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HALLADOR RESTRUCTURES MAJORITY SHAREHOLDER DEBT

 HALLADOR RESTRUCTURES MAJORITY SHAREHOLDER DEBT
 DENVER, Aug. 14 /PRNewswire/ -- Victor Stabio, president,


Hallador Petroleum Co. (NASDAQ: HPET), announced today that the company has agreement in principle to restructure the $4,500,000 of debt with its majority shareholder. The company will exchange $4,500,000 of its 9 percent notes due Sept. 30, 1992 and $110,000 of accrued interest for a new 6 percent convertible note of $4,610,000 due Sept. 1, 1994. The majority shareholder currently owns 60.5 percent of the company's outstanding shares. The new note, which will be collateralized by the assets presently securing most of the old notes, will be convertible into the company's common stock at a rate of $.20 per share. Interest on the new note is payable, at the option of the company, either in cash or in shares of its common stock valued at $.20 per share. In addition, the company will issue new four-year warrants to purchase 4.7 million shares of its common stock at a price of $.25 in exchange for its outstanding warrants to purchase 3,131,721 shares at various prices ranging from $.22 to $1.08. The company intends to make a similar offer to its former directors who hold $250,000 of the company's old notes. Closing is expected to occur within the next 30 days.
 Hallador is an independent oil and gas production company based in Denver. The company's stock trades on the NASDAQ Bid and Ask System under the symbol "HPET." The closing bid and ask prices on Aug. 13 were $.125 and $.25, respectively.
 -0- 8/14/92
 /CONTACT: Victor P. Stabio, CEO, or W. Anderson Bishop, CFO, of Hallador Petroleum, 303-839-5504/
 (HPET) CO: Hallador Petroleum Co. ST: Colorado IN: OIL SU:


KJ -- LA008 -- 9893 08/14/92 09:15 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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