Printer Friendly

HARCOR ENERGY INC. ANNOUNCES ACQUISITION OF INSTITUTIONAL OIL AND GAS ROYALTY INTERESTS

 LOS ANGELES, April 1 /PRNewswire/ -- HarCor Energy Inc. (NASDAQ: HARC) announced today that five institutional investors have agreed to exchange their gross royalty and net profits interests in the fund to HarCor for 25,000 shares of HarCor 8 Percent Convertible Preferred Stock priced at $100 per share. At the option of the holder, the preferred is convertible into HarCor common stock at $3.90 per share and is automatically converted at Dec. 31, 1998. If HarCor is acquired or sells substantially all of its assets or a person or entity other than Mark. G. Harrington acquires more than 50 percent of the outstanding common stock of HarCor, the conversion price shall be adjusted to the current market price of the common stock if the current market price is less than the conversion price. HarCor may at its option elect to redeem the preferred at $150 per share at any time after Dec. 31, 1994, if the market price for HarCor's common exceeds $5.85 for 20 of 30 consecutive trading days.
 The oil and gas interests HarCor is acquiring are gross overriding royalty interests and net profits interests which are estimated to have total net proved reserves of 103,000 barrels of oil and 2.2 billion cubic feet of natural gas.
 Effective date for this transaction is Jan. 1, 1993. Closing of the transaction is anticipated no later than April 15, 1993.
 Commenting on the transaction, Harrington, HarCor's chairman and chief executive officer, stated, "This transaction further strengthens HarCor's shareholder equity and contributes to the company's 1993 cash flow. We welcome this new group of shareholders to our company."
 HarCor is an independent energy company pursuing risk managed oil and gas acquisitions for future exploitation.
 -0- 4/1/93
 /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: TNM

JB-LS -- LA029 -- 2245 04/01/93 17:03 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 1, 1993
Words:327
Previous Article:CAMI'Z ANNOUNCES LETTER OF INTENT FOR PUBLIC OFFERING
Next Article:LUEHMANN IS APPOINTED VICE PRESIDENT - REPROCESSING PRODUCTS AT MINNTECH
Topics:


Related Articles
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
HARCOR ENERGY INC. ANNOUNCES CDN$3.5 MILLION EQUITY PLACEMENT AND CONVERSION OF CDN$2 MILLION DEBENTURE BY CANADIAN AFFILIATE
HARCOR ENERGY INC. ANNOUNCES CLOSING OF SALE OF EQUITY POSITION IN CANADIAN AFFILIATE
ABRAXAS TO ACQUIRE SOUTH TEXAS OIL AND GAS PROPERTIES
HARCOR ENERGY ANNOUNCES SUCCESSFUL COMPLETION OF NATURAL GAS WELL IN SOUTH TEXAS AND INCREASED PRODUCTION ON SOUTH TEXAS PROPERTIES
HARCOR ENERGY INC. CLOSES $3.0 MILLION OF INSTITUTIONAL OIL AND GAS ROYALTY INTERESTS
HARCOR ENERGY INC. ANNOUNCES FIRST QUARTER 1993 RESULTS
HARCOR ENERGY INC. ANNOUNCES FISCAL 1993 THIRD QUARTER RESULTS
HARCOR ENERGY ANNOUNCES SOUTH TEXAS NATURAL GAS DISCOVERY

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters