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HARCOR ENERGY INC. ANNOUNCES INCREASED STAKE IN CANADIAN SUBSIDIARY
 New Equity Placement With Trust Company of the West
 and Oil Discovery by Canadian Subsidiary
 LOS ANGELES, Sept. 14 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today that it has entered into a letter of intent with Trust Company of the West as investment advisor to certain pension funds (in such capacity, "TCW") for a third round of equity financing and the concurrent dissolution of its HTAC Partnership. Under the terms of the agreement, TCW will pay HarCor $700,000, assign to HarCor all of its HTAC Partnership interest and assign to HarCor one-third of its warrant to purchase common shares of Consolidated HCO Energy Ltd. ("HCO"), a Calgary, Alberta-based oil and gas concern in which HarCor currently owns 649,000 shares or 14.5 percent of HCO's outstanding common shares. HarCor will issue to TCW 1,474,359 shares of unregistered HarCor common stock and a warrant to purchase 200,257 shares of common stock of HarCor, exercisable for a period of three years at a price of $5 per share. TCW will retain two-thirds of its warrant to purchase HCO common stock (approximately 1,083,400 common shares of HCO). Upon completion of the transaction, HarCor would hold a total of 2,580,000 common shares of HCO, representing 58 percent of the outstanding common shares of HCO.
 HarCor also announced that HCO recently participated in a potentially significant oil discovery in the Halkirk area of Alberta. The Halkirk discovery tested at 365 barrels of oil per day on a 16/64-inch choke from a depth of 4,100 feet in 88 feet of net oil and gas pay. The well was brought on production on Sept. 1 at a rate of 175 barrels of oil per day. A follow-up well to the discovery well will spud later this month, and an additional two wells are planned prior to year end. HCO owns a 26.8 percent working interest in the well and the surrounding acreage.
 HarCor is a Los Angeles-based independent oil and gas concern with operations in the United States and Canada.
 -0- 9/14/92
 /CONTACT: Mark G. Harrington, chairman and CEO, or Francis H. Roth, president, of HarCor Energy, 310-575-9599/
 (HARC) CO: HarCor Energy Inc.; Consolidated HCO Energy Ltd.; Trust Company
 of the West ST: California IN: OIL SU: DSC


KJ-LS -- LA006 -- 9076 09/14/92 11:06 EDT
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Publication:PR Newswire
Date:Sep 14, 1992
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