Corporate Profile for Hallwood Energy Corp., dated Sept. 24, 1999

Business Wire, Sept 24, 1999

--(BUSINESS WIRE)--

The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-

Published Date:   Sept. 24, 1999

Company Name:     Hallwood Energy Corp.

Address:          4610 S. Ulster St., Suite 200
                  Denver, CO  80237

Main Telephone
 Number:          303/850-7373

Chief Executive
 Officer:         Anthony J. Gumbiner

Chief Financial
 Officer:         Thomas J. Jung

Investor Relations
 Contact:         Wendy Grant
 Business number: 303/850-6581
 E-mail address:  wendy.grant@haenco.com

Public Relations
 Contact:         Cathleen M. Osborn
 Business number: 303/850-6321
 E-mail address:  cathleen.osborn@haenco.com

Industry:         Oil and natural gas exploration and production

Trading Symbol/
 Exchange:        NASDAQ: HECO, HECOP

    Company description:

     Total Revenues (6 months 1999)  - $22 million
     Total Revenues (1998 proforma)  - $69 million
     Capital budget - 1999           - $17 million (total year)
     Capital budget - 1998 proforma  - $79 million
     Net income (6 months 1999)      - $1.4 million
     Net income (1998 proforma)      - ($32 million), including
                                       non-cash charges to income of
                                       $34 million for property
                                       impairment

Hallwood Energy Corp. was formed in June 1999 by the merger of Hallwood Energy Partners, L.P., and Hallwood Consolidated Resources Corp. HEC is engaged in the development, exploration, acquisition and production of oil and natural gas properties. The company's properties are primarily located in the Rocky Mountain, Mid-Continent, Greater Permian and Gulf Coast regions of the United States. HEC's preferred stock has a cumulative annual dividend of $1.00. The common stock (HECO) began trading on June 9, 1999, range 5 1/8 - 8 3/8. The preferred stock (HECOP) began trading on June 11, 1999, range 7 3/4 - 9 1/8.