TCR_Public/951108.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        COLUMBIA GAS REPORTS THIRD QUARTER RESULTS

        
            WILMINGTON, Del., Nov. 8, 1995 -- href="chap11.columbia.html">The Columbia Gas System,
        Inc.
, (NYSE: CG) today reported third quarter net income of $19.3
        million, or 38 cents per share.  This compares to a net loss of $15
        million, or 30 cents per share, for the same period in 1994, which
        was principally due to the recording of a $35.4 million reserve for
        producer claims.
        


            After adjusting both periods for unusual items and bankruptcy-
        related costs, the Corporation had a net loss of $15.1 million in
        the current quarter, compared to a net loss of $3.9 million last
        year.  This decline was primarily the result of higher operating
        costs and the combined effect of lower prices for and the reduced
        production of oil and gas.
        


            Included in the adjustments for both periods is the impact of
        estimated unrecorded interest costs on prepetition debt obligations
        that, on an after-tax basis, amounted to $42.9 million in the
        current quarter and $35.4 million in the third quarter of 1994.  The
        increase reflects the impact of higher short-term interest rates and
        the increasing impact of interest on interest that the company
        proposes to pay under terms of its filed Chapter 11 reorganization
        plan.  Bankruptcy professional fees and related expenses were
        essentially unchanged at $8.5 million after-tax.  The current period
        benefited from an after-tax increase of $7.4 million over the same
        period last year in interest income on cash accumulated during
        bankruptcy.
        


            Based on the methodology outlined in the Corporation's Chapter
        11 reorganization plan, the total pre-tax estimated effect of not
        accruing interest expense through the third quarter on prepetition
        debt obligations is approximately $930 million.
        


            Confirmation hearings on the reorganization plans of The
        Columbia Gas System, Inc., and Columbia Gas Transmission Corp., its
        principal pipeline subsidiary, are scheduled to begin November 13 in
        the U.S. Bankruptcy Court for the District of Delaware.  The
        companies continue to expect to complete the bankruptcy
        reorganization process before the end of 1995.
        


                        SEGMENT OPERATING RESULTS
           


Transmission segment operating income was $41.3 million in the
        current quarter, compared to $42.9 million in 1994.  This $1.6
        million reduction was principally due to higher operating costs that
        were largely offset by recording revenues of $6.8 million that other
        pipelines will pay Columbia Gulf Transmission Company to reduce or
        terminate their service agreements.  Columbia Gas Transmission
        Corporation's pending general rate filing, which will go into effect
        subject to refund early in 1996, provides the opportunity to recover
        current operating costs.

        
            The distribution segment had an operating loss of $25.5 million
        in the current quarter, a slight improvement over the previous year
        when a loss of $26.9 million was reported.  Increased revenue
        resulting from higher rates and strong industrial and commercial
        demand for transportation services more than offset increased
        operating costs. Higher property taxes, depreciation and computer
        applications designed to improve long-term productivity were the
        primary reasons for higher operating expenses.
        
   

         The oil and gas segment had an operating loss of $400,000
during
        the current quarter principally due to reduced oil and gas
        production and lower prices.  This compares with net income of $4.2
        million last year. Oil production was down about 20 percent to
        737,000 barrels and the average price for oil was $15.37 per barrel
        compared to $15.93 last year.  Gas production amounted to 15.9
        billion cubic feet in the current quarter, three percent lower than
        in 1994 and the average price was $1.85 per Mcf, as compared to
        $2.04 per Mcf last year.  In October, the Corporation announced its
        intention to sell its southwest U.S. oil and gas exploration and
        production subsidiary.
        


                            NINE MONTH RESULTS
           

Net income for the first nine months of 1995 was $179 million,
        or $3.54 per share, as compared to net income of $167.4 million, or
        $3.31 per share, for the same period in 1994.  After adjusting both
        periods for unusual and bankruptcy-related items, net income was
        $75.8 million this year and $94.9 million in 1994.
        


            Net income in the current period was improved by an estimated
        $126.3 million from not accruing interest expense on prepetition
        debt obligations as compared to a similar improvement of $101
        million last year.  The $35.4 million after-tax effect of a reserve
        addition for producer claims that was recorded in 1994 was partially
        offset by a $13.6 million improvement for the reversal of a reserve
        for carrying charges on exchange gas and a $10.3 million reduction
        in after-tax interest costs for a settlement with the Internal
        Revenue Service.  The current period also benefited from $22 million
        after-tax of additional interest income on cash accumulated during
        bankruptcy.
        


