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HAWKINS ENERGY CORP. ANNOUNCES RESULTS FOR THIRD QUARTER

 TULSA, Okla., Nov. 19 ~PRNewswire~ - Hawkins Energy Corp. (NASDAQ: HECI) today reported a net loss of $78,000, (2 cents per share) for the third quarter of 1992, compared with net loss of $186,000 (6 cents per share) for the third quarter of 1991. During the first nine months of 1992, the company reported a net loss of $230,000 (6 cents per share) compared to a $245,000 (6 cents per share) loss during the first nine months of 1991.
 The company reported oil and gas revenues of $653,000 for the third quarter of 1992, a 35 percent increase from the third quarter of 1991. This increase was attributable to a 24 percent increase in the average natural gas spot price in the third quarter 1992. Although compressor rental revenues declined by 25 percent in the third quarter of 1992 from third quarter 1991, the company is experiencing increases in rental revenues during the fourth quarter of 1992 as the fleet utilization rate rises. In addition, the company has reduced general and administration expenses by 27 percent in the third quarter and interest expense declined 50 percent.
 The company continues to actively pursue opportunities for expanding its compressor rental fleet. Funding of such expansion may come from additional borrowings, equity financing, or from cash flow. This expansion will enable the company to improve efficiencies in its field, administrative and sales operations. The company is also reviewing possible strategies to increase its oil and gas reserves through developmental drilling, production acquisitions or merger.
 Hawkins Energy Corp. is a Tulsa-based, publicly traded energy company engaged in oil and gas production and the leasing, sales, and remanufacturing of gas compression equipment through its wholly owned subsidiary, Equity Compressor Inc. Hawkins Energy's common shares are listed on NASDAQ under the symbol HECI. The company currently has 3,966,752 outstanding shares of common stock.
 Three Months Ended Nine Months Ended
 September 30 September 30
 1992 1991 1992 1991
 (In thousands except (In thousands except
 per share amounts) per share amounts)
Revenues $1,129 $1,194 $3,351 $4,177
Net Income (Loss) $ (78) $ (186) $ (230) $ (245)


Net Income (Loss)
 Per Share $ (.02) $ (.06) $ (.06) $ (.06)


Weighted Average Common
 Shares Outstanding 3,964 3,959 3,961 3,934
 -0- 11~19~92
 ~CONTACT: Clifford S. Lewis, vice president, treasurer and secretary of Hawkins Energy, 918-587-5815
 (HECI)


CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN

TM -- SF001 -- 2837 11~19~92 11:33 EST
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Publication:PR Newswire
Date:Nov 19, 1992
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