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NORTH COAST ENERGY REPORTS 41 PERCENT INCREASE IN NET INCOME FOR FISCAL 1993

 CLEVELAND, June 24 /PRNewswire/ -- North Coast Energy, Inc. (NASDAQ: NCEB) today announced a 41 percent increase in net income for the fiscal year ended March 31, 1993, over the fiscal year ended March 31, 1992. Profits increased $69,863 to $241,223 compared to $171,360 at March 31, 1992. Revenues were 4 percent lower in 1993 than 1992 as a result of recognition of drilling income on fewer wells at the 1993 year end than 1992. Revenues from the sale of natural gas and oil increased 23 percent.
 Earnings from operations before accounting for non-cash portions of operating items including depreciation, depletion, amortization, write down and abandonment increased to $1,480,325 in 1993 compared to $1,316,176 last year.
 Primary earnings per common share before accounting for non-cash portions of operating items increased 40 percent to $0.21 a share from $0.15 last year. Corporate assets, not including the value of the company's oil and gas reserves, increased 26 percent to $12,731,728 from $10,104,678 and share owner equity increased 115 percent to $7,587,361 from $3,531,777.
 Commenting on the year end results, Garry Regan, North Coast's president, stated, "Today's news is filled with talk of higher natural gas prices, the end of the gas bubble and the emergence of natural gas as the clean burning, environmentally sound alternative to oil. However, it was not too many months ago that gas prices were at 25-year lows and the nation's rig count stood at an all-time record low. North Coast's aggressive drilling and development activities during this period are now beginning to be reflected in results. Gas production is up substantially as is our operating and gas transportation income. Most important to the future of this company, proved reserves of natural gas have reached an all-time high of 39 billion cubic feet. Additionally, the company brought on line 1.6 billion cubic feet of newly developed reserves bringing the total of proved producing to a record level of 11.2 billion cubic feet of natural gas."
 North Coast Energy, Inc., is an independent oil and gas exploration company headquartered in Cleveland.
 NORTH COAST ENERGY, INC.
 Financial Highlights
 For the three months
 ended March 31:
 (unaudited)
 1993 1992
 Revenues $2,623,956 $3,044,007
 Net income 70,939 118,932
 Net (loss) income primary
 per share $ (0.01) $ 0.00
 Net cash (used) provided on
 operating activities (1,091,595) (1,111,150)
 Net cash (used) provided on
 operating activities primary
 per share $ (0.21) $ (0.21)
 For the twelve months
 ended March 31:
 (audited)
 1993 1992
 Revenues $10,007,227 $10,426,105
 Net income 241,223 171,360
 Net (loss) income primary
 per share $ 0.00 $ (0.03)
 Net cash (used) provided on
 operating activities 921,059 1,286,852
 Net cash (used) provided on
 operating activities primary
 per share $ 0.18 $ 0.25
 -0- 6/24/93
 /CONTACT: Vicki Matjasic, share owner services, North Coast Energy, Inc., 216-663-1668, or Edda Brown, president of Richmont Consulting, 213-658-8088, for North Coast Energy, Inc./
 (NCEB)


CO: North Coast Energy, Inc. ST: Ohio IN: OIL SU: ERN

AR -- CL013 -- 5398 06/24/93 15:16 EDT
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Date:Jun 24, 1993
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