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SALE OF SELECTED CONVEST PROPERTIES COMPLETED

 HOUSTON, Oct. 8 /PRNewswire/ -- Convest Energy Corporation (AMEX: COV) announced today that effective Sept. 1, 1993, it sold all of its Appalachian company -- operated properties located in West Virginia and Pennsylvania in two separate transactions. Net proceeds of approximately $4 million were received during September from these transactions. At year-end 1992, these properties contained reserves estimated at approximately 530,000 barrels of oil equivalent or 4 percent of Convest's total proved reserves.
 The sale of these properties is consistent with the company's strategy to upgrade its oil and gas reserve base in the company's core geographic areas. It is anticipated that the proceeds from these sales will be used to acquire additional reserves in the company's strategic areas. Convest continues to own significant producing properties in Utah, Texas, New Mexico, Oklahoma, Wyoming and Alabama.
 Convest Energy Corporation is a publicly traded Texas corporation whose principal business activities include the development and operation of oil and gas properties and the acquisition and exploration for additional oil and gas reserves.
 -0- 10/8/93
 /CONTACT: Karen G. Clingan of Convest Energy Corporation, 713-780-1952/
 (COV)


CO: Convest Energy Corporation ST: Texas, Pennsylvania, West Virginia IN: OIL SU:

CK-OS -- NY015 -- 0098 10/08/93 11:12 EDT
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Publication:PR Newswire
Date:Oct 8, 1993
Words:203
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