            The transmission segment's operating income for the first nine
        months of 1995 was $153.8 million, a decline of $18.1 million.  This
        was due largely to the allowed recovery in 1994 of $20.3 million of
        gas costs incurred during an earlier period.  Higher operating costs
        during the current period were largely mitigated by $12.2 million of
        revenues Columbia Gulf recorded to reflect payments that will be
        made by other pipelines for reducing or terminating services.
        


            The distribution segment had operating income of $82.8 million
        for the first nine months, as compared to $72 million during the
        same period in 1994.  Higher rates in most of the distribution
        subsidiaries' service areas and increased transportation volumes
        improved results and tempered the impact of warmer weather and
        increased operating expenses.  The higher costs were due in part to
        ongoing marketing and customer service studies that are expected to
        result in broadened business opportunities and expanded customer
        choices.
        


            Lower natural gas prices, reduced oil production and higher
        depletion expense reflecting the lower gas prices resulted in a
        $700,000 operating loss for the oil and gas segment during the
        current period, as compared to operating income of $27.4 million
        last year.  Natural gas production during the period was unchanged,
        but prices averaged $1.92 per Mcf during the period, 30 cents per
        Mcf lower than last year.  Oil production in 1995 amounted to 2.175
        million barrels, about 22 percent below 1994.  Average oil prices in
        the current period were $16.13 per barrel, an increase of $1.21 per
        barrel over last year.
        



                           THE COLUMBIA GAS SYSTEM, INC.
                      Summary of Financial and Operating Data
                                    Three Months         Nine Months
                                 Ended September 30   Ended September 30
                                    1995      1994       1995     1994
        Income Statement Data
         ($ millions):
         Total Operating Revenue    389.0     392.9    1,924.0   2,083.1
        
         Income (Loss) Before
          Accounting Change          19.3     (15.0)     179.0     173.0
         Net Income (Loss)           19.3     (15.0)     179.0     167.4(A)
        
         Operating Income (Loss)
          By Segment:
            Transmission             41.3      42.9      153.8     171.9
            Distribution            (25.5)    (26.9)      82.8      72.0
            Oil and Gas              (0.4)      4.2       (0.7)     27.4
            Other Energy              2.8       2.9       12.4      17.5
            Corporate                (3.9)     (2.3)      (7.2)     (6.2)
        
            Total                    14.3      20.8      241.1     282.6
        Per Share Data:
          Earnings (Loss) Before
           Accounting Change ($)     0.38      (0.30)     3.54      3.42
          Earnings (Loss) on Common
           Stock ($)                 0.38      (0.30)     3.54      3.31(A)
          Average Common Shares
           Outstanding (millions)    50.6       50.6      50.6      50.6
        
            (A) The amount includes the adoption of SFAS No. 112, "Employers
        Accounting for Postemployment Benefits", which required the accrual
        of postemployment benefits previously expensed when paid.
        
                           THE COLUMBIA GAS SYSTEM, INC.
                Summary of Financial and Operating Data (Continued)
        
                                       Three Months         Nine Months
                                    Ended September 30   Ended September 30
                                       1995      1994        1995     1994
        Operating Data
         Oil and Gas Volumes:
           Gas Production
             (billion cubic feet)      15.9      16.4        49.8     49.8
           Oil Production
             (000 barrels)              737       920       2,175    2,788
        
         Transmission (billion
           cubic feet):
             Transportation
              Columbia Transmission
               Market Area            171.8     150.5       767.7    750.2
              Columbia Gulf
               Main-line              143.3     136.4       450.0    475.7
               Short-haul              55.5      68.6       159.9    201.9
             Intrasegment
              Eliminations           (141.8)   (127.2)     (443.8)  (445.2)
            Total Throughput          228.8     228.3       933.8    982.6
        
         Distribution (billion
           cubic feet):
             Gas Sales                  20.3      17.5       190.9    204.7
             Transportation             55.1      52.5       190.6    168.0
         Total Throughput               75.4      70.0       381.5    372.7
        
         Degree Days-Distribution
           Service Territory
              Actual                     102        98       3,484    3,859
              Normal                      41        41       3,568    3,568
              % Colder (warmer) than
              normal                     149       139          (2)       8
              % Colder (warmer) than
              prior period                 4       (18)        (10)       7

        /CONTACT:  Media: H.W. Chaddock, 302-429-5261, or W.R. McLaughlin,
        302-429-5443, or Analysts: T.L. Hughes, 302-429-5363, or K.P.
        Murphy,
        302-429-5471, all of Columbia Gas/



