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HAWKINS ENERGY CORPORATION ANNOUNCES RESULTS FOR SECOND QUARTER

 TULSA, Okla., Aug. 16 /PRNewswire/ -- Hawkins Energy Corp. (NASDAQ: HECI) today reported a net loss of $37,000 ($0.01 per share) for the second quarter of 1993, compared with a net loss of $47,000 ($0.01 per share) for the second quarter of 1992. During the first six months of 1993, the company reported a net loss of $81,000 ($0.02 per share) compared to a $152,000 ($0.04 per share) loss during the first half of 1992 before a cumulative effect of accounting change. These amounts do not include the results from Mid-South Compressors Inc. which was acquired by the company in June of 1993.
 The company reported revenues of $822,000 for the second quarter of 1993, a 25 percent decrease over the second quarter of 1992. For the first six months of 1993, revenues were $1,650,000 which is 26 percent lower that the first half of 1992. These declines are primarily attributable to the absence of compressor sales at Equity Compressors Inc. where the emphasis was on equipment leasing during the first half of the year.
 The acquisition of Mid-South Compressors Inc. during June and Owens Compression Service Inc. during July greatly expanded the size and scope of the company's compressor leasing business. The company's third quarter 1993 financials will reflect the results of operations of these entities.
 Hawkins Energy Corp. 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 12,423,579 outstanding shares of common stock.
 HAWKINS ENERGY CORP.
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 (In thousands except (In thousands except
 per share amounts) per share amounts)
 Revenues $ 822 $1,089 $1,650 $2,222
 Loss before
 cumulative effect
 of accounting change (37) (47) (81) (152)
 Net income (loss) (37) (47) (81) 64
 Income (loss) per
 common share before
 cumulative effect of
 accounting change (0.01) (0.01) (0.02) (0.04)
 Net income (loss)
 per share (0.01) (0.01) (0.02) 0.02
 Weighted average
 common shares
 outstanding 5,661 3,724 4,687 3,728
 -0- 8/16/93
 /CONTACT: Clifford S. Lewis, Vice President, treasurer and secretary, 918-587-5815/
 (HECI)


CO: Hawkins Energy Corp. ST: Oklahoma IN: OIL SU: ERN

TM -- SF012 -- 3312 08/16/93 18:20 EDT
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Publication:PR Newswire
Date:Aug 16, 1993
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