN


PS -- NY060 -- 9127 05/12/92 12:16 EDT
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Publication:PR Newswire
Date:May 12, 1992
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