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HAWKINS ENERGY CORPORATION ANNOUNCES SECOND ACQUISITION

 TULSA, Okla., May 10 /PRNewswire/ -- Hawkins Energy Corp. (NASDAQ: HECI) today announced that it has signed a letter of intent with Gregory & Cook Inc. of Houston whereby Hawkins Energy intends to acquire Owens Compression Services Inc., a subsidiary of Gregory & Cook that provides gas compression services primarily in East Texas.
 The acquisition of Owens Compression is expected to be the second significant expansion of Hawkins Energy's gas compression business. Hawkins recently announced signing a letter of intent to acquire Mid- South Compressors Inc. of Columbia, Miss. A definitive agreement is expected to be signed with Mid-South within the next one to three weeks, assuming certain issues regarding third party commitments are satisfactorily resolved. Closing of that transaction is expected to occur shortly thereafter.
 The Owens Compression transaction will involve Hawkins' acquisition of all of the outstanding shares of Owens, which has been preliminarily valued by Hawkins at $3.8 million in return for 3.1 million shares of Hawkins Energy common stock. The Hawkins shares to be issued are expected to represent approximately 25 percent of the common stock of Hawkins Energy to be outstanding after the transaction is concluded, including the approximately 5.4 million shares proposed to be issued in connection with Hawkins' acquisition of Mid-South Compressors. At April 30, 1993, there were a total of 3.7 million shares of the common stock of Hawkins Energy outstanding.
 Consummation of the Owens transaction is subject to a number of conditions, including the negotiation and execution of a definitive agreement, approval of the transaction by the respective boards of directors of Hawkins Energy, Owens Compression (and Gregory & Cook Inc.), satisfactory restructuring of the bank credit facility of Hawkins and consummation of Hawkins Energy's acquisition of Mid-South compressors.
 Currently, Hawkins Energy conducts its gas compression business in the Mid-Continent region through its wholly owned subsidiary, Equity Compressors Inc. which is based in Oklahoma City. Owens Compression's rental fleet totals 96 compressors with about 10,000 horsepower. Upon successful closing of both the Mid-South and Owens transactions, Hawkins Energy's gas compression business will include a rental fleet of 448 compressor units totalling 46,000 horsepower serving the gas producing regions of Alabama, Mississippi, North Louisiana, East Texas, Arkansas, Oklahoma, Kansas and the Texas Panhandle.
 Hawkins Energy is a Tulsa-based, publicly traded energy company engaged in oil and gas production and leasing, sales and remanufacturing of gas compression equipment through its wholly owned subsidiary, Equity Compressors Inc. Hawkins Energy's common shares are listed on NASDAQ under the symbol HECI, and are carried in the "NASDAQ Small-Cap issues" section of many financial publications under the abbreviation "HwkEn."
 -0- 5/10/93
 /CONTACT: Clifford S. Lewis, vice president, treasurer and secretary of Hawkins Energy, 918-587-5815/
 (HECI)


CO: Hawkins Energy Corp.; Gregory & Cook Inc.; Owens Compression
 Services Inc. ST: Oklahoma, Texas IN: OIL SU: TNM


TM -- SF005 -- 6485 05/10/93 12:14 EDT
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Publication:PR Newswire
Date:May 10, 1993
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