Belden & Blake Corporation announces third
        quarter and nine-month earnings; income from continuing operations
        increases 50 percent

        
            NORTH CANTON, Ohio--Nov. 8, 1995--Belden &
        Blake Corporation (NASDAQ: BELD) today reported earnings from
        continuing operations of $1.8 million, or $.18 per common share, for
        the third quarter of 1995, compared to net income from continuing
        operations of $1.2 million or $.16 per share for the comparable
        period of 1994.  There was a weighted average of 9.7 million shares
        outstanding in the third quarter of 1995, compared to a weighted
        average of 7.1 million shares outstanding for the same period of
        1994.  The increase in average shares outstanding is primarily the
        result of the Company's sale of 4 million common shares in August of
        1995.  
        


            Net loss from discontinued operations for the third quarter of
        1995 totaled $678,102, or $.07 per share.  This compares to a net
        loss from discontinued operations of $75,085, or $.01 per share for
        the 1994 period.  
        


            Revenues for the third quarter ended September 30, 1995
        increased 46 percent to $30.0 million compared to revenues of $20.6
        million for the third quarter of 1994.  Discretionary cash flow,
        defined as net income plus exploration expense and non-cash charges,
        increased 69 percent in the third quarter of 1995 to $9.1 million
        compared with $5.4 million for the comparable period in 1994.  
        


            The company identified various factors that impacted earnings
        for the 1995 third quarter:
        


         Acquisitions and Drilling Increase Production
        


            During the third quarter of 1995, natural gas sales volumes
        increased to 4.9 Bcf (billion cubic feet), a 95 percent increase
        over the same period in 1994.  Oil volumes increased 44,924 barrels
        (37 percent) to 165,215 barrels in the third quarter of 1995.  These
        volume increases were primarily due to the Company's 1995
        acquisitions and production from wells drilled in 1994 and 1995.
        The volume increases were partially offset by the company's
        voluntary curtailment of gas production during the 1995 period due
        to low spot market gas prices and curtailments due to interstate
        pipeline repairs and construction.  Lower volumes as a result of
        these curtailments reduced gas revenue in the third quarter of 1995
        by approximately $1.5 million.  
        


            The average price paid for the Company's natural gas decreased
        $.30 per Mcf (thousand cubic feet) to $2.11 per Mcf in the third
        quarter of 1995 compared to the third quarter of 1994.  This
        decreased gas sales in the third quarter of 1995 by approximately
        $1.4 million.  The decrease in the average gas price was largely the
        result of lower gas prices received on the Company's recently
        acquired Michigan production and production from properties acquired
        from Quaker State Corporation in July 1995.  Average crude oil
        prices decreased $.99 per barrel, to $16.27 per barrel compared to
        the third quarter of 1994.  
        


         Growth in Exploration Activities
        


            Exploration expense, at $1.6 million for the 1995 period, was
        more than double the $732,366 spent in the third quarter of 1994
        -- primarily due to increases in the size of the technical staff and
        higher levels of seismic activity.  The 1995 drilling budget is more
        than double the Company's drilling expenditures in 1994 and the
        increase in exploration expense reflects this growth.  
        


         Sale of EPS Subsidiary
        


            The Company has decided to sell its Engine Power Systems, Inc.
        (EPS) subsidiary.  The loss, net of tax effects of treating EPS as a
        discontinued operation was approximately $678,102 in the third
        quarter of 1995.  EPS did not perform to the Company's expectations
        and the Company determined that it was not prudent to commit
        additional capital to its operations.  
        


         Columbia Gas Contract Claim
         


            Earnings in the third quarter of 1995 include the recognition of
        $1.3 million of anticipated proceeds from contract claims that have
        been filed in the bankruptcy proceedings of href="chap11.columbia.html">Columbia Gas
        Transmission Corporation
.  Although the company has not
reached any
        settlement agreement with Columbia on the contract claims, Columbia
        has included in its plan of reorganization a payout amount in excess
        of $1.3 million for claims filed by the Company.  
        


         Nine-Month Results
        


            Net income from continuing operations for the nine months ended
        September 30, 1995, was $3.8 million, or $.45 per share, on revenues
        of $73.4 million, compared to net income of $3.1 million, or $.41
        per share on revenues of $60.2 million for the first nine months of
        1994. Net loss from discontinued operations in the first nine months
        of 1995 was approximately $1 million, or $.12 per share, compared to
        a loss of $81,069, or $.01 per share for the 1994 period.
        Discretionary cash flow was $20.6 million during the 1995 nine-month
        period, compared with $15.3 million during the same period in 1994.
        


