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HAWKINS ENERGY CORPORATION ANNOUNCES EARNINGS FOR THIRD QUARTER

 TULSA, Okla. Nov. 15 /PRNewswire/ -- Hawkins Energy Corporation (NASDAQ: HECI) today reported net income of $254,000 ($.02 per share) for the third quarter of 1993, compared with a net loss of $78,000 ($.02 per share) for the third quarter of 1992. During the first nine months of 1993, the company reported net income of $173,000 ($.02 per share) compared with a $14,000 ($.004 per share) loss during the first nine months of 1992 after the cumulative effect of an accounting change. The 1993 amounts include the results from operations of Mid-South Compressors, Inc. and Owens Compression Service, Inc. beginning July 1, 1993.
 The company reported revenues of $3,867,000 for the third quarter of 1993 compared with $1,129,000 for the same period in 1992. Of the third quarter 1993 revenues, $3,320,000 (86 percent) came from the company's gas compressor business while the remaining $547,000 (14 percent) was generated through sales of the company's natural gas and oil production. The acquisition of Mid-South Compressors, Inc. during June and Owens Compression Service, Inc. during July greatly expanded the size and geographic market served by the company's compressor leasing business. The compressor revenues were derived 57 percent ($1,876,000) from rentals and associated maintenance while the remaining 43 percent ($1,444,000) resulted from the sale of compressors.
 Tom Ostrye, the company's president stated, "Third quarter earnings reflect the initial positive effect from our merger strategy in the gas compression business. We expect to see the merged companies' contribution to earnings continue to increase as more operational efficiencies are implemented among these subsidiaries."
 Hawkins Energy Corporation is a Tulsa-based, publicly traded energy company engaged in oil and gas production and the sales, remanufacturing and leasing of gas compressors through its wholly-owned subsidiaries, Equity Compressors, Inc., Mid-South Compressors, Inc. and Owens Compression Service, Inc. Hawkins Energy's common shares are listed on NASDAQ under the symbol HECI. The company currently has 12,796,481 outstanding shares of common stock.
 HAWKINS ENERGY CORPORATION
 (In thousands except per share amounts)
 Periods ended Sept. 30 Three Months Nine Months
 1993 1992 1993 1992
 Revenues $3,867 $ 1,129 $5,517 $3,351
 Net Income (Loss) before cumulative
 effect of accounting
 change 254 (78) 173 (230)
 Net income (loss) 254 (78) 173 (14)
 Income (loss) per common share before
 cumulative effect of
 accounting change .02 (.02) .02 (.06)
 Net income (loss)
 per share .02 (.02) .02 .00
 Weighted average common
 shares outstanding 12,389 3,723 7,254 3,726
 -0- 11/15/93
 /CONTACT: Clifford S. Lewis, vice president, treasurer and secretary of Hawkins Energy Corporation, 918-587-5815/
 (HECI)


CO: Hawkins Energy Corporation ST: Oklahoma IN: OIL SU: ERN

TM -- NY150 -- 4750 11/15/93 18:11 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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