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LOMAK PLACES $5 MILLION PREFERRED

 FORT WORTH, Texas, June 29 /PRNewswire/ -- Lomak Petroleum, Inc. (NASDAQ: LOMK) today announced that it had completed the private placement of $5 million of 7.5 percent convertible preferred stock. The issue, which was sold in two tranches, is convertible into common stock at an average price of $8.67 per share. The newly issued preferred may be converted into common stock by the company after June 30, 1995, if the common stock's price exceeds the conversion price by more than 35 percent.
 The placement was the final step in a program to strengthen Lomak's capital structure in anticipation of further growth. Since late May, the company has converted $3.3 million of previously outstanding convertible preferred stock along with $769,000 of subordinated notes into common equity. A further $1.1 million of equity was realized through the exercise of expiring warrants. Finally, the company's bank credit facility was expanded and the terms of that agreement were sharply improved. As a result of these transactions, stockholder's equity at June 30, 1993, is expected to approximate $17 million. This represents an increase of almost 80 percent since year end 1992. At present, the company has 6.1 million shares of common stock outstanding. The company also indicated that it expects to report sharply higher earnings for the second quarter and the remainder of 1993 due primarily to recent acquisitions, increasing operational efficiency and savings from its capital enhancement program.
 Lomak Petroleum, Inc. is engaged in the acquisition, production and development of oil and gas properties and provides field services ancillary to the oil industry.
 -0- 6/29/93
 /CONTACT: C.R. Michaels, vice chairman, 216-877-6747, or John H. Pinkerton, president, 817-870-2601, both of Lomak Petroleum, Inc./
 (LOMK)


CO: Lomak Petroleum, Inc. ST: Texas IN: OIL SU: ERP

AR -- CL017 -- 6745 06/29/93 13:42 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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