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HARCOR ENERGY INC. ANNOUNCES SECOND QUARTER 1993 RESULTS

 HOUSTON, Aug. 16 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today its consolidated results of its U.S. operations for the second quarter and first half ended June 30, 1993. Second quarter revenues totaled $1,536,000 compared to $706,000 in the prior year. First half 1993 revenues totaled $2,727,000 vs. $1,388,000 in the same period last year. The company experienced a second quarter net loss of $40,000, before preferred dividends, compared to a net loss of $219,000 in 1992. For the six months ended June 30, 1993, HarCor's net loss was $164,000 compared to $431,000 in 1992. Net cash provided by operating activities increased to $1,029,000, or $0.19 per share vs. a net cash loss of $86,000, or $0.03 per share, in the six-month period ended June 30, 1992.
 For comparison purposes, the activities of the company for 1992 do not reflect the results of operations of its previously consolidated affiliate, HCO Energy Ltd., which was deconsolidated in 1992.
 HarCor's operations benefited from exploitation activities in The South Texas Limited Partnership and closing of its Institutional Royalty Exchange. Production during the second quarter of 1993 increased to an average of 473 barrels of oil per day and 5,034 MCF per day of gas as compared to 345 barrels per day and 1,044 MCF per day for the similar period in 1992.
 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 Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 U.S. Revenues $1,536,000 $706,000 $2,727,000 $1,388,000
 Canadian revenues --- 955,000 --- 1,628,000
 Total revenues 1,536,000 1,661,000 2,727,000 3,016,000
 Total expenses 1,576,000 2,009,000 2,891,000 4,000,000
 Net loss before
 minority interests (40,000) (348,000) (164,000) (984,000)
 Loss attributable to
 minority interests --- (129,000) --- (553,000)
 Net loss before
 dividends on
 preferred stock (40,000) (219,000) (164,000) (431,000)
 Dividends on
 preferred stock (85,000) (8,000) (85,000) (8,000)
 Net loss applicable
 to common
 stockholders ($125,055) ($227,000) ($249,000) (439,000)
 Net loss per share ($0.02) ($0.07) ($0.05) ($0.14)
 Cash flow provided by
 (used in) operating
 activities $771,000 $169,700 $1,029,000 ($86,000)
 Cash flow (loss)
 per share $0.14 $0.06 $0.19 ($0.03)
 Weighted average
 shares outstanding 5,422,000 2,937,000 5,411,000 2,937,000
 Total assets $16,412,000 $14,935,000 $16,412,000 $14,935,000
 Shareholders'
 equity $8,327,000 $1,360,000 $8,327,000 $1,360,000
 -0- 8/16/93
 /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-MF -- LA021 -- 3127 08/16/93 13:54 EDT
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Date:Aug 16, 1993
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