ENCOR INC. ANNOUNCES ACCEPTANCE OF OFFER
ENCOR INC. ANNOUNCES ACCEPTANCE OF OFFER CALGARY, Alberta, May 11 /PRNewswire/ -- Encor Inc.
(Toronto, Montreal: ECR) announced today that it has accepted an offer from Enterprise Oil to acquire all of its interest in six separate oil and gas licences in Italy for 56 billion lire (approximately Cdn. $54 million). Closing of the transaction, which is expected to occur in the third quarter of 1992, is subject to mutually agreed sale and purchase documentation and approval by the Italian governmental authorities.
This disposition will have a positive effect on both the net worth and covenant and borrowing base deficiency under the company's production loan facility. Encor's shares trade on The Toronto Stock Exchange and The Montreal Exchange under the symbol "ECR." -0- 5/11/92 /CONTACT: Susan Evans, VP-law and corporate affairs, 403-231-6066/ (ECR.) CO: Encor Inc. ST: Alberta IN: OIL SU: TNM
KJ -- LA032 -- 8871 05/11/92 19:34 EDT
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|Date:||May 11, 1992|
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