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ENCOR INC. ANNOUNCES AGREEMENTS IN PRINCIPLE

 CALGARY, Alberta, Nov. 16 ~PRNewswire~ -- Encor Inc. announced today that it has reached agreements in principle to sell properties in four separate transactions for aggregate cash proceeds of $93 million and expects to reach agreements in principle on a further five transactions for aggregate cash proceeds of an additional $43 million. Total proceeds of $136 million will be used to reduce bank debt. Sale agreements are being negotiated and, subject to the execution of final documentation, it is expected that the transactions will be completed by the end of the first quarter of 1993. Transactions representing approximately half the proceeds are expected to be completed through the sale of shares of newly incorporated subsidiaries of the Company. This disposition program was conducted with the assistance of Waterous Securities Inc.
 These dispositions represent proved reserves of approximately 8.3 million barrels of oil and natural gas liquids and 212 billion cubic feet of natural gas. Production from the properties is estimated to average 4,900 barrels of oil and natural gas liquids per day and 53 million cubic feet of natural gas per day during 1993. Encor will record a loss before tax of $73 million and a net loss after tax of $64 million on the sale of these assets.
 The Company's shares trade on The Toronto Stock Exchange and the Montreal Exchange under the symbol "ECR".
 -0- 11~16~92
 CONTACT: E. Susan Evans, Vice-President, Law and Corporate Affairs, Encor Inc., 403-231-1888
 (ECR.) CO: ENCOR INC. IN: OIL ST:


-- NYON1 -- X052 11~16~92
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Publication:PR Newswire
Date:Nov 16, 1992
Words:255
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