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ENCOR INC. - BANK LENDERS DELIVER BORROWING BASE SHORTFALL NOTICE

ENCOR INC. - BANK LENDERS DELIVER BORROWING BASE SHORTFALL NOTICE
 CALGARY, April 30 /PRNewswire/ -- Encor Inc. announced today that its bank lenders delivered a borrowing base shortfall notice.
 Encor's production loan facility requires that the lending value of the company's western Canadian proved petroleum and natural gas reserves, using parameters established by the lenders, be equal to or greater than the amount of loans outstanding under the loan facility. The lenders have completed their review of the borrowing base using year end reserve reports and, after applying certain lending criteria, today delivered a notice stating that the value of the reserves for lending purposes is $265 million. This represents a shortfall of $118 million based on the outstanding bank loans of $383 million.
 Encor has until June 30, 1992 to eliminate this deficiency. If the deficiency has not been eliminated by then, Encor can deliver a borrowing base shortfall cure notice which would extend the time available to eliminate the deficiency until Dec. 31, 1992, after which an event of default would occur.
 -0- 04/30/92
 /CONTACT: E. Susan Evans of Encor Inc., 403-231-6066/
 (ECR.) CO: Encor Inc. ST: Alberta IN: OIL SU:


DG -- SF010 -- 5249 04/30/92 19:36 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:202
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