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NAHAMA & WEAGANT WILL EMPHASIZE ENHANCING GAS RESERVE ACQUISITIONS

 NAHAMA & WEAGANT WILL EMPHASIZE ENHANCING GAS RESERVE ACQUISITIONS
 BAKERSFIELD, Calif., May 14 /PRNewswire/ -- After discussing his company's record results for both 1991 and the first quarter of 1992, Nahama & Weagant Energy Company (NASDAQ: NAWE) President Rodney Nahama told shareholders at the company's annual meeting that, in the near term, the company will emphasize enhancing the value of last year's gas reserve acquisitions from John Hancock Mutual Life Insurance Company and ARCO (which totaled approximately 15 billion cubic feet of gas) by drilling several development and exploratory wells in the Sacramento Valley of California and in Oregon during 1992.
 "We think we can exceed that amount by drilling these wells," said Nahama. "We will also exploit our first quarter 1992 gas discovery in the Sacramento Valley where we've identified four new locations for future drilling." He added that the company also expects to begin the third year of its drilling campaign in Northwestern Oregon next month when it starts the first of up to eight wells it plans to drill this year.
 In other news, the company told shareholders it is spudding a deep, high-potential, wildcat, oil and gas well about 10 miles southwest of Bakersfield. The company is the operator of the project, with a major oil company and John Hancock Mutual Life Insurance Company owning the remainder. "It's very risky," said Nahama, "but if it comes in it would obviously have a significant positive impact on our future results." He added, "We certainly aren't depending on rank wildcats for our growth, but we like to do one or two of these things each year to give our shareholders some 'star wars' potential."
 In addition to pursuing an aggressive drilling campaign, Nahama said the company is also planning to take advantage of the numerous opportunities created by the exodus of the major oil companies from domestic operations. "We are currently pursuing several acquisition opportunities which could enable us to significantly increase the critical mass of our company," he said. "We're five times larger than we were in 1989 and we want to continue that trend. We believe the combination of our aggressive, but prudent, drilling and acquisition programs in 1992 and beyond will allow us to accomplish this goal."
 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.
 -0- 5/14/92
 /CONTACT: Denis Fitzpatrick of Nahama & Weagant, 805-323-9075, or Sam Witchel of Scharff, Witchel & Co., 212-983-1060, for Nahama & Weagant/
 (NAWE) CO: Nahama & Weagant Energy Company ST: California, Oregon IN: OIL SU:


GK-KD -- NY043 -- 0159 05/14/92 11:06 EDT
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Publication:PR Newswire
Date:May 14, 1992
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