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HARCOR ENERGY INC. ANNOUNCES $7 MILLION EXCHANGE OFFER FOR OIL AND GAS PROPERTIES

 HARCOR ENERGY INC. ANNOUNCES $7 MILLION EXCHANGE
 OFFER FOR OIL AND GAS PROPERTIES
 LOS ANGELES, Sept. 21 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC), announced today that it has offered to exchange $2.0 million of cash and a newly issued $5.0 million convertible preferred stock for certain oil and gas royalty and net profits interests held by a group of institutions. The offer has an effective date of Jan. 1, 1992, and cash consideration paid at closing will be reduced by the amount of cash received by the institutions from these interests since Jan. 1, 1992.
 Proposed terms of the preferred stock call for an 8 percent dividend rate and a conversion price of $3.90 per share, which represents a 20 percent premium above a $3.25 per share recent trading range.
 The offer is subject to acceptance by the undisclosed institutions and negotiation of a definitive agreement.
 HarCor is a Los Angeles-based independent oil and gas concern with operations in the United States and Canada.
 -0- 9/21/92 R
 /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:


AL-LS -- LA003 -- 1610 09/21/92 11:23 EDT
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Publication:PR Newswire
Date:Sep 21, 1992
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