Hallwood Consolidated Resources Corporation Announces First Quarter Results for 1999.DENVER--(BUSINESS WIRE)--May 11, 1999-- Hallwood Consolidated Resources Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :HCRC HCRC Human Communication Research Centre (University of Edinburgh) HCRC High Capacity Radio Concentrator HCRC Halton Community Rehabilitation Centre (Ontario, Canada) ) today reported revenues for the first quarter of 1999 totaling $8,175,000, compared to $7,462,000 for the first quarter of 1998. Gas production was 2.9 bcf for the first quarter of 1999 and 2.2 bcf for the first quarter of 1998. The price received for gas production in the first quarter of 1999 was $1.77 per mcf, compared to $1.93 per mcf for the first quarter of 1998. Oil production totaled 182,000 barrels for both the first quarter of 1999 and the first quarter of 1998. The oil price received for the first quarter 1999 production was $11.34 per barrel, compared to $15.08 per barrel for the first quarter of 1998. The increase in gas production is primarily the result of the acquisition of a volumetric volumetric /vol·u·met·ric/ (vol?u-met´rik) pertaining to or accompanied by measurement in volumes. vol·u·met·ric adj. Of or relating to measurement by volume. production payment during May 1998. The Company had a net loss of $717,000 for the first quarter of 1999 compared to net income of $315,000 for the first quarter of 1998. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net loss per share was $.26 per share for the first quarter of 1999, compared to diluted net income of $.11 per share for the first quarter of 1998. On May 4, 1999, HCRC and its affiliate Hallwood Energy Partners, L.P. (AMEX AMEX See: American Stock Exchange : HEP and HEPC HepC Hepatitis C HEPC Handloom Export Promotion Council (India) HEPC Historical Electromagnetic Propagation Conditions HEPC High Energy Proportional Counter HEPC Hispanic Employment Program Coordinator ) mailed a Joint Proxy Statement/Prospectus to their stockholders and unitholders of record as of April 14, 1999. HCRC and HEP are seeking approval for the consolidation of the two companies into the newly formed Hallwood Energy Corporation. A meeting of the stockholders of HCRC to approve the consolidation will be held on May 25, 1999. HCRC is a public oil and gas company headquartered in Denver, Colorado with properties primarily located in the San Juan Basin The San Juan Basin is a drainage basin and geologic structural basin in the Four Corners region of the Southwestern United States; its main portion covers around 4,600 square miles, encompassing much of northwestern New Mexico, northeastern Arizona, and parts of Colorado and Utah. in New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). and Colorado, West Texas, South Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , and Kansas. -0-
HALLWOOD CONSOLIDATED RESOURCES CORPORATION
SUMMARIZED FINANCIAL INFORMATION
FIRST QUARTER 1999
(In thousands except per share and prices)
Quarter Ended
March 31,
1999 1998
Oil and gas revenue $7,270 $7,057
Other revenue 905 405
Total revenue 8,175 7,462
Depreciation & depletion 3,437 2,531
Other expenses 5,417 4,493
Total expenses 8,854 7,024
Income (loss) before income
tax provision (679) 438
Income tax provision 38 123
Net income (loss) $ (717) $ 315
Net income (loss) per
share - Basic $ (.26) $ .11
Net income (loss) per
share - Diluted $ (.26) $ .11
Production:
Gas - mcf 2,937 2,240
Oil - barrels 182 182
Price:
Gas - per mcf $1.77 $1.93
Oil - per barrel $ 11.34 $ 15.08
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