            Natural gas volumes for the first nine months of 1995 rose 54
        percent to 11.1 Bcf while gas prices decreased $.34 per Mcf to $2.26
        per Mcf compared to the same period in 1994.  Oil volumes were up
        34,950 barrels, or 9 percent, during the nine-month period in 1995.
        The average price paid for the company's oil production was up $.98
        to $16.83 per barrel.  
        


         Balance Sheet Data
        


            At September 30, 1995, working capital totaled $26 million and
        total assets were $289 million compared to $14 million and $148
        million, respectively, at September 30, 1994.  Shareholders' equity
        at September 30, 1995 increased to $140 million from $81 million at
        September 30, 1994.  In August 1995, the Company sold 4 million
        shares of Common Stock at $14.75 per share.  Net proceeds of
        approximately $55 million from the offering were used to purchase
        producing oil and gas properties and related assets from Quaker
        State Corporation, and to reduce the outstanding balance under the
        Company's revolving credit agreement.  
        


            Belden & Blake Corporation is actively engaged in producing oil
        and natural gas, acquiring producing oil and gas properties,
        exploratory and development drilling and gas gathering and marketing
        in the Appalachian and Michigan Basins.


        
        BELDEN & BLAKE CORPORATION AND SUBSIDIARIES
        CONDENSED CONSOLIDATED BALANCE SHEETS
         
                                         September 30,    December 31,
                                         1995             1994
                                         (Unaudited)
        ASSETS
        Current assets                       $    56,135,318  $
        26,092,344
        Property and equipment, net              224,242,959
        119,175,080
        Other assets                               8,433,733
        2,905,371
                                         $   288,812,010  $   148,172,795
         
        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current liabilities                  $    29,980,737  $
        12,481,383
        Long-term liabilities                      110775486
        47858158
        Deferred income taxes                      7,937,565
        6,691,408
        Shareholders' equity                     140,118,222
        81,141,846
                                         $   288,812,010  $   148,172,795
         
        
        CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
        (Unaudited)
                                         Nine months ended September 30,
                                         1995             1994
        Cash flows from operating activities:
          Net income                         $     2,809,662  $
        2,992,104
          Adjustments to reconcile net
        income to net cash
        provided by operating activities      12,089,569        9,508,800
        Net cash provided by operating
          activities                              14,899,231
        12,500,904
         
        Net cash used in investing activities   (105,032,908)
        (29,652,891)
         
        Net cash provided by financing
          activities                             104,455,406
        1,325,650
         
        Net increase (decrease) in cash
          and cash equivalents                    14,321,729
        (15,826,337)
         
        Cash and cash equivalents at
          beginning of period                      3,649,005
        22,244,231
         
        Cash and cash equivalents at
          end of the period                  $    17,970,734  $
        6,417,894
         
        
        BELDEN & BLAKE CORPORATION AND SUBSIDIARIES
        CONSOLIDATED STATEMENTS OF OPERATIONS
        (Unaudited)
                   Three months                Nine months
                   ended September 30,         ended September 30,
                   1995          1994          1995          1994
        Revenues
        Oil and gas
         sales         $ 12,949,105  $  8,069,062  $ 31,923,560  $
        24,616,133
        Gas marketing
         and gathering    9,211,521     8,397,772    26,916,529
        26,123,864
        Oilfield sales
         and service      6,200,276     3,897,631    12,455,363
        9,014,437
        Contract claim
         income           1,342,900            --     1,342,900
        --
        Interest and
         other              330,710       269,591       744,681
        400,903
                     30,034,512    20,634,056    73,383,033    60,155,337
        Expenses
        Production exp.   4,384,069     2,379,177     9,694,939
        6,946,510
        Cost of gas and
         gathering exp.   7,506,660     7,191,187    22,759,257
        22,875,597
        Oilfield sales
         and service      5,587,079     3,628,555    11,654,140
        8,618,137
        Exploration
         expense          1,578,620       732,366     3,392,272
        1,995,031
        General and
         admin. exp.      1,052,576     1,008,679     3,066,402
        3,164,317
        Interest exp.     1,560,761       876,343     4,013,240
        2,659,522
        DD&A              5,468,878     3,018,151    12,844,420
        9,001,245
                     27,138,643    18,834,458    67,424,670    55,260,359
        Income from continuing operations before
         income taxes     2,895,869     1,799,598     5,958,363
        4,894,978
         Income taxes     1,062,825       644,576     2,194,547
        1,821,805
        Net income from continuing
         operations       1,833,044     1,155,022     3,763,816
        3,073,173
         
