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HS RESOURCES INC. EARNINGS INCREASE BY 148 PERCENT; ALL OTHER MEASURES INCREASE SIGNIFICANTLY

 SAN FRANCISCO, Oct. 29 /PRNewswire/ -- HS Resources Inc. (HSRS) (NASDAQ: HSRS) today reported its results for the third quarter of 1993 and all measures of financial performance have increased significantly. Net earnings increased by 148 percent to $2,877,520 compared to $1,160,550 in the prior year period. Total revenues increased 86 percent to $13,746,884 from $7,392,006. Earnings per share increased 50 percent to $.27 in 1993 from $.18 for the same period last year and reflect an increase of 65 percent in the weighted average number of shares outstanding as a result of the company's initial public offering of 3,600,000 shares of common stock in November 1992. Cash flow from operations more than doubled to $9,077,779 versus $4,317,831 for the prior year period. Cash flow per share increased to $.85 in the 1993 period from $.67 in the prior year period, after giving effect to the larger number of shares outstanding in 1993.
 During the quarter HSRS maintained its Wattenberg Development Project on schedule. At Sept. 30, 1993 the company owned interests in 830 producing wells (of which it operated 673) compared to 433 total wells (318 operated) at Sept. 30, 1992. As a result, production volumes increased 103 percent on a BOE basis compared to the prior year quarter. Net daily production during the quarter averaged 3,581 barrels of oil and 45,987 Mcf of gas, or 11,246 BOE per day. Reflecting the company's operating efficiencies and strong cash flow from its production, HSRS has realized operating cash flow of $9.70 per BOE in 1993. On average for the quarter the company received $1.94 per Mcf of gas and $15.37 per barrel of oil as compared to prices of $1.76 and $19.71, respectively, for the 1992 quarter.
 While the company's primary focus, the Wattenberg Development Project, proceeded as planned, the company also made significant progress in implementing its intermediate and long-term objectives. During the quarter the company closed its acquisition of Energy Minerals Corp., adding proved reserves of 7.9 million BOE at an effective acquisition cost of $2.80 per BOE.
 HS Resources Inc., based in San Francisco, is one of the most active independent oil and gas operators in the Wattenberg Field area of the Denver-Julesburg Basin in Colorado. Its common stock is traded on the NASDAQ National Market System under the symbol HSRS.
 HS RESOURCES INC.
 Income Statement
 (Unaudited; in thousands, except per share data)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Total revenues $13,747 $ 7,392 $36,291 $18,569
 Operating costs
 and expenses:
 Production taxes 1,302 689 3,343 1,609
 Production expenses 1,559 759 3,741 1,960
 Depreciation, depletion
 & amortization 4,429 2,443 11,249 6,698
 General & administrative,
 net 905 524 2,208 1,506
 Total 8,195 4,415 20,541 11,773
 Operating income $ 5,552 $ 2,977 $15,750 $ 6,796
 Interest expense (903) (1,103) (1,955) (3,041)
 Net income before taxes 4,649 1,874 13,795 3,755
 Income tax provision (1,771) ( 713) (5,256) (1,431)
 Net income $ 2,878 $ 1,161 $ 8,539 $ 2,324
 Operating cash flow $ 9,078 $ 4,318 $25,044 $10,453
 Net income per fully
 diluted common share $ 0.27 $ 0.18 $ 0.80 $ 0.36
 Operating cash flow per
 fully diluted common
 share $ 0.85 $ 0.67 $ 2.36 $ 1.62
 Weighted average fully
 diluted common shares
 outstanding 10,632 6,439 10,623 6,439
 Production and Pricing Data
 Oil production (Mbarrels) 329 140 741 387
 Average price per
 barrel $ 15.37 $ 19.71 $ 16.62 $ 19.22
 Natural gas production
 (MMcf) 4,231 2,222 11,048 6,148
 Average price per Mcf $ 1.94 $ 1.76 $ 2.01 $ 1.67
 -0- 10/29/93
 /CONTACT: James E. Duffy of HS Resources, 415-433-5795/
 (HSRS)


CO: HS Resources Inc. ST: California IN: OIL SU: ERN

TB-TM -- SF015 -- 8675 10/29/93 16:16 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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