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LOMAK EARNINGS RISE SHARPLY

 FORT WORTH, Texas, May 6 /PRNewswire/ -- Lomak Petroleum, Inc. (NASDAQ: LOMK) today announced its results for the quarter ended March 31, 1993. Revenues exceeded $4.0 million, an increase of 36 percent over the prior year period. Cash flow from operations rose 41 percent to $1,041,000. The company reported net income of $215,000, more than a 100 percent increase over 1992 results. Net income available to common stockholders jumped almost seven fold to $150,000. Due primarily to the acquisition of certain properties in east and west Texas in March, total assets at March 31st reached $37.0 million, an increase of 31 percent since year end.
 The results reflect a 22 percent rise in production and a moderate increase in prices. Production during the quarter rose to 57,000 barrels of oil and 463,000 Mcf of gas. This equates to 1,500 barrels of oil equivalents ("BOE") per day. The average price received per barrel of oil was $18.09 versus $16.67 in 1992, as gas prices rose to $2.38 per Mcf from $2.21 in 1992. On a BOE basis, the price received rose to $15.90 from $14.72 in 1992.
 During the quarter, acquisition and exploitation activities increased. Acquisitions initiated in the first quarter were recently closed at a total cost of $7.2 million. Nine development wells and recompletions were undertaken with encouraging initial results. The drilling or recompletion of another 32 wells, at an estimated total cost of $2.6 million, is currently planned for the remainder of the year. These activities are expected to boost production volumes beginning in the second quarter. To assist in funding these projects, the company is currently seeking to augment its capital through a private placement of convertible preferred stock. In addition, the company is in negotiations to significantly expand and enhance its credit facility.
 Lomak Petroleum, Inc. is engaged in the acquisition, production and development of oil and gas properties and provides field services ancillary to the oil industry.
 LOMAK PETROLEUM, INC.
 SUMMARY FINANCIAL INFORMATION
 (In thousands, except per share data)
 Three Months Ended
 March 31,
 1992 1993
 Revenues $ 2,975 $ 4,032
 Operating expense (1,513) (2,228)
 Gross margin 1,462 1,804
 General and administrative expenses (459) (514)
 Interest (233) (241)
 Minority interest 12 (3)
 Income before DD&A and taxes 774 1,054
 Depletion, depreciation and amortization (631) (826)
 Income before taxes 143 228
 Income taxes (36) (13)
 Net income $ 107 $ 215
 Net income to common shares $ 22 $ 150
 Earnings per common share $ .00 $ .03
 Weighted average
 shares outstanding 4,592 4,875
 -0- 5/6/93
 /CONTACT: C. R. Michaels, vice chairman, 216-877-6747, or John H. Pinkerton, president, 817-870-2601; both of Lomak Petroleum, Inc./
 (LOMK)


CO: Lomak Petroleum, Inc. ST: Texas IN: OIL SU: ERN

BM -- CL017 -- 5346 05/06/93 10:55 EDT
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Publication:PR Newswire
Date:May 6, 1993
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