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LOMAK EARNINGS UP SHARPLY

 FORT WORTH, Texas, Aug. 3 /PRNewswire/ -- Lomak Petroleum, Inc. (NASDAQ: LOMK) today announced its results for the quarter end June 30, 1993. Revenues totaled $4.7 million, an increase of 47 percent over the prior year period. Cash flow from operations rose 50 percent to nearly $1.5 million. The company reported net income of $372,000, a 101 percent increase over 1992 results. Net income available to common stockholders rose 170 percent to $296,000. Total assets at June 30th reached $41.2 million, an increase of 46 percent since year end.
 The results reflect a 45 percent rise in production and a slight increase in prices. Production during the quarter rose to 82,400 barrels of oil and 624,000 Mcf of gas. This equates to 2,050 barrels of oil equivalents ("BOE") per day. The average price of oil was $17.58 versus $18.73 in 1992, as gas prices rose to $2.30 per Mcf from $2.09 in 1992. On a BOE basis, the price received rose 3 percent to $15.48.
 The company's acquisition and exploitation program continues to expand. In the first six months of 1993, $11.4 million of acquisitions were completed and 13 development wells and recompletions were undertaken.
 During the quarter, Lomak took a number of steps to strengthen its capital position. It increased its bank credit facility from $20 million to $50 million while reducing the interest rate. The 8 percent Convertible Preferred Stock was converted into Common Stock and associated warrants to purchase Common Stock were exercised. Subsequent to the conversion of the 8 percent Preferred, Lomak privately placed $5.0 million of 7-1/2 percent Convertible Preferred Stock. As a result, stockholders' equity increased to $17.0 million, an increase of 79 percent above year end levels. The lower interest on the credit facility and the elimination of the 8 percent Preferred dividends will save Lomak over $400,000 annually. The $5.0 million placement provides the capital for the company to aggressively pursue its ongoing acquisition and exploitation program.
 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 Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $4,739 $3,229 $8,771 $6,204
 Operating expenses (2,417) (1,496) (4,646) (3,009)
 Gross margin 2,322 1,733 4,125 3,195
 General and administrative
 expenses (525) (456) (1,040) (915)
 Interest (304) (258) (536) (499)
 Minority interest (1) 3 (3) 15
 Income before DD&A and
 taxes 1,492 1,022 2,546 1,796
 Depletion, depreciation and
 amortization (1,088) (787) (1,914) (1,417)
 Income before taxes 404 235 632 379
 Income taxes (32) (50) (45) (87)
 Net income $ 372 $ 185 $ 587 $ 292
 Net income to common shares $ 296 $ 110 $ 446 $ 132
 Earnings per common share $ .05 $ .02 $ .09 $ .03
 Weighted average shares
 outstanding 5,485 4,770 5,201 4,683
 -0- 8/3/93
 /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, Ohio IN: OIL SU: ERN

BM -- CL019 -- 8850 08/03/93 11:15 EDT
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Date:Aug 3, 1993
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