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HADSON ENERGY RESOURCES CORPORATION ANNOUNCES FIRST QUARTER RESULTS; EARNINGS AND CASH FLOWS COMPARABLE TO 1992 LEVELS

 OKLAHOMA CITY, May 11 /PRNewswire/ -- Hadson Energy Resources Corporation (AMEX: HDX) today announced earnings for the first quarter of 1993 of $830,000, or $.14 per share, on total revenue of $10.1 million. This compares with net earnings of $875,000, or $.14 per share, on total revenue of $10 million for the first quarter of 1992. Cash flows provided by operating activities (before change in non-cash working capital) also remained relatively constant at $5.6 million ($.92 per share) for the current quarter compared to $5.5 million ($.90 per share) for the same quarter of 1992.
 CONTINUED GROWTH IN PRODUCTION
 The company reported continued growth in production in relation to the prior year. This improvement was driven by the company's Australian gas production from the Harriet Gas Gathering Project which came on stream in July 1992. For the quarter, the project produced 537 million cubic feet of gas, net to the company. This new production more than offset declines in Australian oil production and U.S. oil and gas production. In Australia, oil production fell to 242,000 barrels for the quarter compared to 286,000 barrels for the first quarter of 1992. This decline is partially attributable to Harriet Field production curtailments associated with a scheduled workover and wireline testing program, as well as with capacity limitations for processing produced water. While production has improved since the first quarter, Australian oil and liquids production is expected to remain below prior year levels absent further development drilling in Harriet. In the U.S., the company's gas production was 1.2 billion cubic feet, slightly lower than in the prior year quarter. Domestic oil production declined to 102,000 barrels compared to 116,000 barrels for the prior year period, a decrease of 13 percent.
 IMPROVED GAS PRICES - CONSTANT OIL PRICES
 In the U.S., the company realized higher prices for its domestic gas production. For the first quarter, this average price was $1.82 per thousand cubic feet, a 22 percent increase over the first quarter 1992 price of $1.49. Gas prices have continued to improve in the second quarter. In Australia, the average gas price received was $1.83 per thousand cubic feet.
 Oil prices were relatively flat with the prior year quarter. In the U.S., the company realized an average price of $18.01 per barrel compared to $17.93 for the first quarter of 1992. In Australia, the average price received was $21.12 per barrel compared to $21.05 for the comparable period of 1992.
 MANAGEMENT'S COMMENT
 John C. Capshaw, chairman, president and chief executive officer, stated, "We continue to enjoy favorable financial performance, fueled principally by higher gas production and higher gas prices for the quarter. With the changes that we are currently seeing in the U.S. natural gas market, we are optimistic about the results for the remainder of the year."
 Hadson Energy Resources Corporation is an energy company engaged in domestic and international crude oil and natural gas acquisition, exploration, development and production.
 Selected financial and operating statistics for the three month periods ended March 31, 1993 and 1992 are presented below:
 HADSON ENERGY RESOURCES CORPORATION
 Three months ended March 31, 1993 1992
 Financial Results
 Revenue ($M) $ 10,114 $ 10,028
 Net earnings ($M) $ 830 $ 875
 Net earnings per share $ .14 $ .14
 Cash flows from operations ($M) $ 5,622 $ 5,542
 Weighted average shares outstanding (M) 6,130 6,128
 Operating Statistics
 Production:
 USA oil (MBbls) 102 116
 USA gas (MMcf) 1,159 1,177
 Australia oil (MBbls) 242 286
 Australia gas (MMcf) 537 -
 Prices:
 USA oil (per Bbl) $ 18.01 $ 17.93
 USA gas (per Mcf) $ 1.82 $ 1.49
 Australia oil (per Bbl) $ 21.12 $ 21.05
 Australia gas (per Mcf) $ 1.83 $ -
 -0- 5/11/93
 /CONTACT: William C. Rankin, senior vice president and chief financial officer of Hadson Energy Resources Corporation, 405-232-2212; or Warren M. Shimmerlik of Shimmerlik Corporate Communications, Inc., 212-247-5200, for Hadson Energy Resources/
 (HDX)


CO: Hadson Energy Resources Corporation ST: Oklahoma IN: OIL SU: ERN

SH -- NY022 -- 6903 05/11/93 09:29 EDT
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Date:May 11, 1993
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