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KCS ENERGY FIRST QUARTER NET 23 CENTS VS. 11 CENTS

 EDISON, N.J., Feb. 4 /PRNewswire/ -- KCS Energy, Inc. (NASDAQ: KSCE), today reported net income for its first fiscal quarter ended Dec. 31, 1992, of $1,286,000, or 23 cents per share, compared to $611,000, or 11 cents per share, for the same quarter in fiscal 1992.
 Operating revenues increased 25 percent to $52,578,000 compared to $41,950,000 in the 1991 fiscal quarter.
 Both net income and operating revenues set record highs for first quarter operations.
 "Our performance in the first three months of fiscal 1993 was most encouraging and in line with our expectations," James W. Christmas, KCS Energy's president, said. "Operating income from our oil and gas exploration and production segment more than doubled during the quarter and with two new wells recently completed in the Bob West/Falcon Field, we expect to be able to significantly increase earnings and cash flow during the second quarter," Christmas said.
 Christmas reported that the two new wells completed in south Texas were now producing and the natural gas was being sold to Tennessee Gas Pipeline Company under a long-term, above-market price contract which was upheld by a Texas court in June 1992. The decision is currently under appeal by Tennessee Gas in the Texas Court of Appeals. He said a third well is currently being drilled and several additional wells are expected to be drilled during 1993 in that field where production is dedicated under the Tennessee Gas contract.
 KCS Energy will also continue to examine acquisition opportunities, Christmas said, and reported that the company's availability under its master credit facility with Bank One had recently been increased.
 KCS Energy is engaged in oil and gas exploration and production, natural gas transportation, natural gas marketing and energy services with operations in Texas, Louisiana, Mississippi, New York, New Jersey, Virginia and Pennsylvania.
 -0- 2/4/93
 /CONTACT: Henry A. Jurand of KCS Energy, 908-632-1770/
 (KSCE)


CO: KCS Energy, Inc. ST: New Jersey IN: OIL SU: ERN

GK-SM -- NY092 -- 3040 02/04/93 13:45 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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