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HARCOR ENERGY ANNOUNCES YEAR-END RESULTS AND 50 PERCENT INCREASE IN U.S. RESERVES

 LOS ANGELES, March 29 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today financial results for its fiscal year ended Dec. 31, 1992. Consolidated revenues for the year totaled $6,666,000 for 1992, vs. $6,034,000 in 1991. Net cash provided by operating activities totaled $1,015,000, or $0.29 per share vs. net cash used of $326,000, or $0.11 per share in 1991. Net loss for the year was $1,414,234, or $0.40 per share vs. $1,461,000 or $0.51 per share.
 During the second half of 1992 HarCor closed $5.2 million of financings and deconsolidated the year-end balance sheet of its Canadian affiliate, Consolidated HCO Energy Ltd. As a consequence, total consolidated debt was reduced to $6.0 million at year-end 1992 from $10.4 million at year-end 1991. At year-end 1992, shareholder equity was $4.6 million vs. $1.8 million at year-end 1991.
 HarCor also announced a 50 percent increase in year-end proved reserve values. At year-end 1992 total proved U.S. reserves, valued at a 10 percent net present value on flat year-end pricing, was $14.5 million vs. $9.7 million at year-end 1991.
 Commenting on year-end results, Mark G. Harrington, HarCor's chairman and chief executive officer, stated, "HarCor significantly improved its balance sheet during 1992 and began to deploy its new financial resources in the fourth quarter of 1992. The results of these efforts will be seen in fiscal 1993."
 HARCOR ENERGY INC.
 Summary of Consolidated Results of Operations
 Year Ended Dec. 31,
 1992
 U.S. Canadian Total
 Total revenues $3,312,000 $3,354,000 $6,666,000
 Total expenses 4,650,000 4,238,000 8,888,000
 Loss before
 minority interests (1,338,000) (884,400) (2,222,000)
 Minority interests --- (808,000) (808,000)
 Net loss ($1,338,000) ($76,000) ($1,414,000)
 Net loss per share --- --- ($.40)
 Weighted average
 common shares
 outstanding --- --- 3,512,000
 1991
 U.S. Canadian Total
 Total revenues $3,424,000 $2,610,000 $6,034,000
 Total expenses 5,072,000 5,121,000 10,193,000
 Loss before
 minority interests (1,648,000) (2,511,000) (4,159,000)
 Minority interests (551,000) (2,147,000) (2,698,000)
 Net loss ($1,097,000) ($364,000) ($1,461,000)
 Net loss per share --- --- ($.51)
 Weighted average
 common shares
 outstanding --- --- 2,973,000
 HARCOR ENERGY INC.
 Condensed Balance Sheet Data
 Dec. 31, Dec. 31,
 1992(a) 1991
 Total Assets $12,580,000 $15,586,000
 Long-term debt $4,712,000 $9,828,000
 Minority interests' equity --- $1,790,000
 Stockholders' equity $4,645,000 $1,798,000
 Proved oil equivalent
 reserves:
 U.S. 1,990,000 BOE 1,679,000 BOE
 Canada(a) --- BOE 1,405,000 BOE
 SEC present value of proved
 reserves at year end:
 U.S. $14,519,000 $9,690,000
 Canada(a) --- $6,771,000
 Yearly average production:
 U.S. crude (BPD) 351 382
 Canadian Crude (BPD) 284 204
 U.S. natural gas (MCFD) 1,528 1,276
 Canadian natural gas(MCFD) 3,274 2,834
 Yearly average prices:
 U.S. crude ($/Bbl) $18.38 $19.71
 Canadian crude ($/Bbl) $16.41 $17.33
 U.S. natural gas ($/Mcf) $1.64 $1.38
 Canadian natural gas ($/Mcf) $1.00 $1.06
 (a) The balance sheet and year-end reserve data does not include amounts attributable to Canada, because of the deconsolidation of HCO effective December 1992.
 -0- 3/29/93
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president, of HarCor Energy, 310-575-9599/
 (HARC)


CO: HarCor Energy Inc. ST: California IN: OIL SU: ERN

JL-MS -- LA033 -- 0783 03/29/93 19:25 EST
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Date:Mar 29, 1993
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