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HARCOR ENERGY INC. ANNOUNCES CDN$3.5 MILLION EQUITY PLACEMENT AND CONVERSION OF CDN$2 MILLION DEBENTURE BY CANADIAN AFFILIATE

HARCOR ENERGY INC. ANNOUNCES CDN$3.5 MILLION EQUITY PLACEMENT AND
 CONVERSION OF CDN$2 MILLION DEBENTURE BY CANADIAN AFFILIATE
 LOS ANGELES, Oct. 16 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC), announced today that Consolidated HCO Energy Ltd. (HCO), a Calgary-based oil and gas concern and controlled affiliate of HarCor, plans to issue 6,333,334 common shares for an aggregate purchase price of CDN$3.5 million, through an underwriting of warrants in Canada. The proceeds of the issue will be used principally to fund HCO's exploration program.
 In addition, Citibank Canada and its affiliate have agreed to exercise warrants to purchase 4.0 million common shares of HCO for CDN$2.0 million. The CDN$2.0 million proceeds from the exercise of the warrants will be used to redeem CDN$2.0 million of a CDN$5.0 million 9 percent debenture of HCO which Citibank Canada holds.
 Both transactions are subject to regulatory approvals, with closings scheduled for the end of October or early November 1992.
 HarCor presently owns 649,000 shares or 14.5 percent of HCO's current outstanding common shares, and controls an additional 1,931,000 (43.5 percent) shares through its HTAC Partnership. Pursuant to a letter of intent announced Sept. 14, 1992, HarCor would acquire ownership of the HTAC Partnership's HCO shares and subsequently hold a total of 2,580,000 common shares of HCO, representing 58 percent of the currently outstanding common shares of HCO.
 If the proposed offering and the exercise of the warrants by Citibank Canada and its affiliate are completed, HarCor's ownership of HCO would be reduced to approximately 17 percent of total common shares outstanding after HarCor's acquisition of the HCO common shares held by the HTAC Partnership. Accordingly, HarCor would no longer consolidate the results of HCO's operation in its financial statements beginning in the fourth quarter 1992, but account for its investment in HCO on the equity method.
 HarCor is a Los Angeles-based independent oil and gas concern with operations in the United States and Canada.
 -0- 10/16/92
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president, of HarCor Energy, 310-575-9599/
 (HARC) CO: HarCor Energy Inc. ST: California IN: OIL SU:


ML-JL -- LA025 -- 1209 10/16/92 18:49 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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