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EARNINGS

November 13, 1987

Seahawk International, an independent oil and gas exploration company, reported a loss of $98,905 in the third quarter, contrasted with a loss of $749,345 in the same period in 1986. Revenues totaled $685,865, a 49% increase from $442,247 a year earlier. The Newport Beach company recorded a net loss of $462,888 for the first nine months of 1987, compared to a loss of $1.3 million for the same period in 1986. Revenues increased 56% to $2.2 million, from $1.4 million last year. Costs associated with the drilling of unsuccessful wells accounted for $266,053 of Seahawk's nine-month loss, the company said.

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