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HUNTER REPORTS SIGNIFICANT INCREASE IN EARNINGS

 IRVING, Texas, Nov. 23 /PRNewswire/ -- Hunter Resources, Inc. (Boston Stock Exchange: HNT) reported a significant rebound in earnings for the third quarter and nine months ended Sept. 30, 1993 versus the comparable periods in 1992. Earnings before interest, taxes and non-cash expenses were approximately $71,000 and $250,000 for the third quarter and nine months of 1993, respectively, compared with losses of ($76,000) and ($259,000) for the comparable periods in 1992. The Company reported net income of $19,000 and $52,000 for the third quarter and nine months of 1993 versus losses of ($93,000) and ($536,000) for the comparable periods during 1992.
 Hunter reported revenues of $519,000 for the quarter ended Sept. 30, 1993, an increase of 42 percent from the year earlier period. The Company attributes this improvement to a 195 percent increase in oil and gas sales due to its recent successful property acquisitions and a 25 percent increase in its property management and consulting business.
 The rebound in earnings was caused by the higher revenues and a reduction in operating expenses. Total expenses for the nine months ended Sept. 30, 1993 decreased 18 percent or approximately $315,000 compared with the prior fiscal year. The majority of this decrease was due to a reduction of 40 percent or $264,000 in general and administrative expenses for the nine month period. Also, a significant part of the loss in 1992 was caused by a previously reported $240,000 non-cash charge as required by Statement of Accounting Standards (SFAS No. 109), however, a $147,000 income tax benefit was also realized.
 During the third quarter of this year, Hunter completed one property acquisition (four wells) that has significant upside recompletion possibilities. In this current quarter, Hunter has completed one property acquisition and has a second acquisition under contract, scheduled to close prior to year-end. The Company continues to review numerous potential acquisitions of producing oil and gas properties and pipeline operations. In addition, the Company is continuing to assess the potential of commencing recompletion and development drilling activities on several of its properties.
 Hunter Resources, Inc. is an energy development and management company engaged in three principal activities: (i) the production and sale of crude oil, condensate and natural gas; (ii) the gathering, transmission, and marketing of natural gas, and (iii) the business of managing and operating producing oil and natural gas properties for non-operating interest owners.
 HUNTER RESOURCES, INC.
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 Three Months Nine Months
 Sept. 30 Sept. 30
 1993 1992 1993 1992
 REVENUES:
 Gas gathering & marketing $140,000 $150,000 $424,000 $535,000
 Oil & gas sales 125,000 64,000 357,000 155,000
 Oil field services
 and commissions 175,000 140,000 507,000 579,000
 Interest 6,000 3,000 14,000 8,000
 Other 73,000 9,000 174,000 19,000
 TOTAL REVENUES 519,000 366,000 1,476,000 1,296,000
 EXPENSES:
 Purchases of natural gas 79,000 88,000 245,000 337,000
 Pipeline operations 25,000 28,000 71,000 82,000
 Lease operating 77,000 24,000 193,000 74,000
 Cost of services 117,000 97,000 299,000 386,000
 Depreciation, depletion,
 amortization and
 impairment 47,000 54,000 181,000 152,000
 General and administrative 144,000 202,000 404,000 668,000
 Interest 11,000 13,000 31,000 40,000
 TOTAL EXPENSES 500,000 506,000 1,424,000 1,739,000
 INCOME (LOSS) BEFORE TAXES 19,000 (140,000) 52,000 (443,000)
 INCOME TAXES (BENEFIT) --- 47,000 --- 147,000
 CUMULATIVE EFFECT OF CHANGE IN
 ACCOUNTING PRINCIPLE --- --- --- (240,000)
 NET INCOME (LOSS) 19,000 (93,000) 52,000 (536,000)
 NET INCOME (LOSS) PER SHARE
 INCOME (LOSS) BEFORE
 CUMULATIVE EFFECT $ 0.001 ($ 0.006)$ 0.003 ($0.02)
 CUMULATIVE EFFECT OF CHANGE
 IN ACCOUNTING PRINCIPLE --- --- --- (0.015)
 NET INCOME (LOSS) PER SHARE
 Primary $ 0.001 ($ 0.006) $ 0.003 ($ 0.035)
 -0- 11/23/93
 /CONTACT: Gary C. Evans of Hunter Resources, 214-401-0752/
 (HNT)


CO: Hunter Resources, Inc. ST: Texas IN: OIL SU: ERN

TW-LG -- NY035 -- 7228 11/23/93 11:30 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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