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HARCOR ENERGY INC. ANNOUNCES FISCAL 1993 THIRD QUARTER RESULTS

 HOUSTON, Nov. 12 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today the consolidated results of operations for the third quarter and nine months ended Sept. 30, 1993. Third quarter revenues totaled $1,815,000 compared to U.S. revenues of $748,000 in the prior year. Revenues for this nine months period totaled $4,543,000 vs. U.S. revenues $2,136,000 in the same period last year. The company experienced a third quarter net operating loss of $211,000, before preferred dividends, compared to a net operating loss of $265,000 in 1992. For the nine months ended Sept. 30, 1993, HarCor's net operating loss was $375,000 compared to $696,000 in 1992. Net cash provided by operating activities increased to $1,178,000, or $0.21 per share, for the current period vs. a net cash loss of $386,000, or $0.10 per share, for the nine-month period ended Sept. 30, 1992.
 Production during the third quarter of 1993 increased to an average of 495 barrels of oil per day and 5,850 MCF per day of gas as compared to U.S. production of 332 barrels per day and 1,040 MCF per day for the similar period in 1992. Production increases were primarily a result of ongoing exploitation activities in the South Texas Limited Partnership and the acquisition of the Interests acquired in the previously announced Institutional Royalty Exchange.
 HarCor Energy is a Houston-based independent energy company pursuing risk-managed oil and gas acquisitions for future exploitation.
 HARCOR ENERGY INC.
 Summary of Consolidated Results of Operations
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 U.S. revenues $1,815,000 $748,000 $4,543,000 $2,136,000
 Canadian revenues --- 770,000 --- 2,398,000
 Total revenues 1,815,000 1,518,000 4,543,000 4,534,000
 Total expenses 2,026,000 2,035,000 4,918,000 6,035,000
 Net loss before
 minority
 interests (211,000) (517,000) (375,000) (1,501,000)
 Loss attributable
 to minority
 interests --- (252,000) --- (805,000)
 Net loss before
 dividends on
 preferred stock (211,000) (265,000) (375,000) (696,000)
 Dividends on
 preferred stock (85,000) (8,000) (170,000) (24,000)
 Net loss applicable
 to common
 stockholders ($296,000) ($273,000) ($545,000) ($720,000)
 Net loss per share ($0.05) ($0.08) ($0.10) ($0.23)
 Net cash provided by
 (used in) operating
 activities $149,000 ($300,000) $1,178,000 ($386,000)
 Weighted average
 shares
 outstanding 5,493,000 3,541,000 5,438,000 3,164,000
 Total assets --- --- $17,650,000 $16,254,000
 Stockholders' equity
 at Sept. 30, 1993 --- --- $8,277,000 $3,451,000
 -0- 11/12/93
 /CONTACT: Mark Harrington, chairman and CEO, or Francis H. Roth, president & COO, of HarCor Energy, 713-961-1804/
 (HARC)


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

JB-LS -- LA027 -- 3973 11/12/93 19:04 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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