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HARCOR ENERGY INC. ANNOUNCES FIRST QUARTER 1993 RESULTS

 LOS ANGELES, May 17 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today its results for the first quarter of 1993. Revenues from U.S. operations increased 75 percent in the first quarter of 1993, to $1,190,000, from $682,000 for the previous year. However, as a result of the deconsolidation of HarCor's previously consolidated affiliate, HCO Energy Ltd., the common stock of which was sold during the quarter, total revenues declined 15 percent.
 Net loss for the first quarter of 1993 declined to $124,000, or ($0.02) per share, from $212,000, or ($0.07) per share the previous year. Were the results from HarCor's previously announced institutional exchange offer and additional purchase of interest in the South Texas gas properties completed at Jan. 1, 1993, the company would have achieved break-even results during the first quarter period. Net cash provided by operating activities increased to $258,000, or $0.05 per share vs. a net cash loss of $256,000, or ($0.09) per share in the first quarter of 1992.
 HarCor Energy is a Los Angeles-based independent energy company pursuing risk-managed oil and gas acquisitions for future exploitation.
 HARCOR ENERGY INC.
 First Quarter 1993 Results
 Summary of Consolidated
 Results of Operations
 Three Months Ended March 31,
 1993 1992
 U.S. revenues $1,190,000 $682,000
 Canadian revenues --- 718,000
 Total revenues $1,190,000 $1,400,000
 Total expenses 1,315,000 2,037,000
 Net loss before minority interests (124,000) (637,000)
 Loss attributable to minority interests --- (425,000)
 Net loss (124,000) (212,000)
 Net loss per share ($0.02) ($0.07)
 Net cash flow from (used in)
 operating activities $258,000 ($256,000)
 Cash flow (loss) per share $0.05 ($0.09)
 Weighted average shares outstanding 5,400,000 2,973,000
 Total assets $13,639,000 $12,580,000
 Shareholders' equity 7,521,000 4,645,000
 -0- 5/17/93
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president and COO, of HarCor Energy, 310-575-9599/
 (HARC)


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

LS-BP -- LA009 -- 8996 05/17/93 08:11 EDT
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Publication:PR Newswire
Date:May 17, 1993
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