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ENCOR INC. MAKES INTEREST PAYMENTS ON SUBORDINATED DEBT

 CALGARY, Alberta, Nov. 30 ~PRNewswire~ -- Encor Inc. (Montreal, Toronto: ECR) announced today that interest payments due in December on the 8.5 percent convertible subordinated debentures, the 12 5~8 percent notes and the 9 percent convertible subordinated debentures will continue to be paid on a current basis.
 Encor also advised that its lenders have agreed to extend the period for the company to eliminate the borrowing base deficiency under the production loan facility from Dec. 31, 1992 to Feb. 28, 1993. During this period, the banks will also waive any potential default under the net worth covenant. The company expects to be able to eliminate the borrowing base deficiency through its asset disposition program and complete negotiations with the banking syndicate to amend the loan agreement, including the net worth covenant, prior to the end of February 1993.
 "Our asset dispositions over the course of the year have been very successful," stated Charles Fischer, president and chief executive officer of Encor. "The application of proceeds from dispositions combined with surplus cash generated from operations are expected to reduce our long term debt by $220 million to approximately $320 million by the end of the first quarter in 1993. Cash flow generated from operations continues to be better than anticipated as a result of higher gas prices and a lower Canadian dollar."
 The company's shares trade on The Toronto Stock Exchange and the Montreal Exchange under the symbol "ECR."
 -0- 11~30~92
 ~CONTACT: E. Susan Evans, VP-law and corporate affairs of Encor, 403-231-6066~
 (ECR.)


CO: Encor Inc. ST: Alberta IN: OIL SU:

LS-MS -- LA006 -- 3987 11~30~92 07:00 EST
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Publication:PR Newswire
Date:Nov 30, 1992
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