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VANTAGE POINT ENERGY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

VANTAGE POINT ENERGY ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
 TULSA, Okla. - Vantage Point Energy Inc. announced today net income of $251,611 ($.14 per share) for the first quarter ended March 31, 1992, on revenues of $2,162,203. Cash from operating activities before changes in noncash working capital (net income plus depreciation, depletion and amortization) was $727,890.
 For the first quarter of 1991, net income was $274,287 ($.15 per share) on revenues of $2,312,448. Cash from operating activities was $709,906.
 S. Lee Crawley, president said, "This is the company's sixth consecutive profitable quarter. Although 1992 quarterly revenues and earnings are down from the record levels reported in 1991, cash from operating activities before noncash working capital increased. The principal reason for the decreases mentioned is a 12.4 percent decline in average oil prices versus 1991."
 Crawley continued," We are anticipating the signing of a 'Definitive Agreement' with Convest Energy Corp. within a few days, whereby Convest will become the owner of 100 percent of the company's outstanding common stock. Details of the transaction will be disclosed at that time."
 The company's crude oil sales decreased from 63,390 barrels in the first quarter of 1991 to 61,450 in 1992, a decrease of 3 percent. Natural gas sales decreased two percent from 406,879 MCF in 1991 to 397,287 MCF in 1992.
 Crude oil prices decreased from an average of $20.07/BO in the first quarter of 1991 to $17.58/BO in 1992. The company's crude oil hedge, which expired in February 1992, generated $143,300 in the current quarter compared with $130,600 in the first quarter of 1991. Natural gas prices increased from $1.50/MCF in 1991 to $1.55/MCF in 1992.
 Vantage Point Energy Inc. is a financially oriented, independent oil and gas company headquartered in Tulsa. It acquires, manages and develops oil and gas assets using financial, engineering and operations expertise to produce efficiencies and effectiveness to increase its shareholders' value.
 VANTAGE POINT ENERGY
 Financial Highlights ? Quarter Ended March 3


1, 992 and 1991
 (Unaudited)
 86 297,522
 Net Income 251,611 274,287
 Net Income per Common Share .14 .15
 -0- 5/18/92
 /CONTACT: S. Lee Crawley of Vantage Point Energy, 918-664-2100/ CO: Vantage Point Energy ST: Oklahoma IN: OIL SU: ERN


RM -- SF004 -- 1232 05/18/92 10:36 EDT
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Date:May 18, 1992
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