Seahawk Oil International Inc., a Newport Beach...

Seahawk Oil International Inc., a Newport Beach independent oil and gas exploration company, posted a profit of $45,085 for the first quarter, contrasted with a loss of $247,245 for the 1988 first quarter. The profit reverses a trend of losses incurred since 1986 when oil prices collapsed and became unstable, the company said, and attributed the improved performance to cost-containment measures implemented by management in prior years, including the cancellation of lease commitments and the exchange of convertible debentures into common stock. Revenue for the quarter declined 9%, to $548,286 from $604,956.