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HONDO REPORTS SECOND QUARTER RESULTS

 ROSWELL, N.M., May 18 /PRNewswire/ -- Hondo Oil & Gas Co. (AMEX: HOG) today reported a net loss from continuing and discontinued operations of $1,907,000, or 15 cents per share, for the quarter ended March 31, 1993. This compares with a net loss of $47,784,000, or $3.67 per share, for the second quarter of fiscal 1992.
 For the six-month period, the net loss from continuing and discontinued operations was $4,936,000, or 38 cents per share, compared with a net loss of $49,203,000, or $3.78 per share, for the year-earlier six-month period. The quarterly and half-year results for fiscal 1992 included a loss provision on the company's refining and marketing assets held for sale and the results of operations of domestic oil and gas properties that were sold in June 1992.
 As previously reported, the company has temporarily suspended operations to assess the mechanical problems in the Lilia No. 10 well in Colombia and to determine a course of action. The mechanical problems encountered in the well and unforeseen delays in sales of assets have depleted the company's cash resources faster than previously forecast.
 The wholly owned subsidiary, Hondo Magdalena Oil & Gas Ltd., is negotiating with a major oil company for its participation in the Opon Project in Colombia.
 The company is also holding discussions concerning future support with Lonrho Plc, owner of approximately 50 percent of The Hondo Co., the majority stockholder in Hondo Oil & Gas. Lonrho is an international trading company based in London, United Kingdom. No additional facilities have yet been agreed by Lonrho Plc for Hondo Oil & Gas. Efforts to sell valuable discontinued assets will be intensified, and further efforts to reduce operating costs will be undertaken.
 Success in these initiatives is vital to the future of the company.
 HONDO OIL & GAS CO. AND SUBSIDIARIES
 Financial Highlights
 (in thousands, except per share data)
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Operating revenues $162 $14,925 $730 $32,361
 Costs and expenses 2,069 19,108 4,466 37,564
 Loss before income taxes (1,907) (4,183) (3,736) (5,203)
 Income tax expense
 (benefit) --- (399) --- ---
 Loss from continuing
 operations (1,907) (3,784) (3,736) (5,203)
 Loss from discontinued
 operations --- (44,000) (1,200) (44,000)
 Net loss ($1,907) ($47,784) ($4,936) ($49,203)
 Loss per share:
 Continuing operations ($0.15) ($0.29) ($0.29) ($0.40)
 Discontinued operations --- (3.38) (0.09) (3.38)
 Total ($0.15) ($3.67) ($0.38) ($3.78)
 -0- 5/18/93 R
 /CONTACT: C.B. McDaniel of Hondo Oil & Gas, 505-625-8700/
 (HOG)


CO: Hondo Oil & Gas Co. ST: New Mexico IN: OIL SU: ERN

474 05-18-93 08:03 EDT R-LS -- LA005R -- 9738 05/18/93 11:55 EDT
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Publication:PR Newswire
Date:May 18, 1993
Words:468
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