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NAHAMA & WEAGANT REPORTS YEAR-END RESULTS

 NAHAMA & WEAGANT REPORTS YEAR-END RESULTS
 BAKERSFIELD, Calif., Feb. 24 /PRNewswire/ -- Nahama & Weagant Energy


Company (NASDAQ: NAWE) today announced it achieved an 81 percent increase in its revenues for the company's fiscal year ended Dec. 31, 1991, which was an 11-month period due to the change in the company's fiscal year end and from Jan. 31 to Dec. 31, over the prior 12-month fiscal year.
 Revenues for the fiscal year ended Dec. 31, 1991, increased to $5,521,000 from $3,053,000 for the fiscal year ended Jan. 31, 1991. Net income for the same periods increased to $987,000, or 36 cents per share, from $937,000, or 35 cents per share, including extraordinary credits of $325,000, or 12 cents per share, and $406,000, or 15 cents per share, respectively, from utilization of net operating loss carryforwards.
 The company said it achieved a 94 percent increase in its cash flow per share from operations before working capital changes to $1.19 in the 11-month fiscal year ended Dec. 31, 1991, up from 62 cents in its previous 12-month fiscal year.
 Company President Rodney Nahama said, "We are very pleased with our progress since implementing our exploratory program in September 1989. Largely as a result of our exploration success, we've increased our equivalent gas reserves by 535 percent, from 5,044 million cubic feet of gas (MMCFE) to 32,008 MMCFE from Jan. 31, 1989, to Dec. 31, 1991. This increase in reserves has resulted in a substantial improvement in our cash flow and we are looking forward to continued improvement in the current fiscal year as we commence sales from 5 recent gas discovery wells and begin to reflect income from an additional 14 to 18 gas wells recently acquired from ARCO in the Mist Gas Field in Oregon -- revenues which are not reflected in the numbers being reported for our 11-month fiscal year ended Dec. 31, 1991."
 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
 12/31/91(A) 1/31/91
 Revenues $5,521,000 $3,053,000
 Income before extraordinary credit 662,000 531,000
 Extraordinary credit -- income tax
 net operating loss carryforwards 325,000 406,000
 Net income 987,000 937,000
 Per share information:
 Cash flow from operations
 before working capital changes $1.19 $.62
 Income before extraordinary credit .24 .20
 Extraordinary credit .12 .15
 Net income .36 .35
 Weighted average number of common
 and common equivalent shares
 outstanding 2,744,867 2,691,600
 (A) -- The fiscal year ended Dec. 31, 1991, was an 11-month period due to change in the company's fiscal year end from Jan. 31 to Dec. 31.
 -0- 2/24/92
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant Energy, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant Energy/
 (NAWE) CO: Nahama & Weagant Energy Company ST: California IN: OIL SU: ERN


CK-OS -- NY028 -- 1826 02/24/92 10:57 EST
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Publication:PR Newswire
Date:Feb 24, 1992
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