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PEI ANNOUNCES COMPLETION OF SUCCESSFUL COMMON STOCK OFFERING

 PEI ANNOUNCES COMPLETION OF SUCCESSFUL COMMON STOCK OFFERING
 WILKES-BARRE, Pa., Jan. 30 /PRNewswire/ -- Pennsylvania Enterprises Inc. (NASDAQ: PENT) (PEI) announced today the successful completion of its previously announced common stock offering of 1,370,847 shares.
 Net proceeds were approximately $28.1 million.
 The financing consisted of a rights offering to PEI's shareholders followed by an underwritten public offering of the unsubscribed shares. Wheat First Butcher & Singer Capital Markets and Legg Mason Wood Walker Inc. were the underwriters of the public offering.
 497,912 shares were sold in the subscription offering at $21 per share and the remaining 872,935 shares were sold for $23.75 per share in the public offering.
 The net proceeds will be used to repay an intercompany advance from Pennsylvania Gas and Water Company (PG&W), the company's principal subsidiary, and to repay debt of the company and PG&W.
 Dean Casaday, president and chief executive officer of PEI, said, "We are very pleased with the results of the common stock offering, especially the vote of confidence by our current shareholders who exercised a significant portion of their rights and also by the very positive reception of the investment community to the public offering. This offering certainly lays the groundwork for a very promising future."
 The completion of this offering marks the second major financing by the company in recent months, a $50 million first mortgage bond sale in September of 1991 being the first.
 Casaday noted, "These financings will provide permanent capitalization, reduce short-term debt, and permit us to continue our water quality improvement program."
 The company, through PG&W, is engaged in the distribution of natural gas and water in northeastern Pennsylvania.
 -0- 1/30/92
 /CONTACT: Thomas Ward of Pennsylvania Enterprises, 717-829-8812, or evenings, 717-829-8734, or 717-829-8737/ CO: Pennsylvania Enterprises, Inc. ST: Pennsylvania IN: UTI SU: OFR


KA-MK -- PH033 -- 5474 01/30/92 16:52 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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