        Net loss from discontinued
         operations        (678,102)      (75,085)     (954,154)
        (81,069)
         
        Net income     $  1,154,942  $  1,079,937  $  2,809,662  $
        2,992,104
         
        Net income per common share
        Continuing op. $       0.18  $       0.16  $       0.45  $
        0.41
        Discontinued op.      (0.07)        (0.01)        (0.12)
        (0.01)
                   $       0.11  $       0.15  $       0.33  $       0.40
         
        Weighted average common shares
         outstanding      9,741,156     7,084,737     7,992,704
        7,078,707
         
         
        OPERATIONAL SUMMARY
         
        Sales volumes
         Gas (Mcf)        4,861,019     2,491,248    11,087,837
        7,205,244
         Oil (Bbls)         165,215       120,291       407,048
        372,098
         
        Average Selling Price
         Gas (per Mcf) $       2.11  $       2.41  $       2.26  $
        2.60
         Oil (per Bbl)        16.27         17.26         16.83
        15.85

        CONTACT:  Belden & Blake Corp., North Canton,
                  Charles P. Faber, 216/499-1660
        


        Thinking Machines files
plan to emerge from
        bankruptcy protection; Restructured and refocused, the company plans
        to bring its software to the mainstream


            BEDFORD, Mass.--Nov. 8, 1995--href="chap11.thinking.html">Thinking Machines
        Corp.
, with the support of its creditors' and equity holders
        committees, today announced that it has filed a plan to emerge from
        its Chapter 11 reorganization as a recapitalized company focussed on
        software, networking, and applications for multiprocessor computing.
        


            The plan, which is a subject to Bankruptcy Court approval, calls
        for the recapitalization of the company by a $10 million infusion of
        working capital from private investors.
        


            Since filing for Chapter 11 protection in August 1994, Thinking
        Machines has cut costs and begun transforming operations to market
        its parallel software to add value and new levels of performance to
        mainstream computing systems.  Thinking Machines' software extends
        the power and flexibility of these systems by allowing users to
        solve many small problems as well as big complex problems, including
        the mining of very large databases.  The company has had four
        consecutive profitable quarters since Oct. 1, 1994.
        


            "The market spoke loud and clear, and told this company that
        building some of the world's fastest computers was not, by itself,
        enough to sustain growth," said Robert L. Doretti, Thinking
        Machines' president and CEO.  "We took a hard look at our core
        competencies and quickly realized that we had substantial expertise
        in the software that harnesses the power of multiprocessor
        computers.  We believe there's a huge untapped market for this
        capability, and this is our strategic focus going forward."
        


            "Thinking Machines' core competencies position the company to
        capitalize on two powerful industry trends - the market demand for
        scalable architectures, and the migration of high-performance
        technologies into commercial environments.  The company's skill set
        answers the industry's call for expertise in providing solutions for
        data-intensive problems," said Debra Goldfarb, director,
        Workstations and High-Performance Systems, International Data Corp.
        


            On behalf of the company's creditors and current equity holders,
        the proposed plan also provides for the creation of a separate
        business entity to realize its patent rights.  Thinking Machines
        owns patents to a variety of technologies, some of which have become
        standards in the computer industry.
        


            Founded in 1983, Thinking Machines is a pioneer in the
        supercomputer field know as massively parallel processing, and has
        created some of the world's most powerful computers.  Today, the
        company's supercomputers are employed in a wide variety of fields,
        from seismic processing and molecular biology, to operations
        research and database mining.  Thinking Machines will continue to
        develop enhancements to its Connection Machine family of systems.
        


            "Thinking Machines owes a great deal of gratitude to its loyal
        employees and customers for their support during this difficult
        period," said Doretti. "As we move forward an implementing our new
        strategy, I am greatly encouraged by the renewed sense of confidence
        in the company and the positive reception to our new business
        directions by the marketplace."
        


            In early October, the 180-employee company completed a move of
        its corporate headquarters from Cambridge to Bedford, Mass.
        


        CONTACT: Thinking Machines Corp.,
                 Martha Keeley, 617/276-0400 x5502;
                 Internet: href="mailto:martha@think.com">martha@think.com
                 OR
                 Mullen Public Relations,
                 Erika Schutz, 508/468-1155 x119;
                 Internet: eschutz@mullen.com