HAWKINS ENERGY CORP. ANNOUNCES RESULTS FOR 1991
HAWKINS ENERGY CORP. ANNOUNCES RESULTS FOR 1991 TULSA, Okla., March 31 /PRNewswire/ -- Hawkins Energy Corp.
(NASDAQ: HECI) today reported revenues of $5.88 million for the year 1991, ended Dec. 31, compared with revenues of $6.32 million for the prior year. A net loss of $371,000, $0.10 per share, was reported for the year compared with net loss of $347,000, $0.10 per share, for 1990.
Thomas F. Ostrye, president, said the 1991 results were attributable to depressed natural gas prices which decreased revenues from the sale of natural gas and slowed the growth of the company's gas compression business. He noted that during 1991 compression related revenues were 56 percent of the total revenues earned, reflecting a successful transition into this gas services business. "We believe the continued growth of our gas compression business, along with the company's debt refinancing accomplished in early 1992, will result in significant improvement in the coming year." Shares of Hawkins Energy common stock outstanding total approximately 3.9 million, including about 2.5 million issued to former limited partners. Hawkins Energy owns interests in 166 producing wells with proven reserves of approximately 6.1 billion cubic feet of gas equivalent as of Dec. 1, 1991. Through its wholly owned subsidiary, Equity Compressors Inc., Hawkins Energy provides gas compression remanufacturing, resale and leasing services to the natural gas industry. For 12 Months Ending Dec. 31, 1991 1990 (In thousands except per share amounts) Total Revenues $5,876 $6,317 Net Loss $ (371) $ (347) Loss per Common Share $ (.10) $ (.10) Weighted average common shares outstanding 3,834 3,326 -0- 3/31/92 /CONTACT: Clifford S. Lewis, of Hawkins Energy Corp., 918-587-5815/ (HECI) CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN
DG -- SF009 -- 3644 03/31/92 18:00 EST
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|Date:||Mar 31, 1992|
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